Month: January 2018

 

 

 

 

Polarcus: Vessel utilization for Q4-17 and FY-17

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces the Company’s fourth quarter (Q4) 2017 and full year (FY) 2017 vessel utilization as follows:

Utilization	Q4 – 2017	Q4 – 2016		FY 2017	FY 2016
Utilization	68%	72%		77%	83%
By category:
Contract Seismic	58%	55%		71%	71%
Multi-Client	10%	17%		6%	12%
Transit	12%	16%		13%	12%
Yard	0%	3%		2%	2%
Standby	20%	9%		8%	3%

Polarcus Nadia is excluded from vessel utilization subsequent to cold-stacking on 01 April 2015

The Company will be releasing its fourth quarter 2017 report on 27 February 2018 at approximately 07:00hrs CET (10:00hrs UAE). A webcast and conference call will be hosted by Polarcus commencing at 09:00hrs CET (12:00hrs UAE).

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PGS: Q4-17 MC Revenues ~ $170 Million – EBITDA > $100M

Based on a preliminary review of Q4 sales, Petroleum Geo-Services ASA expects to report total MultiClient revenues of approximately $170 million in Q4 2017, which should result in a consolidated EBITDA in excess of $100 million.

The Company has seen good sales from its global MultiClient library across regions, in particular from its existing library in Brazil and recent and ongoing surveys in Malaysia.

EBITDA as used by the Company excludes depreciation, amortization, impairment charges and other charges (such as restructuring cost and changes in provision for onerous customer contracts). Reference is made to the definitions of EBITDA and other alternative performance measures in the Company’s annual and quarterly reports. The completion of the Company’s year-end financial reporting and review procedures could result in impairments, changes to provisions or changes compared to earlier estimates of restructuring cost.

The Company provides this information based on a preliminary summary of sales. The Company has not completed its financial reporting and related consolidation, review and control procedures, including the review of all sales against the established revenue recognition/cut-off criteria. The estimates provided in this release are therefore subject to change and the Q4 2017 financial statements finally approved and released by the Company may deviate materially from the information herein.

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PGS: Vessel allocation Q4-17

PGS routinely releases information about 3D vessel utilization after the end of each quarter.

Summary of vessel utilization:

               

The Q4 2017 vessel statistics includes eight vessels for the full quarter, as well as Ramform Vanguard for one month before it was cold-stacked. The high share of Stacked/Standby is primarily due to winter warm-stacking* of two vessels, in accordance with PGS’ current vessel operation plan. All cold-stacked* vessels are excluded from the statistics from the time of stacking.

PGS will release its Q4 and preliminary full year 2017 results on Thursday February 1, 2018, at approximately 07:00 am Central European Time (CET). A corresponding presentation is scheduled for 09:00 am CET the same day.

*The term “cold-stacked” is used when a vessel is taken out of operation for an extended period of time. Costs are reduced to a minimum, with the vessel preserved for a long idle time, all or most in-sea seismic equipment removed from the vessel, and typically the crew required to operate the vessel is terminated. Use of the term “warm-stacked” means that the vessel is temporarily taken out of operation with streamers and all other equipment necessary to perform seismic operation still onboard the vessel and the crew required to operate the vessel can be sourced with some delay.

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FairfieldNodal: Acquires WGP

FairfieldNodal announces it has finalized its agreement to purchase the assets of WGP Group Ltd., a premier provider of marine geophysical services headquartered in the U.K., effective 31 December 2017.

FairfieldNodal, known as an industry leader in marine seismic nodal technology, continues to pursue opportunities to strengthen and expand its technology portfolio. FairfieldNodal seeks to transform itself into a world-class provider of integrated life of field seismic services, data and data analytics over the next three to five years through a combination of strategic partnerships and acquisitions.  WGP provides a unique set of adjacencies to complement FairfieldNodal’s existing technology and services, specifically its proprietary ZLoF semi-permanent reservoir monitoring technology,

“We are excited about the expertise, talent, and track record of strong project execution we gain with the WGP acquisition,” says Charles (Chuck) Davison Jr, President and CEO of FairfieldNodal.  “WGP’s proven technology and operational capabilities around active reservoirs make them a natural fit into the FairfieldNodal suite of services.  We look forward to working with the WGP team, combining forces to provide customers with seamless reservoir services and increasing our collective value proposition.”

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ESG Solutions: Powers Innovative Well Completion Evaluations for Hydraulic Fracturing

ESG Solutions, an industry leader in microseismic solutions for the oil and gas and mining industries, has developed advanced analytical applications for microseismic data that helps operators understand the effectiveness of different fracturing techniques, and predict the capability of a fracture network to sustain the flow of hydrocarbons back to the well. The study on fracture effectiveness will be presented as a Keynote paper at the Society of Petroleum Engineers – Hydraulic Fracturing Technology Conference held in The Woodlands, Texas from January 23 to 25 in 2018.

ESG’s Chief Technology Officer Dr. Ted Urbancic will present the paper as a keynote speaker during a Wednesday session focusing on unconventional fracturing.  “This will be a fantastic opportunity for valuable discussion surrounding the benefits of microseismic analysis beyond the typical level of interpretation that operators obtain from a microseismic program,” says Urbancic.  “There’s really a lot of potential value we can extract from microseismic data to help operators understand and predict production from unconventional wells, and we’re looking forward to sharing our ideas with colleagues in the industry.”

“We’re incredibly pleased to co-author a paper with a recent client that shows some very promising results and insights in terms of different fracturing strategies and the resulting producing volumes,” says Doug Angus, Manager of the Innovation and Technology Group at ESG. “Through collaboration we are able to ensure our advancements in technology help operators maximize the returns on monitoring investments and are helping to solve the problems that matter most to them.”

In addition to showcasing its advanced analytical microseismic solutions in the keynote session, ESG will also be exhibiting on the show floor to demonstrate capabilities in both downhole and surface hydraulic fracture monitoring as well as Interactive Seismicity Monitoring.

To learn more about microseismic and seismic monitoring capabilities for oil and gas applications visit ESG Solutions in The Woodlands, Texas from January 23 – 25 at HFTC Exhibition booth #304.

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