The seismic company PGS expects total segment revenues of 136 million dollars in the first quarter, according to a stock exchange announcement on Monday.
This is down from $ 165.7 million in the same period last year.
Contract revenue came in at around $ 62 million, up from $ 25.5 million in the first quarter last year. Multi-client late sales are estimated at $ 55 million, compared to $ 49.2 million in the first quarter of 2021.
Multi-client pre-funding landed at around $ 15 million in the quarter, down from $ 79.8 million in the first quarter of 2021, while multi-client cash investment ended at around $ 22 million, down from $ 43.3 million in the same period in last year.
Fleet utilization was 39 per cent on contract and 16 per cent for the multi-client segment during the quarter.
– The improvement in the contract market we saw last year, and especially in the second half of the year, now continued in the first quarter. Higher demand for our multi-client library is encouraging, and we increased “late sales” by around 12 percent on an annual basis. Fleet utilization was weak with around four vessels in operation, but we expect this to improve when the summer season starts, says CEO Rune Olav Pedersen in a comment.
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