Petroleum Geo-Services (PGS)

TekBot · mars 22, 2019, 4:00pm

22/03-2019 16:58:22: (PGS) PGS: Annual Report 2018

TekBot · mars 25, 2019, 12:34pm

25/03-2019 13:32:37: (PGS) PGS: Calling Notice 2019 Annual General Meeting

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PGS Annual General Meeting is scheduled for April 24, 2019 at 15:00 CET. The Annual General Meeting will be held at the PGS headquarters, Lilleakerveien 4C, 0216 Oslo, Norway.

The calling notice and proxy forms for PGS 2019 Annual General Meeting can be downloaded from www.newsweb.no or www.pgs.com.

The calling notice and proxy forms are also available in Norwegian on the web pages listed above.

For details, contact:

Bård Stenberg, SVP IR & Communication

Mobile: +47 992 45 235

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Komplett innkalling med vedlegg GF 2019
Complete Calling notice with enclosures AGM 2019

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

http://www.netfonds.no/quotes/release.php?id=20190325.GlobeNewswire.HUG2239525

TekBot · april 2, 2019, 6:01am

02/04-2019 08:00:03: (PGS) PGS: Vessel allocation Q1 2019

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April 2, 2019: Oslo, Norway , PGS routinely releases information about 3D vessel utilization after the end of each quarter.

Summary of vessel utilization:

|

Approximate allocation of PGS operated 3D towed streamer capacity |

Quarter ended
March 31, | Quarter ended December 31, |
| | 2019 | 2018 | 2018 |
| Contract seismic | 29% | 36% | 23% |
| MultiClient seismic | 38% | 31% | 14% |
| Steaming | 6% | 4% | 15% |
| Yard | 0% | 0% | 5% |
| Stacked/Standby | 27% | 29% | 43% |

The Q1 2019 vessel statistics includes eight vessels. All cold-stacked* vessels are excluded from the statistics.

PGS will release its Q1 2019 results on Thursday April 25, 2019, at approximately 8:00am Central European Summer Time (CEST). A corresponding presentation is scheduled for 09:00am CEST the same day.

*The term “cold-stacked” is used when a vessel is taken out of operation for an extended period of time. Costs are reduced to a minimum, with the vessel preserved for a long idle time, all or most in-sea seismic equipment removed from the vessel, and typically the Company does not have available crew to operate the vessel.

|

FOR DETAILS, CONTACT: |
|

Bård Stenberg, SVP IR & Communication
Mobile: +47 99 24 52 35

|

****
Petroleum Geo-Services ASA and its subsidiaries (“PGS” or “the Company”) is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

***

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2018. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

_–_END–

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

http://www.netfonds.no/quotes/release.php?id=20190402.GlobeNewswire.HUG2240391

TekBot · april 5, 2019, 1:43pm

05/04-2019 15:41:18: (PGS) PGS: Conference Call Details for First Quarter 2019 Results

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April 5, 2019** : OSLO, NORWAY, PGS will release its first quarter 2019 results on Thursday, April 25, 2019 at approximately 8:00 am** Central European Summer Time (CEST).

The earnings release and a corresponding presentation will be posted on www.newsweb.no and on PGS’ web site www.pgs.com.

A presentation is scheduled the same day at 9:00 am CEST at PGS’ headquarters at Lilleakerveien 4C, Oslo, Norway. A conference call of the event is scheduled for 9.00 am CEST - use Click To Join to listen to the presentation and ask questions after management’s remarks.

An additional conference call is scheduled the same day at 3:00 pm CEST.

To access the conference call scheduled at 9:00 am CEST please use the below Click to Join link 5-15 minutes prior to start time, where you will be asked to enter your phone number and registration details. The event conferencing system will call you on the phone number you provide and place you into the event.

Please note that the Click To Join link will be active 15 minutes prior to the event:
https://f1.click-to-join.com/EventMeet/control?vi=iac3m73od0k84

If Click to Join does not work please dial-in at the number provided below, corresponding to your location. The conference ID is 531318.

| | |
| Norway | 21 00 26 13 |
| UK | +44 (0)330 336 9104 |
| US | +1 323 794 2558 |

A digital replay will be available shortly after the conference call and until May 2, 2019. The access number for this service is 2197452. Please access the replay by dial-in at the number provided below.

| | |
| Norway | +47 23 50 00 77 |
| UK | +44(0)207 660 0134 |
| US (toll) | +1 719 457 0820 |

To access the conference call scheduled at 3:00 pm CEST , please use the below Click to Join link 5-15 minutes prior to start time, where you will be asked to enter your phone number and registration details. The event conferencing system will call you on the phone number you provide and place you into the event.

