PGS buoyed on the bottom line

Cruising: PGS in seismic market

PGS

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Steve Marshall

 14 February 2013 09:13 GMT

Oslo-listed seismic contractor Petroleum Geo-Services (PGS) boosted net income sevenfold in the fourth quarter on the back of booming exploration activity.

The company reported profits of $40.1 million versus $5.5 million a year earlier as quarterly revenue rose 4% $360.1 million, fuelled by more multi-client pre-funding cash.

Earnings before interest, tax, depreciation and amortisation for the quarter of $162 million, up from $145 million a year ago, were however shy of a reported market forecast of $172 million due to weaker multi-client sales and delayed project start-ups.

Full-year net income increased to $185.5 million from $33.7 million a year earlier, on 21% higher revenue of $1.52 billion, while operating profit more than doubled to…

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