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