PGS ASA

“The overall seismic market was weaker in 2021 than in 2020 and our peers generally reported lower revenues. However, the market started to recover, and we delivered higher revenues compared to 2020, when adjusting for Covid-19 related government grants received in 2020. The recovery is primarily driven by more activity …

“Our MultiClient revenues significantly improved compared to Q1 2020. Strong client commitments to ongoing MultiClient projects delivered a pre-funding level of 107% of the capitalized MultiClient cash investment. MultiClient Late Sales were encouraging, and with revenues close to $50 million we are off to a good start for the year. …

Based on a preliminary review, PGS expects to report Revenues and Other Income As Reported* according to IFRS for Q1 2021 of approximately $166 million, compared to $128.8 million in Q1 2020. Segment* Revenues and Other Income for Q1 2021 are expected to be approximately $132 million, compared to $168.3 …

“The widespread disruptions in the oil market and the significant reduction in energy companies’ 2020 budget continued to impact the seismic market in the third quarter. Our vessel utilization ended at 71%, of which a large majority was allocated to MultiClient. The standby time of 11% reflects the dramatic reduction …

Oslo, Norway, the Board of PGS ASA, together with PGS Management, has reviewed and assessed the unsolicited, conditional and non-binding proposal to acquire the MultiClient data library of PGS received from TGS-NOPEC Geophysical Company ASA on August 6, 2020. The Board has unanimously concluded to reject the TGS proposal. The …

PGS implements further cost reductions to bring annual gross cash cost run-rate to approximately $400 million through staff reductions, re-organization, consolidation of offices, re-negotiation of service agreements and other cost measures. The Covid-19 pandemic and related disruption in the oil market have caused unprecedented challenges for the seismic industry and …

Reference is made to previous announcements by PGS ASA (“PGS” or the “Company”) in respect of the refinancing first published on 21 January 2020 (the “Refinancing”). PGS is pleased to announce that the Refinancing transaction has been completed. As announced on 21 January 2020, selected terms and conditions of the …

May 9, 2019: Oslo, Norway, at the annual general meeting held on April 24, 2019 it was approved to change the Company’s name from Petroleum Geo-Services ASA to PGS ASA. The name change is now registered in the Norwegian Companies House and is in full effect. source