Continued Increase in Contract Rates Highlights Q2 2023 Produced Revenues of $186.4 million, compared to $209.7 million in Q2 2022 Produced EBITDA of $113.1 million, compared to $129.4 million in Q2 2022 Produced EBIT of $23.2 million, compared to $50.1 million in Q2 2022 Revenues and Other Income according to IFRS of $156.0 million, compared to $273.6 million in Q2 2022 Cash flow from operations of $99.4 million [...]
July 14, 2023, Oslo, Norway: Acquisition is in progress on PGS' inaugural contract for ultra-high-resolution 3D windfarm site characterization. PGS offers solutions to the ongoing energy transition through its New Energy business area. By building on its subsurface and operational expertise and assets, PGS aims to develop New Energy into a significant business. In 2022, the Company established a strong position in the [...]
July 11, 2023, Oslo, Norway: Based on a preliminary review, PGS expects to report Revenues and Other Income according to IFRS for Q2 2023 of approximately $156 million, compared to $273.6 million in Q2 2022. The Company expects Produced Revenues* for Q2 2023 of approximately $186 million, compared to $209.7 million in Q2 2022. Contract revenues ended at approximately $71 million in Q2 2023, compared to $62.8 million in Q2 [...]
July 3, 2023, Oslo, Norway: PGS is awarded a large offshore windfarm site characterization contract in the US by a leading renewable energy company. PGS will use the Sanco Swift, which is rigged as an offshore wind site characterization vessel. Mobilization is scheduled for August 2023 and acquisition is expected to complete in February 2024, with total project duration of approximately 180 days. Profitability of the [...]
June 29, 2023 Oslo, Norway: PGS will release its Q2 2023 results on Thursday July 20 at approximately 07:00am Central European Summer Time . The earnings release and the earnings presentation will be published on www.newsweb.no and on PGS' website www.pgs.com. President & CEO Rune Olav Pedersen and EVP & CFO Gottfred Langseth will present the results the same day at 09:30am CEST at PGS' headquarters, Lilleakerveien 4C [...]
June 28, 2023, Oslo, Norway: The North Sumatra MC2D data rejuvenation project from PGS will provide a new look at one of the hottest hydrocarbon provinces in Indonesia following the successful Timpan-1 discovery in 2022. Data will be ready in Q2 2024. Size and Targets New 7 700 line km PSDM reprocessing will bring new insights into basin prospectivity in this prolific hydrocarbon-producing area. Regional-scale data [...]
June 26, 2023, Oslo, Norway: PGS, together with JV consortium partners TGS and SLB have signed a MultiClient reprocessing agreement to expand MultiClient 3D coverage in the prospective Sarawak province offshore Malaysia. This will be achieved by reprocessing legacy datasets with Petronas Malaysia Petroleum Management's approval to complement and merge with newly acquired phases. The reprocessing addendum enhances a [...]
June 12, 2023, Oslo, Norway: Reference is made to the contract award announced March 22, 2023. PGS was during the weekend informed by the client that it will terminate the contract. Ramform Titan was contracted to commence mobilization for the 3D exploration survey in June with acquisition to complete in August. Following successful completion of an acquisition campaign in Namibia late May, Ramform Titan was steaming to [...]
June 1, 2023, Oslo, Norway: PGS is awarded a 3D exploration acquisition contract in the Mediterranean by a major international energy company. Ramform Hyperion is expected to mobilize for the survey late third quarter and the program has a total duration of approximately 70 days. "We are very pleased with this contract award, which improves our visibility into the fourth quarter. There is increasing exploration interest [...]
May 31, 2023, Oslo, Norway: PGS has secured industry pre-funding for another large multi-season MultiClient survey in the Norwegian Sea. The first phase of the survey will be acquired in 2023 by the Ramform Hyperion. Acquisition is scheduled to start late June with a duration of approximately 75 days. The second phase of the survey will be completed in the 2024 season with a further approximately 70 days of acquisition [...]
May 30, 2023, Oslo, Norway: PGS, together with JV consortium partners TGS and SLB have secured pre-funding to expand MultiClient 3D coverage in the prospective Sarawak Basin offshore Malaysia. The survey will cover approximately 6,800 square kilometers and the Ramform Sovereign is scheduled to commence acquisition in June 2023 and complete in August. The survey is the second phase of a multi-year contract awarded [...]
May 22, 2023, Oslo, Norway: PGS announces that the 2023 long term incentive plan, as approved by the Annual General Meeting on April 26, 2023, has now been implemented by allocating 4 639 000 Performance based Restricted Stock Units . The awards are based on amongst other considerations the position in the Company and a review on the individual participant's performance prior to award. Any PRSU awarded will, subject to [...]
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