0MHR.L - PGS ASA
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- Globe Newswire
PGS ASA: Q2 2020 Update
July 9, 2020: Oslo, Norway, based on a preliminary review, PGS expects to report Segment* revenues for Q2 2020 of approximately $138 million. Contract revenues ended at approximately $31 million. MultiClient pre-funding revenues were approximately $66 million, from a capitalized cash investment of approximately $64 million, while MultiClient late sales were approximately $36 million. “During Q2 we have announced significant changes to our operation and implemented cost measures to counter the lower activity level caused by the covid-19 pandemic and oil market disruptions. Our annual gross cash cost run rate is reduced to approximately $400 million, down 33% from the start of the year, based on five vessels in operation. I am proud of the exceptional efforts from all our employees. We have managed to execute ongoing imaging and acquisition surveys according to plan and maintain focus on sales while facing the challenges caused by the pandemic and our ongoing downsizing”, 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 towed streamer capacity Quarter ended June 30, Quarter ended March 31, 202020192020 Contract seismic15%45%47% MultiClient seismic50% 43%43% Steaming21%9%9% Yard0%3%1% Stacked/Standby14%0%0% The Q2 2020 vessel statistics includes eight vessels. PGS Apollo and Sanco Swift were cold-stacked** during Q2 2020 and will be excluded from the statistics from Q3 2020 onwards, similar to the other cold-stacked vessels.The Company provides this information based on a preliminary summary of Q2 2020 revenues. The Company has not completed its financial reporting and related consolidation, review and control procedures, including the final 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 Q2 2020 financial statements finally approved and released by the Company may deviate from the information herein.PGS will release its Q2 2020 financial statements on Thursday July 23, 2020, 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 2019 annual report.**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.***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 2019. 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--
- Globe Newswire
PGS ASA: Q2 2020 Virtual Roadshow
July 2, 2020: Oslo, Norway; President & CEO Rune Olav Pedersen and EVP & CFO Gottfred Langseth are available for investor conference calls after release of the Q2 2020 results. The conference call slot is 30 minutes and senior management is available from 12:30 to 16:00 CEST on Thursday July 23. To schedule a conference call, please send your request to bard.stenberg@pgs.com. Call-in details will be provided once a conference call is scheduled.FOR QUESTIONS, 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--
- Globe Newswire
PGS ASA: Q2 2020 Audio Webcast Details
July 2, 2020: Oslo, Norway; PGS will release its second quarter 2020 results on Thursday, July 23, 2020 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 Q2 2020 results via an audio webcast the same day at 9:00 am CEST. To join the audio webcast, copy and paste the link below into your browser, or go to PGS website www.pgs.com. Audio webcast link: https://channel.royalcast.com/webcast/hegnarmedia/20200723_1/ A replay of the audio webcast will be made available on www.pgs.com 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--
- Globe Newswire
PGS and ION Announce Global 2D Exploration Collaboration
June 29, 2020: Oslo, Norway, – PGS and ION Geophysical Corporation today announced an agreement to collaborate globally on 2D exploration data. Both companies have modern, high-quality MultiClient data libraries that together cover all the significant hydrocarbon provinces around the world. The new joint data library will comprise nearly a million line kilometres of uniquely complementary data, including many areas of genuine broadband seismic that have substantial opportunity for integration and reimaging. Drawing on PGS broadband 2D GeoStreamer® offering and ION’s latest imaging technology, the companies will produce enhanced deliverables with higher resolution and greater spatial coverage, offering deeper insights and more reliable pre-stack attributes for exploration screening on a global basis. PGS and ION intend to develop an integrated seamless 2D seismic data library over time, creating a comprehensive, data-rich environment to inform exploration business decisions for E&P operators. The combined data library will be jointly