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PGS ASA (0MHR.L)

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802,300,032.00+1.90 (+0.00%)
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  • Globe Newswire

    PGS ASA: Update on Status of Lenders’ Negotiations

    September 18, 2020: Oslo, Norway, PGS ASA (the “Company” or “PGS”) informed in its Q2 and preliminary first half 2020 results presentation that the Company was in negotiations with its lenders to preserve liquidity in light of the dramatic negative market change caused by the Covid-19 pandemic. These negotiations are in an advanced stage, constructive and carried out with the support of the lenders under its ~$300 million export credit facilities, the lenders under its $350 million revolving credit facility and an ad-hoc group of lenders representing a majority of the  ~$520 million term loan B facility. The Company believes that it is close to a solution that will achieve a significant extension of debt maturities and scheduled amortization, and continues negotiations with the lenders with the aim of shortly finalising an overall solution.To support the continuance and completion of the negotiations, the Company has agreed a short-term extension to 25 September 2020 of the maturity of $135 million otherwise due today under the revolving credit facility.FOR DETAILS, CONTACT: Bård Stenberg, VP IR & Corporate Communication Mobile:  +47 99 24 52 35   ***PGS ASA and its subsidiaries (“PGS” or "the Company") is an integrated marine geophysical company, providing advanced subsurface images, plus 2D and 3D data, that energy companies use to find and produce oil and gas. PGS MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces worldwide. 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.This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.\--END--

  • Globe Newswire

    PGS Sells Towed Streamer CSEM Capability to OFG

    September 7, 2020: PGS and Ocean Floor Geophysics, Inc (“OFG”) have today signed an agreement under which OFG has acquired the exclusive rights to use the hardware, software and intellectual property associated with the PGS towed streamer CSEM system. PGS receives shares in OFG as settlement for the transaction.The towed-streamer CSEM technology developed by PGS is a state-of-the-art system that allows for the acquisition of high-quality marine CSEM data in a fast and efficient manner. The system complements existing CSEM technology to permit a broad operating envelope.“We are delighted to have entered into this agreement and to be in a position to add the PGS towed streamer to our OFG Multiphysics division. Over the last few months we polled many of the oil and gas companies that are experienced users of CSEM and were pleased at the positive market response we received in relation to re-activation of the PGS towed streamer CSEM system,” says Matthew Kowalczyk, CEO of OFG.“PGS towed-streamer CSEM technology takes advantage of the productivity of the towed streamer method and is a uniquely effective technology compared to any other EM acquisition solutions. We are very pleased to enter into this agreement with OFG and we will provide them with support to capitalize on our experience and knowledge in the geophysical market, says Rob Adams, EVP Operations of PGS.Dr. Lucy MacGregor, Principal Scientist at OFG Multiphysics adds: “The PGS towed streamer CSEM system is capable of rapid acquisition of high-quality marine CSEM and is a perfect complement to existing seismic data when added confidence is needed to qualify acquisition, drilling or relinquishment decisions. In addition to CSEM survey modeling and feasibility studies, OFG Multiphysics offers processing, interpretation and multiphysics seismic integration.”  FOR DETAILS PGS, CONTACT: Bård Stenberg, VP IR & Corporate Communication Mobile:  +47 99 24 52 35 FOR DETAILS OFG, CONTACT: Matthew Kowalczyk, CEO Email: matthew.kowalczyk@oceanfloorgeophysics.com Richard Cooper, President, OFG Multiphysics Email: richard.cooper@oceanfloorgeophysics.com About PGS: PGS ASA and its subsidiaries (“PGS” or "the Company") is an integrated marine geophysical company, providing advanced subsurface images, plus 2D and 3D data, that energy companies use to find and produce oil and gas. PGS MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces worldwide. 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.About OFG: Since its inception OFG has consistently developed and operated innovative marine geophysical systems to provide new perspectives to our clients. We provide data acquisition and analysis services that were previously unavailable integrating magnetic, EM, CSEM/MT, gravity, chemical, and hydrographic sensors and systems deployed on AUVs, ASV/USVs, ROVs and towed systems. OFG provides you with tools to lower your exploration and development risk. Better data. Better decisions.\--END--

  • Globe Newswire

    PGS ASA: Implementation of 2020 Employee Long-term Incentive Plan

    August 24, 2020: Oslo, Norway, PGS (or the "Company") announces that the 2020 long term incentive plan, as approved by the Annual General Meeting on April 22, 2020, has now been implemented by allocating 2 389 050 Performance based 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 2020 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 and 462 000 PRSUs.Gottfred Langseth, Executive Vice President & CFO, has been awarded 75 000 PRSUs in the Company. Following the award, Langseth holds 275 106 shares in PGS and 210 000 PRSUs.Robert J. Adams, Executive Vice President Operations, has been awarded 75 000 PRSUs in the Company. Following the award, Adams holds 8 850 shares in PGS and 135 000 PRSUs.Nathan Oliver, Executive Vice President Sales & Services, has been awarded 75 000 PRSUs in the Company. Following the award, Oliver holds 0 shares in PGS and 180 000 PRSUs.Berit Osnes, Executive Vice President Sales & Services Eurasia, has been awarded 50 000 PRSUs in the Company. Following the award, Osnes holds 36 186 shares in PGS, 149 000 PRSUs.Lars Ragnar Mysen, General Counsel, has been awarded 26 000 PRSUs in the Company. Following the award, Mysen holds 36 000 shares in PGS and 72 000 PRSUs.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 and 72 000 PRSUs.Kristin Omreng, Senior Vice President Global HR, has been awarded 26 000 PRSUs in the Company. Following the award, Omreng holds 0 shares in PGS and 56 000 PRSUs.Bård Stenberg, Vice President IR & Corporate Communications, has been awarded 23 000 PRSUs in the Company. Following the award, Stenberg holds 9 436 shares in PGS and 69 000 PRSUs.Kristian H. Hoddevik, Chief Accounting Officer, has been awarded 23 000 PRSUs in the Company. Following the award, Hoddevik holds 10 000 shares in PGS and 36 500 PRSUs.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 and 57 000 PRSUs.Merethe Bryn, Vice President Global Tax and employee elected alternate Board member, has been awarded 20 000 PRSUs in the Company. Following the award, Bryn holds 10 000 shares in PGS and 33 500 PRSUs.Grunde Rønholt, Vice President Imaging and employee elected Board member, has been awarded 15 000 PRSUs in the Company. Following the award, Rønholt holds 45 000 shares in PGS and 38 500 PRSUs.Jens Fredrik Wisløff, Digital Transformation Advisor and employee elected alternate Board member, has been awarded 10 000 PRSUs in the Company. Following the award, Wisløff holds 11 700 shares in PGS and 25 000 PRSUs.Hege Renshus, Vice President Seismic Quality and employee elected Board member, has been awarded 9 000 PRSUs in the Company. Following the award, Renshus holds 1 918 shares in PGS and 18 000 PRSUs.Anette Valbø, Bidding Manager and employee elected Board member, has been awarded 5 500 PRSUs in the Company. Following the award, Valbø holds 7 142 shares in PGS, and 14 500 PRSUs.Michael Malling, Sourcing Manager and employee elected alternate Board member, has been awarded 4 000 PRSUs in the Company. Following the award, Malling holds 0 shares in PGS and 4 000 PRSUs.Pernille Undseth, Executive Assistant to CEO, has been awarded 4 000 PRSUs in the Company. Following the award, Undseth holds 10 000 shares in PGS and 4 000 PRSUs.Further details on remuneration of management are described in Note 28 and 29 of the 2019 annual report.This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

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