Please note that the Click To Join link will be active 15 minutes prior to the event:
https://f1.click-to-join.com/EventMeet/control?vi=g7utchhkffve9

If Click to Join does not work please dial-in at the number provided below, corresponding to your location. The conference ID is 564591.

| | |
| Norway | 23 50 01 87 |
| UK | +44 (0)330 336 9401 |
| US | +1 323 794 2558 |

The telephone will be open for questions at the conclusion of management’s remarks. A digital replay will be available shortly after the conference call and until May 2, 2019. The access number for this service is 2358933. Please access the replay by dial-in at the number provided below.

| | |
| Norway | +47 23 50 00 77 |
| UK | +44(0) 207 660 0134 |
| US | +1 719 457 0820 |

For details, contact:
Bård Stenberg** , SVP IR & Corporate Communication**
Mobile: +47 99 24 52 35

****

Petroleum Geo-Services is a focused marine geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world’s most extensive MultiClient data library. PGS operates on a worldwide basis with headquarters at Lilleaker Oslo, Norway.

For more information on Petroleum Geo-Services visit .

_–_END–

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

http://www.netfonds.no/quotes/release.php?id=20190405.GlobeNewswire.HUG2240920

TekBot · april 8, 2019, 5:47am

08/04-2019 07:45:30: (PGS) PGS and TGS announce North Tablelands 3D and Southeast Grand Banks 2D

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April 8, 2019: Oslo, Norway, PGS and TGS announce the North Tablelands 3D and Southeast Grand Banks 2D MultiClient projects in Offshore East Canada.

North Tablelands 3D will cover approximately 5,000 square kilometers and together with the 2018 Tablelands 3D survey, spans most of the open acreage included in the November 2020 bid round. Ramform Titan will do the acquisition, utilizing the GeoStreamer® technology. The project is expected to commence in early June 2019, and PGS will process the GeoStreamer data from the North Tablelands 3D survey.

The Southeast Grand Banks 2D project will comprise of approximately 13,300 line kilometers primarily covering open acreage in upcoming bid rounds in South Eastern Newfoundland (2021) and Southern Newfoundland (2022). Acquisition will be performed by MV Sanco Atlantic and the project is expected to commence in early June 2019.

Following this ninth consecutive season of data acquisition offshore East Canada, the jointly-owned library will have approximately 48,000 square kilometers of 3D GeoStreamer data and more than 189,000 line kilometers of 2D GeoStreamer data.

“PGS will take an integrated approach to acquisition and imaging to maximize both the efficiency of the project and the broadband benefits of our GeoStreamer technology. We look forward to delivering another excellent dataset for oil companies to evaluate new opportunities offshore Canada,” says PGS President and CEO Rune Olav Pedersen.

These projects are supported by industry funding.

|

FOR DETAILS, CONTACT: |
|

Bård Stenberg, VP IR & Corporate Communications
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35

|

***
Petroleum Geo-Services ASA and its subsidiaries (“PGS” or “the Company”) is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

***

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our MultiClient data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2018. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

_–_END–

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

http://www.netfonds.no/quotes/release.php?id=20190408.GlobeNewswire.HUG2240985

TekBot · april 8, 2019, 6:01am

08/04-2019 08:00:09: (PGS) PGS: Weak Q1 2019 Results - Full Year Intact

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April 8, 2019: Oslo, Norway, based on a preliminary review of Q1 2019 sales, PGS (or “the Company”) expects to report Segment revenues of approximately $142 million and a Segment EBITDA of approximately $65 million.

Total Segment MultiClient revenues for Q1 2019 are estimated to approximately $90 million. As communicated earlier, the Q1 2019 MultiClient acquisition activity was high in the quarter, but with a lower than average prefunding level.

PGS is targeting a prefunding level in the range of 80-120%. In the Company’s MultiClient portfolio, there are significant variations of prefunding levels on individual surveys. In Q1 2019, the mix of MultiClient surveys had an overweight of surveys with low prefunding. Prefunding revenues ended at approximately $30 million, 50% of approximately $60 million MultiClient cash investment. For the full year 2019, PGS expects the prefunding level to be in the upper half of the targeted range of 80-120%.

MultiClient late sales are estimated at approximately $60 million in Q1 2019.

The order book as of March 31, 2019 was approximately $240 million, compared to $163 million at December 31, 2018. Pricing for 2019 contract work booked to date remains strong and is now more than 35% higher than the average rate in 2018.

"Our Q1 numbers reflect the seasonal distribution of 2019 MultiClient investment activities, as we had and overweight of low prefunded MultiClient projects in the first quarter. This will reverse in the coming quarters and the prefunding level for the full year 2019 is expected to be in the upper half of the targeted range of 80-120%. The seismic market is recovering and during the first quarter we have significantly improved the visibility of vessel utilization, MultiClient pre-funding and contract revenues with an increase in the order book of almost 50%," says President & CEO Rune Olav Pedersen.

