PGS: Q2-17 & H1-17 Results

Highlights Q2 2017

  • Revenues of $240.5 million, compared to $183.0 million in Q2 2016
  • EBITDA of $112.5 million, compared to $68.8 million in Q2 2016
  • EBIT, excluding impairments and other charges, a loss of $8.7 million, compared to a loss of $36.2 million in Q2 2016
  • MultiClient pre-funding revenues of $50.2 million with a corresponding pre-funding level of 115%, compared to $47.2 million and 113% in Q2 2016
  • MultiClient late sales of $77.4 million, compared to $46.0 million in Q2 2016
  • Cash flow from operations of $49.4 million, compared to $42.4 million in Q2 2016, with higher working capital from revenue increase in the second half of Q2 expected to benefit Q3
  • Liquidity reserve of $228.3 million, compared to $273.8 million in Q1 2017 and $429.7 million in Q2 2016
  • Initiated capacity adjustment and other cost initiatives with estimated $50-60 million annual run rate cash cost saving from Q4
  • Commenced large MultiClient campaigns offshore East Canada with solid pre-funding
  • The Board of Directors is working according to the planned timeline for appointment of a new CEO. Announcement is expected early autumn


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