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Monday, 08 September, 2008, 17:50 GMT | more prices >>

PGS profits soar 38%



By Upstream staff 

Norway’s Petroleum Geo-Services posted its best results ever as operating profit climbed 38% to $494.5 million last year compared to the same period in 2006, the company said today.

Revenues were up $211.5 million from 2006 levels to $1519.9 million last year, with the marine sector rising 22% to $1273.8 million and onshore sector falling 6% to $246.4 million.

The onshore sector put in a poor performance due weaker project continuity, scheduling issues and bad weather conditions said the Oslo-based outfit.

The company also said that Jon Erik Reinhardsen has been appointed the new president of Geo-Services, replacing Svein Rennemo.

Between 1983 and 2005, Reinhardsen has various positions in the Aker Kvaerner group.


Thursday, 21 February, 2008, 08:01 GMT  | last updated: Thursday, 21 February, 2008, 08:07 GMT

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