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PGS profit up before busy N. Sea season


Published Feb 21, 2008
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PGS mulls splitting Geophysical and Production into two companies-Spotlight

Norway-based survey outfit Petroleum Geo-Services has posted record-profits for fourth-quarter 2007 after a banner year, and the company expects “a historically high North Sea season activity in 2008”.

Company operationg profit was an unofficial $76.5 million in the final three months of 2007, up three percent year-on-year after revenues rose slightly to $372.5 million. Despite the record, the company said dockings and costs took their toll, and the quarter was “under trend”.

Optimistic forecasts for 2008 were buttressed by an order backlog of $951 million at record rates for the Marine division and its streamer seismic: $101.2 million in operating profit from offshore shoots was up 28 percent over the final three months of 2006.

The company said it also planned a special dividend.

Tags: Petroleum Geo-Services



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