PGS has seen purple within the third quarter of 2020 as revenues fell near 70 per cent.

Courtesy: PGS

The Oslo-listed seismic participant reported quarterly lack of $32.6 million, or eight cents per share on revenues of $85 million.

This consequence compares in opposition to revenue of $31.5 million on 276.5 million revenues within the prior-year quarter.

For the primary 9 months of 2020 PGS recognised lack of $261.three million, in comparison with $82.6 million within the 9 months of 2019.

Revenues have been additionally down from $598 million in 2019 to $304.three million within the the primary three quarter of 2020.

PGS secured order e-book of $160 million, down greater than half from $336 million in comparison with Q3 2019.

Based on present operational projections, with 5 3D vessels operated for the remaining a part of 2020, PGS expects full yr 2020 gross money prices to be beneath $450 million, excluding severance and different restructuring prices of roughly $35 million.

2020 MultiClient money investments needs to be roughly $225 million.

Approximately 65 per cent of 2020 energetic 3D vessel time ought to allocate to MultiClient acquisition.

Capital expenditure for 2020 needs to be beneath $40 million.

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Deal with majority of lenders

PGS has additionally signed binding agreements with majority of lenders to defer debt maturities and amortization by roughly two years.

Rune Olav Pedersen, president and CEO, additionally stated:

“I’m happy that we’ve now signed up with a adequate majority of lenders and can proceed to swiftly implement the settlement on a consensual foundation if we obtain 100% help from lenders.

“Alternatively the answer will likely be applied through the use of a UK scheme of association, for which we’ve help from the required tremendous majority of lenders. No debt maturities and no scheduled debt amortization till September 2022, along with our substantial price reductions, will enhance our liquidity profile considerably and allow us to maneuver via these difficult occasions. “

The put up Red numbers for PGS appeared first on Offshore Energy.

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