Offshore staff
PARIS/OSLO, Norway – CGG and PGS have issued statements predicting improved third-quarter performance.
In CGG’s case, the company anticipates revenues totaling around $270 million, up 35% year-on-year and up 72% sequentially.
CEO Sophie Zurquiyah said the company had experienced a gradual recovery in geoscience, sustained demand for multi-client data located in the world’s most active basins, and a pick-up in equipment deliveries in the second half of the year.
PGS expects to report revenues of $142 million, up from $85.1 million in 3Q 2020.
Segment revenues and other Income for 3Q 2021 are expected to be approximately $132 million, compared to $116.1 million in 3Q 2020.
President and CEO Rune Olav Pedersen said: “A majority of our Q3 vessel capacity was allocated to contract work, mainly in northwest Europe.
“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.”
10/11/2021
