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.

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