PGS betters expectations

By Josh Lewis London

 19 July 2012 22:59 GMT

Norway’s Petroleum Geo-Services (PGS) has boosted its full year earnings guidance after revealing its second quarter results are expected to be “significantly better” than current market expectations.

PGS is expecting pre-tax profit to be total more than $55 million for the three months to 30 June, compared to $30 million during the second quarter of 2011.

Revenues for the second quarter of 2012 are expected to be more than $395 million while earnings before interest, taxes, depreciation and amortisations are expected to be more than $230 million.

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