Oil Industry Suppliers See Light at the End of the Tunnel
European suppliers to the oil industry, hit by their customers' spending cutbacks over the past two years, have produced stronger than expected second-quarter earnings and are cautiously pointing to signs of recovery in demand. These companies, which encompass oil drillers, engineering groups, oil services providers and seismic surveyors, have had to slash jobs, costs and investments to cope with the fallout from a 60 percent drop in the oil price since 2014.
PGS Revenue Slumps
Petroleum Geo-Services ASA reported revenue fall in their recently released Second Quarter and First Half 2016 Results. It logged a healthy MultiClient Sales and continues to undertake cost reductions. "With the gradual recovery of the oil price from its lows in early Q1, we are starting to see early signs of a stabilizing market and improving sentiment," observed Jon Erik Reinhardsen, President and Chief Executive Officer.
Shares in Norway's Seismic Survey Companies Rise After Results
Seismic surveyor group TGS reported stronger than expected third quarter results on Friday and rival PGS struck a new loan deal with its banks, giving a boost to their shares. Seismic surveyors, which scan the rock below the oceans for oil and gas deposits, have had to reduce costs as oil and gas companies have cut back on exploration to cope with low oil prices. "The demand for seismic data has continued…
PGS: Market Weakness to Continue
The market for seismic vessels will probably remain weak for an extended period, Petroleum Geo-Services Chief Executive Jon Erik Reinhardsen told an oil conference in Oslo on Wednesday. "We expect this (market situation) to last well into 2016," he said. "Problem number one is too many vessels operating. The market has not collapsed. Earlier in the day PGS announced that it would mothball yet another of its vessels in order to save costs, the third ship to go out of service.
Höegh LNG 1Q Interim Results
* The Board of Directors of Höegh LNG approved the Company's second quarter dividend payment of USD 0.10 per share to be paid on or around 19 June 2015. * Former CEO of BG-Group, Mr. Chris Finlayson, joined the Höegh LNG Holdings Ltd. Board as non-executive director, replacing Mr. Höegh LNG's President and Chief Executive Officer, Sveinung J. S. Støhle, said in a comment: "The improved EBITDA in the quarter…
Ocean Seismic Firm PSG Q1 2014 Earnings Disappoint
Norwegian seismic surveyor Petroleum Geo-Services reported first-quarter earnings well below expectations on Friday, sending its shares down as much as 11 percent despite unchanged guidance. PGS, which scans the ocean floor for oil and gas deposits, said its first quarter suffered because of low seasonal pricing, increased idle time, and low pre-funding for major work in the Gulf of Mexico. The figures came as a surprise as rival TGS earlier reported strong first-quarter earnings…
Norway's PGS sees high summer N.Atlantic oil exploration interest
Norwegian seismic surveyor Petroleum Geo-Services expects a busy summer season in the North Atlantic region driven by high exploration and production interest among oil companies, it said in its annual report on Thursday. Seismic surveyors, which seek oil and gas deposits under the sea floor, have been hit hard as oil companies have reduced spending to focus on costs and improve cash flow. Recent market updates from competitors Dolphin Group however…
