PGS ASA Q3 2020 Update
October 9, 2020: Oslo, Norway, based on a preliminary review, PGS expects to report Segment* revenues for Q3 2020 of approximately $115 million. Contract revenues
ended at approximately $9 million. MultiClient pre-funding revenues were approximately $52 million, from a capitalized MultiClient cash investment of approximately $57 million. MultiClient late
sales were approximately $26 million.
Q3 2020 revenues include approximately $23 million of government grants related to the Covid-19 pandemic. The government grants are recorded as Other revenues.
“A majority of our active vessel capacity was allocated to MultiClient in Q3. The market remains challenging, but we believe this quarter represents the trough of this Covid-19 driven downturn. We expect increasing revenues from vessel operations and MultiClient sales going forward.
During the quarter, we completed our reorganization to adapt to the challenging market environment. We are now down to an annual run rate gross cash cost of approximately $400 million, assuming five vessels in operation. The process to complete documentation with lenders on the agreement to extend maturities is progressing according to plan”, says President & CEO Rune Olav Pedersen.
PGS routinely releases information about 3D vessel utilization after the end of each quarter.
Summary of vessel utilization:
Approximate allocation of PGS operated 3D towed streamer capacity
Quarter ended June 30,