marketed. “The combined 2D data libraries will provide E&P companies with a more efficient way to identify and high-grade attractive frontier investment opportunities,” said Berit Osnes, PGS’ EVP, New Ventures. “ION’s BasinSPAN™ offering is globally recognized as the benchmark tool for exploration insights at the basin-scale. Referencing and integrating our GeoStreamer enriched 2D data library into that framework will create a valuable opportunity to add resolution to that understanding.”"PGS’ global framework of modern data, much of which was acquired with long offsets and GeoStreamer multi-sensor acquisition technology, is exceptionally compatible to integrate with ION’s BasinSPAN framework to deepen basin characterization and insights for our customers,” said Ken Williamson, Executive Vice President and Chief Operating Officer of ION’s E&P Technology and Services group. “The collaboration extends beyond existing data to include new program activity and the integration of third-party data where relevant to further augment the value of the offering.” About the CompaniesPGS 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.ION (NYSE: IO) delivers powerful data-driven decision-making to offshore energy, ports and defence industries, enabling clients to optimize operations and deliver superior returns. Learn more at iongeo.com.ContactsPGS Senior Vice President, IR & Communication Bård Stenberg, +47 99 24 52 35 Bard.Stenberg@pgs.comION (Investor relations)Executive Vice President and Chief Financial Officer Mike Morrison, +1 281.552.3011 mike.morrison@iongeo.com ION (Media relations)Vice President, Communications Rachel White, +1 281.781.1168 rachel.white@iongeo.com
- Globe Newswire
PGS ASA: Settlement of 2017 LTI Program - CORRECTION
CORRECTION: average share price on June 22 was NOK 4.3175, not NOK 3.3175 as disclosed in the release published June 22, 2020. 1\. Settlement The PGS ASA 2017 Long Term Incentive Program settled on June 22, 2020. Employees in PGS ASA and subsidiaries ("PGS" or "the Company") have received a total number of 359 560 RSUs and a total number of 0 PRSUs that were settled in cash. The payment has been determined based on an average share price on June 22 of NOK 4.3175 per share.2\. Settlement of RSUs/ PRSUs by primary insidersOut of the abovementioned release, the following were settled by primary insiders:Gottfred Langseth has settled 9 000 RSUs and 0 PRSUs in the CompanyRune Olav Pedersen has settled 9 000 RSUs and 0 PRSUs in the CompanyNathan Selvoy Oliver has settled 4 000 RSUs and 0 PRSUs in the CompanyBerit Osnes has settled 4 000 RSUs and 0 PRSUs in the CompanyBård Stenberg has settled 3 200 RSUs and 0 PRSUs in the CompanyKai Reith has settled 3 200 RSUs and 0 PRSUs in the CompanyGrunde Rønholt has settled 2 400 RSUs and 0 PRSUs in the CompanyChristin Steen-Nilsen has settled 2 000 RSUs and 0 PRSUs in the CompanyAnette Valbø has settled 2 000 RSUs and 0 PRSUs in the CompanyLars Mysen has settled 1 400 RSUs and 0 PRSUs in the CompanyJens Fredrik Wisløff has settled 1 400 RSUs and 0 PRSUs in the CompanyRobert James Adams has settled 3 200 RSUs and 0 PRSUs in the CompanyHege Renshus has settled 880 RSUs and 0 PRSUs in the CompanyMerethe Bryn has settled 280 RSUs and 0 PRSUs in the Company3\. New holdingAfter completion of the above mentioned transactions, Gottfred Langseth holds 0 RSUs and 135 000 PRSUs in the Company. As of today the primary insider holds 275 106 shares in the Company.After completion of the above mentioned transactions, Rune Olav Pedersen holds 0 RSUs and 294 000 PRSUs in the Company. As of today the primary insider holds 123 617 shares in the Company.After completion of the above mentioned transactions, Nathan Selvoy Oliver holds 0 RSUs and 105 000 PRSUs in the Company. As of today the primary insider holds 0 shares in the Company.After completion of the above mentioned transactions, Berit Osnes holds 0 RSUs and 99 000 PRSUs in the Company. As of today the primary insider holds 36 186 shares in the Company.After completion of the above mentioned transactions, Bård Stenberg holds 0 RSUs and 46 000 PRSUs in the Company. As of today the primary insider holds 9 436 shares in the Company.After completion of the above mentioned transactions, Kai Reith holds 0 RSUs and 46 000 PRSUs in the Company. As of today the primary insider holds 44 341 shares in the Company.After completion of the above mentioned transactions, Grunde Rønholt holds 0 RSUs and 23 500 PRSUs in the Company. As of today the primary insider holds 45 000 shares in the Company.After