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Petroleum Geo Services ASA (PGS.OL)

PGS.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Ferd AS Has Sold 20 Mln Shares In Petroleum Geo-Services ASA
Tuesday, 31 Jul 2018 

July 30 (Reuters) - Petroleum Geo Services ASA ::FERD AS HAS SOLD 20 MILLION SHARES IN PETROLEUM GEO-SERVICES ASA.PETROLEUM GEO SERVICES - FOLLOWING PLACING, FERD WILL OWN 15.82 MILLION SHARES OF CO, REPRESENTING 4.67% OF ISSUED AND OUTSTANDING SHARES AND VOTES OF CO.PETROLEUM GEO SAYS FERD SOLD 5.9% OF ISSUED AND OUTSTANDING SHARES OF COMPANY AT A PRICE OF NOK 40 PER PLACING SHARE.PETROLEUM GEO SERVICES- FOLLOWING PLACING, FERD WILL OWN 15.8 MILLION SHARES OF CO, REPRESENTING 4.67% OF ISSUED AND OUTSTANDING SHARES AND VOTES OF CO.PETROLEUM GEO SERVICES- FERD REPRESENTED AT BOARD BY MORTEN BORGE, AND NO CHANGE OF HIS CURRENT DIRECTORSHIP IS INTENDED BY HIM AS A RESULT OF PLACING.  Full Article

Bookrunner Says Books Covered On Petroleum Geo Services ASA Secondary ABO
Monday, 30 Jul 2018 

July 30 (Reuters) - Bookrunner::BLOCK TRADE - PETROLEUM GEO SERVICES ASA SECONDARY ABO: BOOKRUNNER SAYS BOOKS COVERED.  Full Article

Seismic surveyor PGS says on track for positive cash flow in 2018
Thursday, 19 Jul 2018 

July 19 (Reuters) - Petroleum Geo Services ASA ::PGS Q2 REVENUES $239.7 MILLION (REUTERS POLL $214 MILLION).PGS Q2 EBITDA $136.0 MILLION (REUTERS POLL $144 MILLION).PGS SEES 2018 GROSS CASH COST OF $600 MILLION VERSUS PREVIOUS FORECAST OF $600 MILLION.PGS SEES 2018 MULTICLIENT CASH INVESTMENTS OF $300 MILLION VERSUS PREVIOUS FORECAST OF ABOUT $275 MILLION.PGS SEES 2018 CAPITAL EXPENDITURE OF $50 MILLION VERSUS PREVIOUS FORECAST OF ABOUT $50 MILLION.WE ARE ON TRACK TO BE CASH FLOW POSITIVE AFTER DEBT SERVICING THIS YEAR.MARINE CONTRACT MARKET IS IMPROVING, BUT STILL CHALLENGING, AND IT IS ENCOURAGING THAT OUR ESTIMATE OF TOTAL VALUE OF BIDS AND LEADS FOR CONTRACT WORK IS AT ITS HIGHEST LEVEL FOR MORE THAN THREE YEARS.  Full Article

Petroleum Geo Services: Schroders PLC cuts ownership to 4.94 pct
Friday, 11 May 2018 

May 11 (Reuters) - Petroleum Geo Services ASA ::SCHRODERS PLC, AS A GROUP NOW HOLDS 4.942 PCT (16,732,178 SHARES) AFTER SALE OF 1.04 MILLION SHARES ON MAY 9.  Full Article

Norway's PGS sees Q4 EBITDA above $100 mln
Thursday, 4 Jan 2018 

Jan 4 (Reuters) - Petroleum Geo Services Asa ::PETROLEUM GEO-SERVICES ASA: Q4 2017 MULTICLIENT REVENUES OF APPROXIMATELY $170 MILLION - EBITDA ABOVE $100 MILLION.‍HAS SEEN GOOD SALES FROM ITS GLOBAL MULTICLIENT LIBRARY ACROSS REGIONS, IN PARTICULAR FROM ITS EXISTING LIBRARY IN BRAZIL AND RECENT AND ONGOING SURVEYS IN MALAYSIA​.‍COMPANY WILL REPORT ITS Q4 AND PRELIMINARY FULL YEAR 2017 RESULTS ON FEBRUARY 1​.  Full Article

PGS Q4 contract, multiclient seismic both at 23 pct
Thursday, 4 Jan 2018 

Jan 4 (Reuters) - Petroleum Geo Services Asa ::VESSEL ALLOCATION Q4 2017.Q4 ‍CONTRACT SEISMIC 23 % VERSUS 25%​.Q4 ‍MULTICLIENT SEISMIC 23% VERSUS 27%​.Q4 ‍ STEAMING 15% VERSUS 15%​.Q4 YARD STAYS 7% VERSUS 4%​.‍STACKED/STANDBY 32% VERSUS 29%​.  Full Article

PGS sees $55 mln positive liquidity from Brazil settlement, Q4 loss
Monday, 20 Nov 2017 

Nov 20 (Reuters) - Petroleum Geo-Services Asa :Settlement of all disputes relating to ISS tax in Rio de Janeiro (Brazil) - positive liquidity effect of approximately $55 million.Dispute related to Municipal Services Tax (ISS) on the licensing of MultiClient data.The settlement covers all historical periods and exposures relating to ISS on MultiClient licensing up to today.Under the settlement, PGS will pay an aggregate amount which is substantially less than the amounts already deposited by PGS for the parts of the exposure which are in court proceedings.expects that the funds will be released before year-end 2017.PGS expects to record a loss of approximately USD 15 million in Q4 2017, since the full book value of the deposited amount is not recovered. The deposit was reported as restricted cash with a book value of USD 72.2 million at September 30.PGS welcomes the new regulations issued by the Municipality of Rio de Janeiro which will increase transparency going forward and specifically require 2% ISS to be paid on MultiClient licensing.  Full Article

PGS' CEO bough 33,000 shares
Tuesday, 31 Oct 2017 

Oct 31 (Reuters) - Petroleum Geo Services Asa :‍Rune Olav Pedersen, president & CEO of PGS, has bought 33,000 shares at NOK 11.90 each.  Full Article

PGS chairman bought 25,000 shares at NOK 12.17 each
Tuesday, 31 Oct 2017 

Oct 31 (Reuters) - Petroleum Geo Services Asa :Chairman Walter Qvam bought 25,000 shares in PGS at a price of NOK 12.17 per share.  Full Article

PGS to adopt flexible vessel capacity, cut costs by $100 mln in 2018
Thursday, 26 Oct 2017 

Oct 26 (Reuters) - Petroleum Geo Services Asa :‍Announces a new centralized, simplified and streamlined organization, which builds on two business areas: sales & services and operations & technology.‍company's vessel capacity will be more flexible. Going forward pgs intends to operate a fleet of eight vessels, of which two will be used selectively to address demand swings and market seasonality.‍cost base for company will be reduced to a baseline of six vessels, while flexible capacity will be managed and crewed by a combination of regular and temporary employees.‍company plans to implement new structure by year-end 2017. Restructuring cost is estimated to be approximately $40 - 50 million and is expected to be recorded mainly in q4 2017​.‍expects overall gross cash cost for company to be reduced by at least $100 million in 2018, which should be sufficient to deliver positive cash flow after debt servicing next year, assuming a similar market in 2018 as in 2017​.  Full Article