Petroleum Geo-Services (OSE: PGS) highlighted record MultiClient sales driven by GeoStreamer in the second quarter. PGS expects GeoStreamer price premium to increase with the new Geostreamer GS. Revenues were up more than 50% to 326.6 million USD, of which Multiclient’s portion was nearly 160 million. EBITDA for Q2 was 163 million and PGS says it is well on track to reach full year EBITDA guidance of 500 million USD. Order book of 579 million provides half a year visibility on earnings.
Marine Contract business area had a low EBIT margin of 7%, which the company attributes to seasonal factors. There is continued increase in activity and higher prices but also higher fuel costs. Marine Contract full-year EBIT margin is predicted at 10-15%.
PGS says there are significant bid opportunities in West Africa and Brazil. MultiClient has ‘some’ upside for the year. CAPEX will be between 260 and 270 million. PGS is down pretty much in line with the wider market for the day.
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