Segment EBITDA, when used by the Company, means Segment EBIT excluding other charges, impairment and loss on sale of long-term assets and depreciation and amortization. Reference is made to the definitions of Segment EBITDA and other alternative performance measures in the Company’s annual and quarterly reports.

The Company provides this information based on a preliminary summary of Q1 2019 numbers. The Company has not completed its financial reporting and related consolidation, review and control procedures, including the review of all sales against the established revenue recognition/cut-off criteria. The estimates provided in this release are therefore subject to change and the Q1 2019 financial statements finally approved and released by the Company may deviate materially from the information herein.

PGS will report Q1 2019 results on April 25, 2019.

|

FOR DETAILS, CONTACT: |
|

Bård Stenberg, VP IR & Corporate Communications
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35

|

***
Petroleum Geo-Services ASA and its subsidiaries (“PGS” or “the Company”) is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

***

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2018. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

_–_END–

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

http://www.netfonds.no/quotes/release.php?id=20190408.GlobeNewswire.HUG2240988

TekBot · april 24, 2019, 2:23pm

24/04-2019 16:22:41: (PGS) PGS ASA: 2019 Annual General Meeting Completed

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April 24, 2019: Oslo, Norway, PGS (or “the Company”) held its Annual General Meeting today at PGS head office, Lilleakerveien 4C, 0216 Oslo, Norway. The Annual General Meeting resolved to approve all matters as proposed in the Calling Notice. The minutes from the Annual General Meeting can be downloaded from www.newsweb.no and www.pgs.com.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

GF signert protokoll 2019 - AGM Signed Minutes 2019

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

http://www.netfonds.no/quotes/release.php?id=20190424.GlobeNewswire.HUG2242433

TekBot · april 25, 2019, 6:01am

25/04-2019 08:00:30: (PGS) PGS: First Quarter 2019 Results

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Weak Q1 2019 Results - Full Year Intact

Highlights Q1 2019

As Reported revenues according to IFRS of $129.3 million and EBIT loss of $42.5 million, compared to $201.3 million and EBIT loss of $7.3 million in Q1 2018

Segment Revenues of $141.9 million, compared to $197.8 million in Q1 2018

Segment EBITDA of $66.6 million, compared to $92.3 million in Q1 2018

Segment EBIT, a loss of $29.3 million, compared to a loss of $22.7 million in Q1 2018

Total Segment MultiClient prefunding revenues of $30.0 million, with a corresponding prefunding level of 48%, compared to $58.6 million and 109% in Q1 2018

MultiClient late sales revenues of $60.9 million, compared to $83.5 million in Q1 2018

Cash flow from operations of $119.4 million, compared to $73.4 million in Q1 2018

Liquidity reserve of $205.4 million, an increase of $45.9 million, or 29%, compared to previous quarter

In process of completing sale of Ramform Sterling to JOGMEC, including a service agreement of up to 10 years with annual renewals. First part of sales price received in March 2019, net $44.6 million cash flow impact

Order book of $238 million, an increase of $75 million, compared to previous quarter

"Segment MultiClient prefunding revenues in Q1 2019 were impacted by an overweight of low prefunded surveys in the mix. This will reverse in the coming quarters, and the prefunding level for the full year 2019 is expected to be in the upper half of the targeted range 80-120%.

The order book increased by 46% in the first quarter. I am confident, based on the improved visibility for vessel utilization, MultiClient prefunding and contract revenues that we will be able to deliver a significant improvement in cash flow and profitability in 2019, compared to 2018.

Pricing for contract work booked to date is now more than 35% higher than the average rate in 2018. The price increase is a combination of a general market improvement, more 4D work and our ability to build an attractive project portfolio. The higher prices will primarily benefit our contract revenues in the second and third quarters."

Rune Olav Pedersen,
President and Chief Executive Officer

Outlook
PGS expects significant cash flow generation among clients and an increase in exploration and production spending, including offshore spending, to contribute to further recovery of the marine seismic market fundamentals going forward. Contract seismic is likely the activity that will benefit most from the improvement, driven by more 4D acquisition and generally higher demand for new proprietary seismic data.

Based on current operational projections and with reference to disclosed risk factors, PGS expects full year 2019 gross cash costs of approximately $550 million. This number takes into account an approximately $50 million reduction from the implementation of IFRS 16 in 2019. See Note 16 for a description of the effects from implementation of IFRS 16.

2019 MultiClient cash investments are expected to be approximately $250 million.

More than 50% of 2019 active 3D vessel time is currently expected to be allocated to MultiClient acquisition.

Capital expenditure for 2019 is expected to be approximately $85 million, which includes the reactivation of Ramform Vanguard.

