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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  PGS ASA    PGS   NO0010199151

PGS ASA

(PGS)
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PETRONAS awards MultiClient programs in Sarawak Basin to seismic consortium

10/26/2020 | 02:51am EST

OSLO, NORWAY, October 26, 2020: The seismic consortium comprising PGS, TGS and WesternGeco have been awarded a multi-year contract by PETRONAS through competitive bidding to acquire and process up to 105,000 square kilometers of multi-sensor MultiClient 3D data in the Sarawak Basin, offshore Malaysia.

This contract award follows an ongoing campaign by the consortium in the Sabah offshore region of Malaysia, awarded in 2016, in which over 50,000 square kilometers of high-quality 3D seismic data have been acquired and licensed to the oil and gas industry to support Malaysia license round and exploration activity.

The Sarawak award will enable the consortium to position itself in Malaysian seismic exploration and allow for a multi-phase program to promote exploration efforts in the prolific Sarawak East Natuna Basin (Deepwater North Luconia and West Luconia Province).

“We are very pleased to have received this good news from PETRONAS through Malaysia Petroleum Management,” said Nathan Oliver, PGS Executive Vice President Sales & Services. “Since this same consortium also acquiring MultiClient data offshore Sabah, we have demonstrated the benefit of the MultiClient business model to the Malaysian authorities and provided the oil and gas industry with high-quality seismic data in this prolific hydrocarbon basin. With this new award we are able to expand the MultiClient coverage into the Sarawak region to increase exploration and enhance production activities.”

Rune Eng, TGS Executive Vice President, International said: “With this exciting project award, the consortium will play its part in encouraging and enhancing future exploration in Malaysia, enabling E&P companies to participate in the acquisition of high-quality modern 3D seismic data on a cost-effective regional basis.”

“The consortium will continue to use the latest technologies to accelerate discoveries in the Sarawak offshore basins,” said Rajeev Sonthalia, president, Digital & Integration, Schlumberger. “Modern data will be used both to enhance existing production assets and develop new play concepts in areas where legacy data has failed to provide the insight needed to find new opportunities with a high degree of confidence.”

The consortium is planning the initial phases and is engaging with the oil and gas industry to secure prefunding ahead of planned acquisition, covering both open blocks and areas of existing farm-in opportunities. Interested parties should contact the constituent members of the consortium for further details.



Sarawak area of award and existing Sabah MultiClient 3D

 
For details, contact:
Bård Stenberg, Vice President Investor Relations & Corporate Communication, PGS
Mobile:  +47 99 24 52 35

 

The information included herein contains certain forward-looking statements that address activities, events or developments that the companies expect, project, believe or anticipate will or may occur in the future. These statements are based on various assumptions made by the companies, which are beyond their control and are subject to certain additional risks and uncertainties. The companies are subject to a large number of risk factors including, but not limited to, the demand for seismic services, the demand for data from multiclient data libraries, the attractiveness of technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors, we refer to Annual Reports for 2019. As a result of these and other risk factors, actual events and actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the companies or their business. Any reliance on the information above is at the risk of the reader, and each company disclaims any and all liability in this respect.

--END--

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Financials (USD)
Sales 2020 555 M - -
Net income 2020 -261 M - -
Net Debt 2020 1 019 M - -
P/E ratio 2020 -0,84x
Yield 2020 -
Capitalization 198 M 197 M -
EV / Sales 2020 2,19x
EV / Sales 2021 2,22x
Nbr of Employees 1 256
Free-Float 100,0%
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Mean consensus UNDERPERFORM
Number of Analysts 12
Average target price 0,32 $
Last Close Price 0,51 $
Spread / Highest target 3,08%
Spread / Average Target -37,5%
Spread / Lowest Target -57,5%
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NameTitle
Rune Olav Pedersen President & Chief Executive Officer
Walter Hafslo Qvam Chairman
Rob Adams Executive Vice President-Operations
Gottfred Langseth Chief Financial Officer & Executive Vice President
Anne Grethe Dalane Vice Chairman
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