PGS ASA
Q1 2021 Update
April 14, 2021: Oslo, Norway, based on a preliminary review, PGS expects to report Revenues and Other Income As Reported* according to IFRS for Q1 2021 of
approximately $166 million, compared to $128.8 million in Q1 2020.
Segment* Revenues and Other Income for Q1 2021 are expected to be approximately $132 million, compared to $168.3 million in Q1 2020.
Contract revenues ended at approximately $26 million ($85.4 million in Q1 2020). Segment MultiClient pre-funding revenues were approximately $46 million ($40.7 million in Q1 2020), and MultiClient late sales revenues approximately $49 million ($33.5 million in Q1 2020). Revenues and Other Income in Q1 2021 include approximately $6 million of US government grants.
The difference between As Reported revenues and Segment revenues relates to MultiClient pre-funding where the As Reported MultiClient pre-funding revenues for Q1 are expected to be approximately $80 million ($1.2 million in Q1 2020).
“I am pleased to see an increase of our MultiClient sales compared to Q1 2020 and a significant sequential improvement in vessel utilization. We continue to experience a general recovery of demand and remain with the view that 2021 will show improvement compared to 2020,” says President & CEO Rune Olav Pedersen.
PGS routinely releases information about 3D vessel utilization after the end of each quarter.
Summary of Q1 2021 vessel allocation:
Approximate allocation of PGS operated 3D towed streamer capacity |
Quarter ended March 31, |
Quarter ended December 31, |
|
2021 | 2020 | 2020 | |
Contract seismic | 34% | 47% | 8% |
MultiClient seismic | 55% | 43% | 41% |
Steaming | 7% | 9% | 13% |
Yard | 0% | 1% | 3% |
Stacked/Standby | 4% | 0% | 35% |
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