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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Petroleum Geo-Services    PGS   NO0010199151

PETROLEUM GEO-SERVICES

(PGS)
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Real-time Quote. Real-time CHI-X - 07/17 10:25:23 am
11.435 NOK   -0.61%
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Seismic surveyor PGS cancels debt refinancing plan, shares plunge

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06/19/2019 | 05:04am EDT

OSLO (Reuters) - PGS, the world's largest seismic surveyor, called off a planned debt refinancing on Wednesday amid rising market volatility, sending its shares down 24%.

Oslo-listed PGS, which owns a fleet of seismic vessels that scan the seabed for buried hydrocarbons and sells the data to oil and gas explorers, had announced its intention on May 27 to raise debt of $675 million (£537.4 million) as part of its refinancing.

"As a result of increased volatility in the capital markets and weaker investor sentiment toward oil field service post-launch, PGS has not been able to reach the targeted terms and has decided to withdraw the proposed transaction," it said.

The price of Brent crude has fallen by more than 10% since the company announced its refinancing plans.

PGS said it still intended to refinance the debt facilities this year, and reduce its net debt as it expected to generate positive cash flows helped by an expected market recovery.

PGS shares initially fell by 24% following the announcement and traded down 16% by 0852 GMT, while the European oil and gas index was broadly flat.

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.09% 64.46 Delayed Quote.23.05%
PETROLEUM GEO-SERVICES -0.83% 11.41 Delayed Quote.-2.58%
WTI -0.33% 57.44 Delayed Quote.32.38%
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Financials (USD)
Sales 2019 881 M
EBIT 2019 70,1 M
Net income 2019 -50,0 M
Debt 2019 1 064 M
Yield 2019 -
P/E ratio 2019 -9,84x
P/E ratio 2020 4,83x
EV / Sales2019 1,72x
EV / Sales2020 1,33x
Capitalization 454 M
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Technical analysis trends PETROLEUM GEO-SERVICES
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Average target price 2,28  $
Last Close Price 1,34  $
Spread / Highest target 167%
Spread / Average Target 69,6%
Spread / Lowest Target -21,5%
EPS Revisions
Managers
NameTitle
Rune Olav Pedersen President & Chief Executive Officer
Walter Hafslo Qvam Chairman
Per Arild Reksnes Executive Vice President-Operations & Technology
Gottfred Langseth Chief Financial Officer & Executive Vice President
Anne Grethe Dalane Independent Director
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