The order book totaled $238 million at March 31, 2019 (including $90 million relating to MultiClient). The order book was $163 million at December 31, 2018 and $211 million at March 31, 2018.

|

Consolidated Key Financial Figures
(In USD millions, except per share data) |

Quarter ended
March 31, |

Year ended
December 31, |
|

2019 |

2018 |

2018 |
| Profit and loss numbers Segment Reporting | | | |
| Segment Revenues | 141.9 | 197.8 | 834.5 |
| Segment EBITDA | 66.6 | 92.3 | 515.9 |
| Segment EBIT ex. Impairment and other charges, net | (29.3) | (22.7) | 36.3 |
| | | | |
| Profit and loss numbers As Reported | | | |
| Revenues | 129.3 | 201.3 | 874.3 |
| EBIT | (42.5) | (7.3) | 39.4 |
| Net financial items | (22.0) | (22.3) | (87.3) |
| Income (loss) before income tax expense | (64.5) | (29.6) | (47.9) |
| Income tax expense | (0.6) | (10.4) | (40.0) |
| Net income (loss) to equity holders | (65.1) | (40.0) | (87.9) |
| Basic earnings per share ($ per share) | (0.19) | (0.12) | (0.26) |
| | | | |
| Other key numbers As Reported: | | | |
| Net cash provided by operating activities | 119.4 | 73.4 | 445.9 |
| Cash Investment in MultiClient library | 62.1 | 53.7 | 277.1 |
| Capital expenditures (whether paid or not) | 11.5 | 4.0 | 42.5 |
| Total assets | 2,497.6 | 2,501.9 | 2,384.8 |
| Cash and cash equivalents | 90.4 | 38.4 | 74.5 |
| Net interest bearing debt* | 1,051.7 | 1,150.7 | 1,109.6 |
| Net interest bearing debt, including lease liabilities following IFRS 16* | 1,282.9 | | |

*Following implementation of IFRS 16, prior periods are not comparable to March 2019.

A complete version of the Q1 2019 earnings release and earnings presentation can be downloaded from www.newsweb.no and www.pgs.com.

| FOR DETAILS, CONTACT: |
|

Bård Stenberg, SVP IR & Communication
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35

**** |

Petroleum Geo-Services (“PGS” or “the Company”) is a focused Marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company’s MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on Petroleum Geo-Services visit www.pgs.com.

****
The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2018. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect_._

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Earnings Relase Q1 2019
Q1 2019 Presentation

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

http://www.netfonds.no/quotes/release.php?id=20190425.GlobeNewswire.HUG2242502

TekBot · mai 9, 2019, 9:39am

09/05-2019 11:38:05: (PGS) PGS ASA: Name change registered with the Norwegian Companies House

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May 9, 2019: Oslo, Norway, at the annual general meeting held on April 24, 2019 it was approved to change the Company’s name from Petroleum Geo-Services ASA to PGS ASA. The name change is now registered in the Norwegian Companies House and is in full effect.

For details, contact:
Bård Stenberg, SVP IR & Corporate Communications
Mobile: +47 992 45 235

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

http://www.netfonds.no/quotes/release.php?id=20190509.GlobeNewswire.HUG2243935

TekBot · mai 9, 2019, 11:04am

09/05-2019 13:04:01: (PGS) Nytt navn fra og med / New name from 10.05.2019

TekBot · mai 20, 2019, 5:51am

20/05-2019 07:50:30: (PGS) PGS and TGS Announce Torngat 3D Survey Offshore East Canada

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May 17, 2019: Oslo, Norway, PGS and TGS announce the Torngat 3D MultiClient project in Offshore East Canada.

Torngat 3D will cover approximately 3,287 square kilometers and encompasses sections of the open acreage included in the Labrador South November 2021 bid round. PGS’ Ramform Titan will perform the acquisition, utilizing Geostreamer® technology. The project is expected to commence in late July 2019. PGS will process the GeoStreamer data.

The Torngat 3D survey sits within Labrador Sea’s southern sedimentary basins where frontier exploration has already successfully identified hydrocarbons, such as in the nearby Hopedale and Snorri discoveries. Torngat 3D will be the first 3D seismic survey to be acquired offshore Labrador.

Following this ninth consecutive season of data acquisition in offshore East Canada, the jointly owned library will have approximately 52,000 square kilometers of 3D GeoStreamer data and more than 189,000 line kilometers of 2D GeoStreamer data.

