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 Today

The Maritime Industry's original and most viewed E-News Service

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

People & Company News

CMA CGM Seeking Funds for NOL Takeover

France’s CMA CGM has approached banks to finance its potential takeover bid for Singapore’s Neptune Orient Lines Ltd (NOL), reports Bloomberg.   The world’s No.

Wärtsilä Strengthens Its Position in China with New Propulsion Orders

Two new marine geological research vessels under construction in China will feature a broad scope of Wärtsilä engines and propulsion equipment. Wärtsilä has maintained

Gulf and Hendry Marine Consolidate Operations

Gulf Marine Repair Corporation, a southeastern tug-barge shipyard, announced it is consolidating operations with Hendry Corporation, its affiliated company and fellow shipyard,


CMA CGM Seeking Funds for NOL Takeover

France’s CMA CGM has approached banks to finance its potential takeover bid for Singapore’s Neptune Orient Lines Ltd (NOL), reports Bloomberg.   The world’s No.

Hapag-Lloyd Buys Back US Bonds

German container line Hapag-Lloyd  Hapag-Lloyd settles a high-yield dollar bond partly prematurely. The carrier would seek to pay off $125m in principal on its

NY/NJ Port Authority Sees Debt Issuance of $1.2 bln in 2016

The Port Authority of New York and New Jersey sees consolidated debt issuance of $1.2 bln in 2016 compared with $1.5 bln this year, according to its $7.9 billion 2016 budget released on Monday.

Offshore Energy

AMC’s Tempest in the Water

Aluminium Marine Consultants (AMC) lowered the new Crew Transfer Vessel Tempest into the water for the first time on November 16, 2015, on time and on schedule for handover mid December.

The Digital Oilfield Microwave Communication Offshore Brazil

With most offshore wells in Brazil located between 30 and 300 km from the coast, communication with offshore assets has not always been straightforward or reliable.

Seajacks Scylla Delivered

Seajacks Scylla, touted as the world's largest and most advanced wind farm installation and offshore construction vessel, has been delivered by the Samsung Heavy Industries Shipyard in Geoje,

Seismic Vessel Tech

Ship Conversion: Offshore Survey Vessel to Become a Flotel

Dutch shipowner C-Bed has contracted Wärtsilä Ship Design to supply the design for rebuilding its Seismic Survey Vessel, the Viking II, for use as a hotel vessel

Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Repair 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: 0.0849 sec (12 req/sec)