PGS says it will best consolidated market expectations

Oilfield service company Petroleum Geo-Services’ (OSE: PGS) stock gained nearly 9% on Friday. PGS compared its Q2 results due on July 28th to current markets expectations and said they will be significantly above those due to strong MultiClient salesby PGS GeoStreamer.

PGS says total quarterly numbers will be as follows:
Revenue> 310 million $
EBITDA> 150 million $
EBIT> 40 million $

There will be 8 million fair value charge on convertible bond investment in Seabird Exploration Ltd (OSE: SBX) due to share price decline. PGS and Seabird entered strategic cooperation for ocean bottom node solutions for deep water early this year. In connection with it, SeaBird issued a convertible loan toward PGS, which can be converted to ordinary shares in SeaBird.

These numbers are subject to a review. The numbers alone are propably not strong enough to warrant near 10% advance. The full year 2011 EBITDA guidance remains unchanged.