This project is supported by industry funding.

|

FOR DETAILS, CONTACT: |
|

Bård Stenberg, SVP IR & Corporate Communications
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35

|

***
Petroleum Geo-Services ASA and its subsidiaries (“PGS” or “the Company”) is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

***

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our MultiClient data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2018. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

_–_END–

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

http://www.netfonds.no/quotes/release.php?id=20190520.GlobeNewswire.HUG2244599

TekBot · mai 27, 2019, 3:29pm

27/05-2019 17:29:31: (PGS) PGS Initiates Refinancing

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May 27, 2019: Oslo, Norway, PGS has initiated a refinancing seeking to raise approximately $525 million in a 5-year first lien term loan. In addition, the Company is seeking to raise approximately $150 million of 5.5-year second lien debt. Upon completion, proceeds will be used to repay the Company’s existing $380 million term loan maturing in March 2021 and $212 million senior notes maturing in December 2020, and to reduce drawings under its revolving credit facility that are currently outstanding.

Final terms and amounts will be decided following a book building process and the transactions are expected to close mid-June 2019.

PGS has secured a 4.5 years commitment for a $250 million extension of the Company’s current $350 million Revolving Credit Facility, subject to customary conditions, including completing the above transactions.

For further details, an outline of the lender presentation will be made available on www.pgs.com/investor-relations/presentations/ before 08:00 am CEST on Tuesday May 28, 2019.

| FOR DETAILS, CONTACT: |
|

Bård Stenberg, SVP IR & Corporate Communications
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35

|

***
PGS ASA and its subsidiaries (“PGS” or “the Company”) is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

***

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our MultiClient data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2018. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

_–_END–

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

http://www.netfonds.no/quotes/release.php?id=20190527.GlobeNewswire.HUG2245299

TekBot · juni 4, 2019, 5:00am

03/06-2019 22:58:36: (PGS) PGS ASA: Launch of Senior Secured Second Lien Bond

…

Vis børsmeldingen

June 3, 2019: Oslo, Norway, following the announcement on May 27, 2019 that PGS has initiated a refinancing, the Company has launched a $150 million 5.5-year second lien debt in the form of a Senior Secured Second Lien Bond due January 2025 (the “Notes”).

As previously announced, upon completion, the proceeds of the refinancing will be used by the Company to prepay its existing $380 million term loan maturing in March 2021, to redeem its existing $212 million senior notes maturing in December 2020, and to reduce drawings currently outstanding under its revolving credit facility.

A roadshow for the Notes will run from June 6, 2019 and the transaction is expected to close in June 2019.

| FOR DETAILS, CONTACT: |
|

Bård Stenberg, SVP IR & Corporate Communications
Mobile: +47 99 24 52 35

|

***
PGS ASA and its subsidiaries (“PGS” or “the Company”) is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

***

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our MultiClient data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2018. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

The Notes will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the Notes will be, offered only to qualified institutional buyers and to persons outside the United States in reliance on Rule 144A and Regulation S under the Securities Act, respectively. Unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security and shall not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction.

In member states of the EEA, this announcement and any offer of securities if made subsequently is directed only at persons who are “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (“Qualified Investors”). Any person in the EEA who acquires securities in any offer of securities (an “investor”) or to whom any offer of securities is made will be deemed to have represented and agreed that it is a Qualified Investor. Any investor will also be deemed to have represented and agreed that any securities acquired by it in the offer have not been acquired on behalf of persons in the EEA other than Qualified Investors or persons in the UK and other Member States (where equivalent legislation exists) for whom the investor has authority to make decisions on a wholly discretionary basis, nor have the securities been acquired with a view to their offer or resale in the EEA to persons where this would result in a requirement for publication by the Company of a prospectus pursuant to Article 3 of the Prospectus Directive. The Company and others will rely upon the truth and accuracy of the foregoing representations and agreements.

This communication is being distributed only to, and is directed at persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”) (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Promotion Order, (iii) are outside the United Kingdom or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 in connection with the issue and sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

MiFID II professionals/ECPs-only/ No PRIIPs KID - Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.

Neither the content of the Company’s website nor any website accessible by hyperlinks on the Company’s website is incorporated in, or forms part of, this announcement. The distribution of this announcement into certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

http://www.netfonds.no/quotes/release.php?id=20190603.GlobeNewswire.HUG2245560

TekBot · juni 11, 2019, 9:23pm

TekBot · juni 19, 2019, 7:46am

19/06-2019 09:45:33: (PGS) PGS Withdraws Refinancing

…

Vis børsmeldingen

June 19, 2019: Oslo, Norway, reference is made to the press releases published May 27, 2019 and June 3, 2019 where PGS initiated a process (“the transaction”) seeking to raise approximately $525 million of 5-year first lien term loan and approximately $150 million of 5.5-year second lien notes. The proceeds were intended to repay the Company’s existing $212 million senior notes maturing in December 2020 and $380 million term loan maturing in March 2021, and to reduce drawings under its revolving credit facility.

As a result of increased volatility in the capital markets and weaker investor sentiment toward oil field service post-launch, PGS has not been able to reach the targeted terms and has decided to withdraw the proposed transaction.

