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)

 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

RYDLYME Marine Selects GoM Distributor

RYDLYME Marine has named R Carter & Associates, Inc. of Mobile, Ala. a new stocking distributor for the Gulf of Mexico area, targeting shipyards, larger workboats,

MN 100: Elliott Bay Design Group

The Company: Elliott Bay Design Group (EBDG) is a Seattle-based, employee-owned enterprise with offices in New Orleans and Ketchikan that provides full-service naval architecture,

MN 100: Dometic Marine

The Company: Dometic Marine is an engineering leader of innovative products for the global marine industry and offers a large worldwide sales and service network.

Finance

Former CIA Spy Ship Becomes Victim of Oil Slump

A ship built by the CIA for a secret Cold War mission in 1974 to raise a sunken Soviet sub is heading to the scrap yard, a victim of the slide in oil prices.   Christened the Hughes Glomar Explorer,

Greece Wants EU Funding to Tackle Migrant Influx

Greece will ask the European Union for about 700 million euros to build infrastructure to shelter the hundreds of refugees and migrants arriving on its shores daily, the government said on Thursday.

Asia-Europe Box Rates Soar Again

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 29 percent to $763 per 20-foot container (TEU) this week data from

Offshore Energy

Former CIA Spy Ship Becomes Victim of Oil Slump

A ship built by the CIA for a secret Cold War mission in 1974 to raise a sunken Soviet sub is heading to the scrap yard, a victim of the slide in oil prices.   Christened the Hughes Glomar Explorer,

CTruk Delivers Wind Farm Support Vessel

Shipbuilder CTruk Boats, a manufacturer of composite wind farm support vessels (WFSV), has delivered the second workboat in a two-craft order from CWind.   The

Keppel Delivers Jackup to UMW-OG

Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered UMW Naga 8, a KFELS B Class jackup rig, to Malaysia’s UMW Oil & Gas Corporation Berhad (UMW-OG).

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1321 sec (8 req/sec)