Announcement • Jul 02
PGS ASA(OB:PGS) dropped from Oslo OBX Total Return Index PGS ASA has been dropped from Oslo OBX TOtal return Index. Announcement • Jun 14
Glazer Capital, LLC acquired an additional 5.387693% stake in PGS ASA (OB:PGS). Glazer Capital, LLC acquired an additional 5.387693% stake in PGS ASA (OB:PGS) on June 11, 2024. Following the acquisition, Glazer Capital, LLC, together with and through its management of its funds and managed accounts, none of which individually exceeds the reporting threshold, controls a total of 53,652,684 shares and votes, corresponding to 5.62% of the votes and shares outstanding.
Glazer Capital, LLC acquired an additional 5.387693% stake in PGS ASA (OB:PGS) on June 11, 2024. Announcement • Apr 10
PGS ASA Provides Earnings Guidance for the First Quarter of 2024 PGS ASA provided earnings guidance for the first quarter of 2024. The company expects to report revenues of approximately $217 million, compared to $143.1 million in first quarter of 2023. Announcement • Apr 03
PGS Commences MultiClient 3D Survey to Unlock Hydrocarbon and Carbon Storage Potential in Penyu Basin, Offshore Peninsular Malaysia PGS together with its joint venture consortium partners, TGS and SLB have successfully commenced a MultiClient 3D seismic project located in the Penyu Basin, offshore Peninsular Malaysia. In partnership with Malaysia Petroleum Management (MPM), PETRONAS, the custodian of petroleum resources in Malaysia, this project aims to provide insights on the exploration opportunities in a broader play fairway and to assess the carbon storage potential across Penyu Basin area. The acquisition of this new seismic data will enable clients to effectively conduct evaluation on the exploration and carbon storage potential for the upcoming Malaysia Bid Round. Announcement • Jan 10
PGS ASA Provides Financial Guidance for the Fourth Quarter of 2023 PGS ASA provided financial guidance for the fourth quarter of 2023. For the period, the company expects to report Revenues and Other Income according to IFRS for Fourth Quarter 2023 of approximately $265 million, compared to $216.7 million in Fourth Quarter 2022. The Company expects Produced Revenues for Fourth Quarter 2023 of approximately $227 million, compared to $250.7 million in Fourth Quarter 2022. Board Change • Jan 05
High number of new directors Director Emeliana Rice-Oxley was the last director to join the board, commencing their role in 2023. Board Change • Nov 29
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Emeliana Rice-Oxley was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 27
Third quarter 2023 earnings released: US$0.01 loss per share (vs US$0.004 profit in 3Q 2022) Third quarter 2023 results: US$0.01 loss per share (down from US$0.004 profit in 3Q 2022). Revenue: US$157.3m (down 21% from 3Q 2022). Net loss: US$6.80m (down 362% from profit in 3Q 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Board Change • Oct 18
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Emeliana Rice-Oxley was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Sep 23
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be kr11.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 57%. Board Change • Sep 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Emeliana Rice-Oxley was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 18
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Emeliana Rice-Oxley was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 02
PGS, TGS and CGG Introduce New Tiered Offerings for Versal - the World's First MultiClient Data Ecosystem PGS, TGS and CGG announced the launch of new tiered offerings for Versal, the MultiClient data ecosystem. This update gives the entire industry free access to Versal, representing the world's most comprehensive MultiClient data coverage - all in one centralized location. Industry professionals can also benefit from a more personalized solution, with a focus on enhanced accessibility, flexibility and value. The latest updates to the Versal platform are designed to offer even more convenience and scalability for exploration & production, data management and procurement team members through the introduction of Versal Pro and Premium tiers. Versal users now gain unlimited access to the essential data from PGS, TGS and CGG representing the majority of the world's marine MultiClient data available within a single platform. This consolidation eliminates the need to visit multiple vendor websites, streamlining workflows and saving valuable time. The new tiered access model offered by Versal brings unprecedented flexibility to clients. With the free Versal version users can view data coverage, download coverage shape files and import their map layers and shape files. By upgrading to Versal Pro, clients unlock additional benefits, including viewing entitlements, accessing vendor contracts, and downloading acquisition and processing documents. By selecting Versal Premium, clients gain access to enhanced data management capabilities such as seismic visualization and downloading entitled traces. Board Change • Jul 29
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Emeliana Rice-Oxley was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 22
Second quarter 2023 earnings released: US$0.01 loss per share (vs US$0.039 profit in 2Q 2022) Second quarter 2023 results: US$0.01 loss per share (down from US$0.039 profit in 2Q 2022). Revenue: US$156.0m (down 43% from 2Q 2022). Net loss: US$9.30m (down 150% from profit in 2Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Board Change • Jul 13
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Emeliana Rice-Oxley was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 12
PGS ASA Provides Financial Guidance for the Second Quarter of 2023 PGS ASA provided financial guidance for the second quarter of 2023. Based on a preliminary review, the company expects to report revenues and other income according to IFRS for second quarter 2023 of approximately $156 million, compared to $273.6 million in second quarter 2022. The company expects produced revenues for second quarter 2023 of approximately $186 million, compared to $209.7 million in second quarter 2022. Announcement • Jun 30
PGS ASA to Report Q2, 2023 Results on Jul 20, 2023 PGS ASA announced that they will report Q2, 2023 results at 7:00 AM, Central European Standard Time on Jul 20, 2023 Board Change • May 06
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Emeliana Rice-Oxley was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 29
First quarter 2023 earnings released: US$0.06 loss per share (vs US$0.12 loss in 1Q 2022) First quarter 2023 results: US$0.06 loss per share. Revenue: US$143.1m (up 5.1% from 1Q 2022). Net loss: US$58.8m (loss widened 20% from 1Q 2022). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Energy Services industry in the United Kingdom. Breakeven Date Change • Apr 27 The 5 analysts covering PGS previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of US$87.2m in 2023. Earnings growth of 1.8% is required to achieve expected profit on schedule.
Announcement • Nov 12
PGS ASA to Report Fiscal Year 2022 Results on Mar 29, 2023 PGS ASA announced that they will report fiscal year 2022 results on Mar 29, 2023 Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: US$0.003 (vs US$0.15 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.003 (up from US$0.15 loss in 3Q 2021). Revenue: US$198.5m (up 40% from 3Q 2021). Net income: US$2.60m (up US$63.3m from 3Q 2021). Profit margin: 1.3% (up from net loss in 3Q 2021). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Breakeven Date Change • May 11
Forecast to breakeven in 2023 The 5 analysts covering PGS expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 67% to 2022. The company is expected to make a profit of US$7.30m in 2023. Average annual earnings growth of 90% is required to achieve expected profit on schedule. Reported Earnings • Mar 18
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: US$0.45 loss per share (up from US$0.84 loss in FY 2020). Revenue: US$697.8m (up 48% from FY 2020). Net loss: US$179.4m (loss narrowed 44% from FY 2020). Revenue missed analyst estimates by 1.6%. Over the next year, revenue is expected to shrink by 5.2% compared to a 2.5% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Mar 09
Forecast to breakeven in 2023 The 6 analysts covering PGS expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 72% to 2022. The company is expected to make a profit of US$2.30m in 2023. Average annual earnings growth of 107% is required to achieve expected profit on schedule. 