The marine seismic market is in recovery with increased activity levels and a significant improvement of pricing for contract services. PGS expects to generate positive cash flow and reduce net debt in 2019. The Company’s existing capital markets debts still have 18 and 21 months to maturity, respectively, and are at attractive terms. PGS expects to refinance these facilities in 2019.

| FOR DETAILS, CONTACT: |
|

Bård Stenberg, SVP IR & Corporate Communications
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35

|

***
PGS ASA and its subsidiaries (“PGS” or “the Company”) is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

***

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our MultiClient data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2018. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

_–_END–

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

http://quotes.hegnar.no/release.php?id=20190619.GlobeNewswire.HUG2246249

TekBot · juni 20, 2019, 5:53am

20/06-2019 07:50:31: (PGS) PGS and TGS Announce Jeanne d’Arc HD3D in Offshore East Canada

…

Vis børsmeldingen

June 19, 2019: Oslo, Norway, PGS and TGS announce the Jeanne d’Arc High Density 3D (“HD3D”) MultiClient project in Offshore Newfoundland, East Canada.

The project will cover approximately 5,000 square kilometers and encompasses multiple exploration licenses, significant discovery licenses and sections of the open acreage included in the November 2019 bid round. The Ramform Atlas will perform the acquisition, utilizing the high-resolution GeoStreamer® technology. Acquisition has commenced and is expected to complete in late Q3 2019.

The Jeanne d’Arc HD3D survey borders Newfoundland’s prominent producing fields such as Hibernia, Terra Nova, White Rose, North Amethyst and Hebron.

Following this ninth consecutive season of data acquisition in offshore East Canada, the jointly-owned library will have more than 189,000 line kilometers of 2D GeoStreamer data and approximately 56,000 square kilometers of 3D GeoStreamer data.

This project is supported by industry funding.

|

FOR DETAILS, CONTACT: |
|

Bård Stenberg, SVP IR & Corporate Communications
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35

|

***
Petroleum Geo-Services ASA and its subsidiaries (“PGS” or “the Company”) is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

***

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our MultiClient data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2018. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

_–_END–

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire

http://quotes.hegnar.no/release.php?id=20190620.GlobeNewswire.HUG2246276

TekBot · juni 20, 2019, 7:33am

20/06-2019 09:16:49: (PGS) PGS ASA: Mandatory Notification of Trade

TekBot · juni 21, 2019, 8:39pm

21/06-2019 22:39:00: (PGS) PGS ASA: Implementation of 2019 Employee Long-term Incentive Plan

June 21, 2019: Oslo, Norway, PGS (or “the Company”) announces that the 2019 long
term incentive plan, as approved by the Annual General Meeting on April
24, 2019, has now been implemented by allocating 2 249 300 Performance based
…
Vis børsmeldingen

Restricted Stock Units (“PRSUs”).

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 the participant’s continued employment with the
Company (or a subsidiary), be settled three years after grant. The complete
terms and conditions of the award are described in the calling notice for the
2019 Annual General Meeting.

Delivery of shares will take place from the Company’s pool of treasury shares
or, if an insufficient number of treasury shares exist, it will be settled by
cash payment of an equivalent value.

The purpose of the long term incentive plan is to further the interests of PGS,
its subsidiaries and its shareholders to employees who can contribute materially
to the success and profitability of PGS. Such awards will recognize and reward
performance and individual contributions and give participants in the plan an
interest in the Company parallel to that of the shareholders, thus enhancing the
proprietary and personal interest in PGS’ continued success and progress.

The Board of Directors has allocated PRSUs according to the plan to the
following primary insiders in PGS:

Rune Olav Pedersen, President & CEO, has been awarded 168 000 PRSUs in the
Company. Following the award, Pedersen holds 123 617 shares in PGS, 330 000
PRSUs and 9 000 RSUs.

Gottfred Langseth, Executive Vice President & CFO, has been awarded 75 000 PRSUs
in the Company. Following the award, Langseth holds 225 106 shares in PGS,
171 000 PRSUs and 9 000 RSUs.

Per Arild Reksnes, Executive Vice President Operations & Technology, has been
awarded 75 000 PRSUs in the Company. Following the award, Reksnes holds 59 263
shares in PGS, 171 000 PRSUs and 9 000 RSUs.

Berit Osnes, Executive Vice President New Ventures, has been awarded 75 000
PRSUs in the Company. Following the award, Osnes holds 21 186 shares in PGS,
105 000 PRSUs and 4 000 RSUs.

Nathan Oliver, Executive Vice President Sales & Imaging, has been awarded
75 000 PRSUs in the Company. Following the award, Oliver holds 0 shares in PGS,
111 000 PRSUs and 4 000 RSUs.

