PGS sees ‘slow start to the year’Norwegian seismic acquisition specialist PGS expects to report revenues for 1Q 2017 of approximately $155 million, with an EBITDA of approximately $30 million.This is based on preliminary consolidated numbers and PGS will present its first quarter 2017 results on May 11, 2017.The low EBITDA is primarily driven by the relatively low Multi-Client investment activity in the quarter, the company said on Thursday.Total Multi-Client revenues ended at approximately $80 million in 1Q 2017. MultiClient pre-funding revenues constitute about half of this amount, representing well above 100% pre-funding on slightly above $30 million capitalized Multi-Client cash investment in the quarter. Marine contract revenues ended at approximately $60 million.The company estimates the order book as of March 31, 2017 to be approximately $340 million, the highest level in two years and a significant increase compared to the $215 million reported as of end 4Q 2016, and the $204 million at end Q1 2016. Multi-Client represents approximately $200 million. The improved order book reflects an increase in secured pre-funding for scheduled Multi-Client projects and an increase of volume and pricing of marine contract work.
Source: PGS sees ‘slow start to the year’ | Offshore Energy Today
TGS in seismic survey offshore IrelandNorwegian seismic data acquisition company TGS is undertaking a new multi-client acquisition project, Crean 3D on the Irish Atlantic Margin.Crean 3D (CRN 3D) is a multi-client survey of more than 5,400 square kilometers located in the South Porcupine Basin between the Porcupine High and the Irish Mainland Platform.Multi-level targets exist, such as Paleocene and Mesozoic channel/fan systems overlying tilted fault blocks, TGS has explained.Exploration success on the Newfoundland Labrador conjugate margin coupled with historical exploration in Atlantic Ireland has resulted in significant acreage being licensed, TGS said.
