PGS Announces Q2 2021 Update

Source: www.gulfoilandgas.com 7/9/2021, Location: Europe

PGS expects to report Revenues and Other Income As Reported according to IFRS for Q2 2021 of approximately $186 million, compared to $90.3 million in Q2 2020.

Segment Revenues and Other Income for Q2 2021 are expected to be approximately $152 million, compared to $138.7 million in Q2 2020.

Contract revenues ended at approximately $51 million ($31.3 million in Q2 2020). Segment MultiClient pre-funding revenues were approximately $29 million ($66.2 million in Q2 2020), and MultiClient late sales revenues approximately $66 million ($35.5 million in Q2 2020).

The difference between As Reported revenues and Segment revenues relates to MultiClient pre-funding where the As Reported MultiClient pre-funding revenues for Q2 are expected to be approximately $63 million ($17.8 million in Q2 2020).

“ I am pleased to see that we continue to deliver solid sales from our geographically diversified MultiClient data library. Sales from Europe were particularly strong in the quarter. We also secured healthy pre - funding for our ongoing MultiClient surveys. Vessel operations were dominated by production (4D) seismic, which were negatively impacted by challenging weather conditions during mobilization for projects offshore Norway. We still see a growing demand for new seismic acquisition , and we are increasingly confident in achieving higher Segment revenues in 2021, compared to 2020 , ” says President & CEO Rune Olav Pedersen.


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