Oslo, Norway, April 6, 2022: As announced on March 8, 2022, PGS ASA will with effect from January 1, 2022 discontinue its previous Segment Reporting to simplify external and internal reporting. Consequently, from and including Q1 2022, the Company will no longer present revenue and amortization for pre-funding contracts on a percentage of completion basis as its segment information. In the Company's pre-announcement for [...]
PGS has received a "Surface Prospection Clearance" issued by the National Hydrocarbon Agency from Colombia, which authorizes it to reprocess existing 2D lines from different vintages applying the latest imaging techniques and incorporate these lines to a MegaProject covering the Pacific Offshore. The MegaProject will be done in partnership with SCG . A new reprocessed regional Tumaco Basin dataset will provide the entry [...]
March 29, 2022 Oslo, Norway, PGS Annual General Meeting is scheduled for April 27, 2022 at 15:00 CEST. The calling notice and proxy forms for PGS 2022 Annual General Meeting can be downloaded from www.newsweb.no or www.pgs.com. The Company's Board has determined that the Annual General Meeting will be held virtually and be available online via Lumi AGM. All shareholders will be able to participate in the meeting, vote and [...]
March 28, 2022; Oslo, Norway, The leading independent research and advisory firm Verdantix recently announced winners of its Innovation Excellence Awards recognizing outstanding achievements within the areas Environment Health & Safety , Environment Social & Governance , Sustainability and Operations. Within these areas Verdantix defined 11 categories, where PGS won the Safety Performance Improvement award for the [...]
PGS' 2021 annual report can be downloaded from www.pgs.com or www.newsweb.no. The Company's 2021 annual financial statements in European Single Electronic Format can be downloaded from www.newsweb.no. For details, contact: Bård Stenberg VP IR & Corporate Communication Mobile: +47 992 45 235 Attachments PGS Annual Report 2021 213800T66DRTE6O6BV87-2021-12-31-en...
March 16, 2022: PGS and deepC Store Limited have entered into a Letter of Intent to co-develop a commercial scale carbon storage project offshore Australia. PGS will provide geological and geophysical advisory services. Parties also agreed to explore broader collaboration opportunities in the region. "The letter of intent with DCS expands the PGS New Energy business beyond Europe. Stakeholders in the Asia Pacific region [...]
March 9, 2022: Ocean Floor Geophysics Inc. , a company in which PGS owns approximately 43%, has acquired the entire share capital in NCS SubSea. NCS SubSea owns and operates the market-leading P-Cable system. The P-Cable technology provides ultra-high-resolution 3D seismic data to the new energy- and oil & gas markets. With the addition of the P-Cable technology, OFG now provides the broadest range of marine geophysical [...]
March 8, 2022: Oslo, Norway, the board of directors of PGS ASA has approved a change in the Company's basis for Segment Reporting. PGS has since 2018 prepared its internal management reporting based on the principles applied prior to the implementation of IFRS 15, Revenue from Customer Contracts. This method has recognized MultiClient pre-funding revenue on a percentage of completion basis, and the related amortization of [...]
March 8, 2022: Oslo, Norway, the board of directors of PGS ASA has approved the 2021 annual financial statements and annual report. There are no material changes to the financial statements compared to the preliminary and unaudited full year results presented by the Company on January 27, 2022. The 2021 audit opinion from the Company's auditor EY is without qualifications. However, the audit opinion includes an emphasis [...]
January 31, 2022: Oslo, Norway, PGS is awarded a 4D contract in the Gulf of Mexico. A Ramform Titan-class vessel is scheduled to commence acquisition late February and complete late March. "We are very pleased with this 4D contract award in the US Gulf of Mexico, which historically has been a MultiClient market. With our Ramform acquisition platform and superior multi-sensor GeoStreamer technology we will provide the [...]
Improving Competitive Position in a Gradually Recovering Market Takeaways 2021 Segment Revenues and Other Income of $590.0 million, compared to $595.9 million in 2020, which included $38.8 million of Covid-19 related government grants Segment EBITDA of $320.2 million, compared to $397.7 million in 2020, impacted by a significant change of activity mix with less MultiClient and more contract acquisition Segment EBIT loss [...]
January 19, 2022: Oslo, Norway, PGS is awarded a seismic acquisition contract for CO2 storage offshore Norway by Equinor on behalf of Northern Lights JV DA. Acquisition is scheduled to start in Q2 2022 and has a duration of approximately 1 month. "Northern Lights is one of the pioneering CO2 transport and storage companies in Europe and we are proud to contribute with our technology to their groundbreaking efforts. We [...]
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