PGS' profits reach for the stars
Petroleum Geo-Services said first quarter operating profit shot up 39% to
$46.6 million compared with the same period last year due to buoyant market
demand.
The Norwegian outfit posted record revenues for the quarter, up 30% to
$456.6 million versus the corresponding period a year ago.
"We see increased interest among oil companies, in particular national oil
companies, to lock in capacity for longer periods of time," PGS Chief
Executive Jon Erik Reinhardsen said in a statement.
"The continued strong momentum in the global seismic market, driven by a
structural need for seismic data as oil companies seek to find additional
reserves, is anticipated to continue to build the order backlog and
visibility," PGS said.
The outfit said it has a high order backlog for both the marine and onshore
business segments, which stood at $783 and $122 million respectively at the
end of March.
08 May 2008 06:45 GMT
| last updated:
08 May 2008 07:16 GMT
Latest jobs
