PGS ready for weaker second half 2009

Norway Petroleum Geo-Services (PGS) has said the lower market activity in a number of areas has led to the 13 percent decrease of its adjusted EBITDA to US$201.9 million for the first quarter of 2009.

This was despite the company’s strong operational performance in reaching new marine contract revenue highs of US$319.3 million. The group’s overall revenues for the quarter decreased by seven percent compared with the first quarter of 2008, from US$456.6 million to US$424.9 million. “The strong quarterly results are primarily driven by excellent operational performance,” said Jon Erik Reinhardsen, CEO and President of PGS. “The competitive advantages of our…fleet put us in a good position to generate healthy cash flows even as the market turns weaker towards the second half of the year.

Read More


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: