Leveraging the Integrated Business Model Takeaways Q2 2021 Segment Revenues and Other Income of $151.8 million, compared to $138.7 million in Q2 2020 Segment EBITDA of $84.4 million, compared to $99.1 million in Q2 2020 Segment EBIT loss of $4.2 million, compared to profit of $7.0 million in Q2 2020 Segment MultiClient pre-funding revenues of $28.6 million, with a corresponding pre-funding level of 111%, compared to $66.2 [...]
July 22, 2021: Oslo, Norway, PGS and CGG have signed a Memorandum of Understanding with a view to combining their seismic MultiClient products and technical capabilities applied to the Carbon Capture Utilization and Storage industry. The ambition is to join forces and unlock the value of existing seismic data for carbon storage evaluation. Together the companies intend to explore, conceptualize and create new derivative [...]
July 22, 2021 Oslo, Norway: The seismic consortium comprising PGS, TGS and WesternGeco®, the exploration data business line of Schlumberger, has secured pre-funding for a 6,400 square kilometer MultiClient 3D survey commencing in October in the Sarawak Basin, offshore Malaysia. The survey is the first phase of a multi-year contract awarded by Petronas in 2020 through competitive bidding to acquire and process up to [...]
July 19, 2021: Oslo, Norway, PGS has today completed sale of the hardware, software and intellectual property associated with the Company's towed streamer Controlled Source Electro Magnetic system to Ocean Floor Geophysics, Inc . The towed-streamer CSEM technology is a state-of-the-art system, which allows for the acquisition of high-quality marine CSEM data in a fast and efficient manner with minimal environmental [...]
July 9, 2021; Oslo, Norway, reference is made to PGS ASA convertible bond loan with ISIN NO0010920697 in the aggregate amount of NOK 116,162,097 issued in Q1 2021. The Company has received conversion notices from convertible bondholders representing NOK 7,483,275 in this bond issue to convert 7,483,275 bonds into shares with a conversion price of NOK 3. Pursuant to standard terms set out in the bond terms, the bonds are [...]
July 9, 2021: Oslo, Norway, based on a preliminary review, PGS expects to report Revenues and Other Income As Reported* according to IFRS for Q2 2021 of approximately $186 million, compared to $90.3 million in Q2 2020. Segment* Revenues and Other Income for Q2 2021 are expected to be approximately $152 million, compared to $138.7 million in Q2 2020. Contract revenues ended at approximately $51 million . Segment [...]
July 1, 2021: Oslo, Norway; PGS will release its Q2 2021 results on Thursday July 22, 2021 at approximately 08:00 am Central European Summer Time . The earnings release and the earnings presentation will be published on www.newsweb.no and on PGS' web site www.pgs.com. President & CEO Rune Olav Pedersen and EVP & CFO Gottfred Langseth will present the Q2 results via an audiocast the same day at 9:00 am CEST. To join the [...]
June 28, 2021: Oslo, Norway, PGS has been awarded a significant 4D acquisition contract by ExxonMobil for work offshore Guyana. A Titan class vessel is scheduled to mobilize for the project in Q4 2021 and acquisition is planned to be completed in Q1 2022. "We acquired the 4D baseline of this area and consider it strategically important for us to be awarded a repeat survey for parts of the initial program. We are very [...]
PGS and Cognite have systemized data to increase PGS vessel speed without jeopardizing the seismic acquisition operation or the vessel integrity. PGS is using Industrial DataOps provided by Cognite, including Cognite Data Fusion™, to give seismic vessel operators a clear overview of the factors determining a vessel's optimal operating speed. The solution cuts production time for PGS current fleet by more than 15 days [...]
PGS' latest FSB Vision rejuvenation project targets a prolific petroleum exploration and production area West of Shetland. Data will be ready summer 2022. The area is characterized by a complex structural and geological history, which gives rise to multiple petroleum plays but also creates several features obstructing subsurface imaging based on reflection seismic data. The evaluation of these plays will benefit from [...]
June 9, 2021 PGS has revitalized 3D data over the Bauna field in southwest Santos Basin and its surrounding area. This preprocessed dataset is now available for evaluation of blocks for Brazil's upcoming Permanent Offer Round. The data rejuvenation of legacy survey BM-S-40 started from field tapes and applied the latest workflow for data conditioning, noise, and multiple suppression to create a new 2500 sq. km [...]
June 7, 2021: Oslo, Norway, PGS seismic vessel Ramform Titan has begun acquisition of the Cape Anguille program, in partnership with TGS. This program expands the PGS-TGS joint venture with another 10 000 square kilometers of GeoStreamer 3D coverage in Newfoundland's prospective Orphan Basin. The survey covers existing lease blocks and open acreage. Acquisition is expected to complete mid-September 2021. PGS will deliver [...]
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