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PGS announces Q1 2024 update

09 Apr 2024

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Based on a preliminary review, PGS expects to report Revenues and Other Income according to IFRS for Q1 2024 of approx. $217 million, compared to $143.1 million in Q1 2023. The Company expects Produced Revenues* for Q1 2024 of approx. $223 million, compared to $172.2 million in Q1 2023.

Contract revenues ended at approx. $116 million in Q1 2024, compared to $94.1 million in Q1 2023.

MultiClient late sales revenues were approx. $56 million in Q1 2024, compared to $25.6 million in Q1 2023.

Estimated Produced MultiClient Pre-funding Revenues* in Q1 2024 were approx. $46 million, compared to $45.5 million in Q1 2023. MultiClient pre-funding revenues based on IFRS, where revenues are recognized at the time of delivery of finally processed data, were approx. $41 million in Q1 2024, compared to $16.4 million in Q1 2023.

'I am very pleased to see a good start for MultiClient late sales in 2024, with progress in Q1 and a strong basket of active transactions leading into Q2.

Our MultiClient acquisition activity was mainly in South America and Mediterranean in the quarter, and we had a pre-funding level of approx. 100% of the capitalized cash investment.

We used 44% of available vessel capacity for contract work. Contract activity was slow over the winter season, however, revenue generation for our active vessels in Q1 was strong. Entering the summer season, bidding activity and visibility are increasing. Our offshore wind site characterization contributed with $13 million of the Q1 contract revenues. The opportunity basket for more offshore wind site characterization work is encouraging,' says Rune Olav Pedersen, President & CEO.

Click here for full announcement

Source: PGS

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