completion of the above mentioned transactions, Christin Steen-Nilsen holds 0 RSUs and 37 000 PRSUs in the Company. As of today the primary insider holds 7 012 shares in the Company.After completion of the above mentioned transactions, Anette Valbø holds 0 RSUs and 9 000 PRSUs in the Company. As of today the primary insider holds 7 142 shares in the company.After completion of the above mentioned transactions, Lars Mysen holds 0 RSUs and 46 000 PRSUs in the Company. As of today the primary insider holds 36 000 shares in the Company.After completion of the above mentioned transactions, Jens Fredrik Wisløff holds 0 RSUs and 15 000 PRSUs in the Company. As of today the primary insider holds 11 700 shares in the Company.After completion of the above mentioned transactions, Robert James Adams holds 0 RSUs and 60 000 PRSUs in the Company. As of today the primary insider holds 8 850 shares in the Company.After completion of the above mentioned transactions, Hege Renshus holds 0 RSUs and 9000 PRSUs in the Company. As of today the primary insider holds 1 918 shares in the Company.After completion of the above mentioned transactions, Merethe Bryn holds 0 RSUs and 13 500 PRSUs in the Company. As of today the primary insider holds 10 000 shares in the Company.This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
- Globe Newswire
PGS ASA: Settlement of 2017 LTI Program
1\. Settlement The PGS ASA 2017 Long Term Incentive Program settled on June 22, 2020. Employees in PGS ASA and subsidiaries ("PGS" or "the Company") have received a total number of 359 560 RSUs and a total number of 0 PRSUs that were settled in cash. The payment has been determined based on an average share price on June 22 of NOK 3.3175 per share.2\. Settlement of RSUs/ PRSUs by primary insidersOut of the abovementioned release, the following were settled by primary insiders:Gottfred Langseth has settled 9 000 RSUs and 0 PRSUs in the CompanyRune Olav Pedersen has settled 9 000 RSUs and 0 PRSUs in the CompanyNathan Selvoy Oliver has settled 4 000 RSUs and 0 PRSUs in the CompanyBerit Osnes has settled 4 000 RSUs and 0 PRSUs in the CompanyBård Stenberg has settled 3 200 RSUs and 0 PRSUs in the CompanyKai Reith has settled 3 200 RSUs and 0 PRSUs in the CompanyGrunde Rønholt has settled 2 400 RSUs and 0 PRSUs in the CompanyChristin Steen-Nilsen has settled 2 000 RSUs and 0 PRSUs in the CompanyAnette Valbø has settled 2 000 RSUs and 0 PRSUs in the CompanyLars Mysen has settled 1 400 RSUs and 0 PRSUs in the CompanyJens Fredrik Wisløff has settled 1 400 RSUs and 0 PRSUs in the CompanyRobert James Adams has settled 3 200 RSUs and 0 PRSUs in the CompanyHege Renshus has settled 880 RSUs and 0 PRSUs in the CompanyMerethe Bryn has settled 280 RSUs and 0 PRSUs in the Company3\. New holdingAfter completion of the above mentioned transactions, Gottfred Langseth holds 0 RSUs and 135 000 PRSUs in the Company. As of today the primary insider holds 275 106 shares in the Company.After completion of the above mentioned transactions, Rune Olav Pedersen holds 0 RSUs and 294 000 PRSUs in the Company. As of today the primary insider holds 123 617 shares in the Company.After completion of the above mentioned transactions, Nathan Selvoy Oliver holds 0 RSUs and 105 000 PRSUs in the Company. As of today the primary insider holds 0 shares in the Company.After completion of the above mentioned transactions, Berit Osnes holds 0 RSUs and 99 000 PRSUs in the Company. As of today the primary insider holds 36 186 shares in the Company.After completion of the above mentioned transactions, Bård Stenberg holds 0 RSUs and 46 000 PRSUs in the Company. As of today the primary insider holds 9 436 shares in the Company.After completion of the above mentioned transactions, Kai Reith holds 0 RSUs and 46 000 PRSUs in the Company. As of today the primary insider holds 44 341 shares in the Company.After completion of the above mentioned transactions, Grunde Rønholt holds 0 RSUs and 23 500 PRSUs in the Company. As of today the primary insider holds 45 000 shares in the Company.After completion of the above mentioned transactions, Christin Steen-Nilsen holds 0 RSUs and 37 000 PRSUs in the Company. As of today the primary insider holds 7 012 shares in the Company.After completion of the above mentioned transactions, Anette Valbø holds 0 RSUs and 9 000 PRSUs in the Company. As of today the primary insider holds 7 142 shares in the company.After completion of the above mentioned transactions, Lars Mysen holds 0 RSUs and 46 000 PRSUs in the Company. As of today the primary insider holds 36 