Another Norwegian Seismic Survey Firm Warns of Profit

Posted by George Backwell
Monday, July 14, 2014
Seismic survey: File photo

Norwegian seismic surveyor Petroleum Geo-Services will report lower-than-expected second quarter results and is cutting its full year profit forecast due to oil companies being cautious with spending, the company said on Monday.

Seismic firms, which map out the seabed in search of oil and gas deposits for oil firms, and other suppliers to the oil industry have been hit in recent months by energy firms cutting back after a decade of double-digit growth in capital spending.

"Customers's intentions with regard to seismic purchases, particularly Multiclient, have become less predictable recently," the Norwegian firm said in a statement. Multiclient surveys, as opposed to tailor-made surveys for an oil company, are maps of the seabed a seismic surveyor conducts of an area and which can then be bought by several customers.

Oil companies were not putting enough funding into a multiclient survey in the Gulf of Mexico, PGS said.
There were also problems with delays with some contracts due to problems with permits, weather and technical problems, it said.

PGS's earnings before interest, taxes, depreciation and amortisation (EBITDA) for 2014 would be around $850 million instead of the $900-$950 million it expected earlier, it said.

Its EBITDA for the second quarter is estimated at $170 million, against expectations for $223 million according to Reuters Eikon data.

PGS earnings before interest and taxes (EBIT) before impairments of around $55 million. It also expects an impairment charge of $10 million related to the retirement of vessel and equipment.

PGS will report its full second-quarter results on July 24.

(By Gwladys Fouche)

 


People & Company News

MN100: Conrad Shipyard

The Company: Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, builds and overhauls tugboats, ferries,

Why Maritime Museums Matter

With today’s focus on digital technology, mobile apps, enhanced reality and the overall digital landscape, the maritime industry often gets overshadowed, leaving some to ask,

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Finance

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

China COSCO Falls to H1 Net Loss

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

Offshore Energy

Heavy Lifting: Giant Pipe Racks Shipped for New FPSO

From Brazil to China and then back to Brazil, five pipe racks and three modules weighing a total of 1,871.51 metric tons and measuring 24,075 m³ will be transported

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

Seismic Vessel Tech

Fugro, US Army Corps of Engineers Ink Mapping Deal

Fugro has been awarded a photogrammetric and LIDAR surveying and mapping contract by the U.S. Army Corps of Engineers, St. Louis District, Missouri. The agreement

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0880 sec (11 req/sec)