PGS expects to report Q3 2021 revenues of $142 million, compared to $85.1 million in Q3 2020.
PGS expects to report Q3 2021 revenues of $142 million, compared to $85.1 million in Q3 2020.
Segment revenues and other income for Q3 2021 are expected to be $132 million, compared to $116.1 million in Q3 2020.
Contract revenues ended at $66 million ($9.3 million in Q3 2020). Segment multi-client pre-funding revenues were approx. $35 million ($50.4 million in Q3 2020), and multi-client late sales revenues approx. $25 million ($28.3 million in Q3 2020).
‘A majority of our Q3 vessel capacity was allocated to contract work, mainly in Northwest Europe,’ said PGS president and CEO Rune Olav Pedersen.
‘While the contract market continues to improve, we are experiencing a seasonally lower activity level late Q3 and early Q4. The multi-client market remains challenging, especially for the more discretionary data library sales as energy companies maintain capital discipline. We do however expect demand for multi-client data to improve going forward and also expect a seasonal increase of late sales in Q4. We had strong cash flow in the quarter and our liquidity reserve ended in excess of $190 million.’