000 shares in the Company.After completion of the above mentioned transactions, Jens Fredrik Wisløff holds 0 RSUs and 15 000 PRSUs in the Company. As of today the primary insider holds 11 700 shares in the Company.After completion of the above mentioned transactions, Robert James Adams holds 0 RSUs and 60 000 PRSUs in the Company. As of today the primary insider holds 8 850 shares in the Company.After completion of the above mentioned transactions, Hege Renshus holds 0 RSUs and 9000 PRSUs in the Company. As of today the primary insider holds 1 918 shares in the Company.After completion of the above mentioned transactions, Merethe Bryn holds 0 RSUs and 13 500 PRSUs in the Company. As of today the primary insider holds 10 000 shares in the Company.This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
- Globe Newswire
PGS ASA: Implementing Further Cost Measures
June 8, 2020: Oslo, Norway, PGS implements further cost reductions to bring annual gross cash cost run-rate to approximately $400 million through staff reductions, re-organization, consolidation of offices, re-negotiation of service agreements and other cost measures. The Covid-19 pandemic and related disruption in the oil market have caused unprecedented challenges for the seismic industry and will temporarily cause a significant reduction of activity levels. PGS is responding to this challenge by further adjusting its cost base to the lower activity level while retaining its core global capabilities and ability to scale up when demand resumes.PGS has earlier announced stacking of three out of the eight 3D vessels operated at the start of the year, and several other cost measures. The Company will now take steps to address the lower market activity by further streamlining its organization and reducing office-based personnel by approximately 40%, including reductions already implemented.In combination with other cost measures, this is expected to reduce the Company’s annual gross cash cost run rate to approximately $400 million compared to approximately $600 million as guided at the start of 2020. The corresponding gross cash costs for 2020 are estimated to be approximately $460 million, excluding severance and other restructuring costs of approximately $30 million expected to be recognized in Q2 and Q3 2020. The annual gross cash cost run rate is based on operating five 3D vessels. The Company is prepared to adjust operated vessel capacity and offshore crew levels further if required.As part of streamlining of the organization, all commercial activities, including the current New Ventures unit, will be combined into one business unit, Sales & Services, which will be headed by Nathan Oliver. Berit Osnes who currently leads New Ventures will take a key management role in Sales & Services following re-organization. The new organization is expected to be implemented August 1, 2020.“The current market situation is very challenging for the seismic industry. We are addressing the activity reduction and low visibility by adjusting operations and cost. We will scale down our organization significantly while retaining our core capabilities and scalability to be in position to take advantage of what we believe will be an improving market following the current crisis.PGS has a strong market position and a resilient operating model and organization. I am proud of how our employees are responding to yet another challenging period for the industry. The PGS workforce has demonstrated strong commitment and ability to adapt during previous organizational restructures, and I am confident we will see the same during the weeks and months to come,” says President & CEO Rune Olav Pedersen. 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.***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 2019. 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--
- Simply Wall St.
How Much Are PGS ASA (OB:PGS) Insiders Spending On Buying Shares?
We often see insiders buying up shares in companies that perform well over the long term. The flip side of that is...
- Simply Wall St.
If You Had Bought PGS (OB:PGS) Stock Five Years Ago, You'd Be Sitting On A 58% Loss, Today
PGS ASA (OB:PGS) shareholders will doubtless be very grateful to see the share price up 39% in the last quarter. But...
- Simply Wall St.
These 4 Measures Indicate That PGS (OB:PGS) Is Using Debt Extensively
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
- Simply Wall St.
Read This Before Selling PGS ASA (OB:PGS) Shares
We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. The...