Terje Bjølseth, Senior Vice President HR, has been awarded 30 000 PRSUs in the
Company. Following the award, Bjølseth holds 47 088 shares in PGS, 70 000 PRSUs
and 4 000 RSUs.

Bård Stenberg, Senior Vice President IR & Corporate Communications, has been
awarded 26 000 PRSUs in the Company. Following the award, Stenberg holds 9 436
shares in PGS, 50 800 PRSUs and 3 200 RSUs.

Lars Ragnar Mysen, General Counsel, has been awarded 26 000 PRSUs in the
Company. Following the award, Mysen holds 21 000 shares in PGS, 48 100 PRSUs and
1 400 RSUs.

Kai Reith, Senior Vice President Corporate Development, has been awarded 26 000
PRSUs in the Company. Following the award, Reith holds 44 341 shares in PGS,
50 800 PRSUs and 3 200 RSUs.

Magnus Christiansen, Vice President HSEQ, has been awarded 22 500 PRSUs in the
Company. Following the award, Christiansen holds 3 637 shares in PGS, 40 820
PRSUs and 880 RSUs.

David J. Dakin, Chief Accounting Officer, has been awarded 20 000 PRSUs in the
Company. Following the award, Dakin holds 7 753 shares in PGS, 40 600 PRSUs and
2 400 RSUs.

Christin Steen-Nilsen, Vice President Corporate Controller, has been awarded
20 000 PRSUs in the Company. Following the award, Steen-Nilsen holds 7 012
shares in PGS, 40 000 PRSUs and 2 000 RSUs.

Grunde Rønholt, Area Manager, has been awarded 13 500 PRSUs in the Company.
Following the award, Rønholt holds 25 259 shares in PGS, 27 100 PRSUs and 2 400
RSUs.

Merethe Bryn, Head of Tax Europe, Africa & Middle East, has been awarded 10 000
PRSUs in the Company. Following the award, Bryn holds 0 shares in PGS, 13 920
PRSUs and 280 RSUs.

Jens Fredrik Wisløff, Section Manager, has been awarded 10 000 PRSUs in the
Company. Following the award, Wisløff holds 1 700 shares in PGS, 17 100 PRSUs
and 1 400 RSUs.

Anette Valbø, Bidding Manager, has been awarded 5 000 PRSUs in the Company.
Following the award, Valbø holds 7 142 shares in PGS, 12 000 PRSUs and 2 000
RSUs.

Hege Renshus, Senior Navigation Specialist, has been awarded 5 000 PRSUs in the
Company. Following the award, Renshus holds 1 918 shares in PGS, 10 320 PRSUs
and 880 RSUs.

Further details on remuneration of management are described in the 2018 annual
report.

This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.
                                  ***
PGS ASA and its subsidiaries (or “the Company”) is a focused marine geophysical
company that provides a broad range of seismic and reservoir services, including
acquisition, imaging, interpretation, and field evaluation. The Company
MultiClient data library is among the largest in the seismic industry, with
modern 3D coverage in all significant offshore hydrocarbon provinces of the
world. The Company operates on a worldwide basis with headquarters in Oslo,
Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For
more information on PGS visit www.pgs.com.
                                  ***
The information included herein contains certain forward-looking statements that
address activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future. These statements are
based on various assumptions made by the Company, which are beyond its control
and are subject to certain additional risks and uncertainties. The Company is
subject to a large number of risk factors including but not limited to the
demand for seismic services, the demand for data from our MultiClient data
library, the attractiveness of our technology, unpredictable changes in
governmental regulations affecting our markets and extreme weather conditions.
For a further description of other relevant risk factors we refer to our Annual
Report for 2018. As a result of these and other risk factors, actual events and
our actual results may differ materially from those indicated in or implied by
such forward-looking statements. The reservation is also made that inaccuracies
or mistakes may occur in the information given above about current status of the
Company or its business. Any reliance on the information above is at the risk of
the reader, and PGS disclaims any and all liability in this respect.
                                --END--
This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.

Kilde

TekBot · juli 5, 2019, 6:18am

05/07-2019 08:15:00: (PGS) PGS ASA: Invitation to Presentation of Q2 2019 Results

…

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July 5, 2019: Oslo, Norway , PGS will release its second quarter and preliminary first half 2019 results on Thursday, July 18, 2019 at approximately 08:00 am Central European Summer Time (CEST).

The earnings release and the earnings presentation will be published on www.newsweb.no and on PGS. web site www.pgs.com.

President & CEO Rune Olav Pedersen and EVP & CFO Gottfred Langseth will present the results the same day at 9:00 am CEST at PGS’ headquarters, Lilleakerveien 4C, Oslo, Norway.

The presentation is open to the public and will be webcasted live on PGS. web site www.pgs.com. A replay of the webcast will be made available shortly after.

