Norwegian Petro Geo-Services Shares Dip 5.2 Percent

Wednesday, August 01, 2001
Shares in Norwegian offshore services and seismic firm Petroleum Geo-Services (PGS) slid on Wednesday on concerns that the sector could be hit by a U.S.-led slowdown, analysts said.

The company's shares were down 5.2 percent on the Oslo bourse at 91.0 Norwegian crowns ($10.01), falling in line with other companies in the international sector.

The Philadelphia Oil Service Index, which is comprised of the biggest companies in the U.S. offshore oil service sector, was down 4.20 percent on Tuesday; at the same time the Oslo all-share index was up 0.14 percent.

PGS, with core businesses in geophysical services and production services, was hit on the back by a sharp profit warning on Tuesday from Veritas, a PGS peer company based in Houston, Texas.

Veritas said it expected to report fourth-quarter earnings to come in far below analysts' estimates due to slumping sales, and said its 2002 profit will also be lower-than-expected.

"PGS is down about five percent and that is due to the oil service index in the U.S. being down but also and mostly on the Veritas profit warning," according to an analyst.

PGS shares have risen over the past few days after it reported favorable second-quarter results on July 25, he said. The share price scaled to a year high of 127 crowns on January 12 and hit a year low of 72 crowns on February 23.

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