FOR DETAILS, CONTACT:
Bård Stenberg, SVP IR & Corporate Communication
Mobile: +47 99 24 52 35

****

PGS ASA and its subsidiaries (.PGS. or “the Company”) is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

_–_END–

Kilde

TekBot · juli 9, 2019, 6:00am

PGS ASA: Q2 2019 Update

Q2 2019 Update

July 9, 2019: Oslo, Norway, based on a preliminary review, PGS (or "the
…
Vis børsmeldingen

Company") expects to report total Segment* revenues of approximately $216
million in Q2 2019. MultiClient revenues were approximately $113 million, of
which approximately $67 million prefunding and $46 million late sales. Contract
revenues were approximately $94 million.

The order book as of June 30, 2019 is approximately $300 million**.

“Our second quarter revenues reflect high vessel utilization, good production
and strong improvement of pricing for contract work, partially offset by muted
MultiClient late sales, which we believe will improve in the second half of the
year. The contract market is in recovery and during Q2 we have further improved
revenue visibility with an order book increase of 26%, compared to previous
quarter,” says President & CEO Rune Olav Pedersen.

PGS routinely releases information about 3D vessel utilization after the end of
each quarter.

Summary of vessel utilization:

±-----------------------------------------±----------±----------------------+
| | | |
| | | |
|Approximate allocation of PGS operated 3D | Quarter | |
|towed streamer capacity | ended | |
| | June 30, |Quarter ended March 31,|
±-----------------------------------------±—±-----±----------------------+
| |2019| 2018 | 2019 |
±-----------------------------------------±—±-----±----------------------+
|Contract seismic | 45%| 12%| 29%|
±-----------------------------------------±—±-----±----------------------+
|MultiClient seismic |43% | 62%| 38%|
±-----------------------------------------±—±-----±----------------------+
|Steaming | 9%| 18%| 6%|
±-----------------------------------------±—±-----±----------------------+
|Yard | 3%| 3%| 0%|
±-----------------------------------------±—±-----±----------------------+
|Stacked/Standby | 0%| 5%| 27%|
±-----------------------------------------±—±-----±----------------------+

The Q2 2019 vessel statistics includes eight vessels. All cold-stacked***
vessels are excluded from the statistics.

PGS will release its Q2 2019 results on Thursday July 18, 2019, at approximately
8:00am Central European Summer Time (CEST). A corresponding presentation is
scheduled for 09:00am CEST the same day.

(*For the purpose of Segment reporting, MultiClient prefunding revenues are
recognized on a percentage of completion basis, and the related amortization of
MultiClient library is based upon the ratio of aggregate capitalized survey
costs to forecasted sales. This differs from IFRS reporting which recognizes
revenue from MultiClient prefunding agreements and related amortization at the
“point in time” when the customer receives access to, or delivery of, the
finished data. For further description of the principles applied, see details in
the 2018 annual report.)

(** The order book as of June 30, 2019, includes $27 million related to a
service and support agreement in Japan up to the next annual renewal.)

(***The term “cold-stacked” is used when a vessel is taken out of operation for
an extended period of time. Costs are reduced to a minimum, with the vessel
preserved for a long idle time, all or most in-sea seismic equipment removed
from the vessel, and typically the Company does not have available crew to
operate the vessel.)

FOR DETAILS, CONTACT:

Bård Stenberg, SVP IR & Corporate Communication
Mobile: +47 99 24 52 35
                                  ***
PGS ASA and its subsidiaries (“PGS” or “the Company”) is a focused marine
geophysical company that provides a broad range of seismic and reservoir
services, including acquisition, imaging, interpretation, and field evaluation.
The Company MultiClient data library is among the largest in the seismic
industry, with modern 3D coverage in all significant offshore hydrocarbon
provinces of the world. The Company operates on a worldwide basis with
headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock
exchange (OSE: PGS). For more information on PGS visit www.pgs.com
(http://www.pgs.com).
                                  ***
The information included herein contains certain forward-looking statements that
address activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future. These statements are
based on various assumptions made by the Company, which are beyond its control
and are subject to certain additional risks and uncertainties. The Company is
subject to a large number of risk factors including but not limited to the
demand for seismic services, the demand for data from our multi-client data
library, the attractiveness of our technology, unpredictable changes in
governmental regulations affecting our markets and extreme weather conditions.
For a further description of other relevant risk factors we refer to our Annual
Report for 2018. As a result of these and other risk factors, actual events and
our actual results may differ materially from those indicated in or implied by
such forward-looking statements. The reservation is also made that inaccuracies
or mistakes may occur in the information given above about current status of the
Company or its business. Any reliance on the information above is at the risk of
the reader, and PGS disclaims any and all liability in this respect.
                                --END--
Kilde