Q4 revenue came in at $229m (-47% yoy), in line with consensus expectations. Q4 EBITDA was $117m (-45% yoy), in line with the guidance released on 20 January. EBIT ex. impairments was -$23m (vs. nil in Q4 14), slightly below consensus. As announced in January, there were impairments and losses on disposals of $275m. As a result, PGS reported a net loss of $335m (-$94m in Q4 14). The order book stood at $240m (vs. c.$400m in Q4 14). Outlook 2016: - PGS cash costs at $725m; - Capex at $250m (o/
15 Feb 2016
Industry streamer capacity down 50% from 2013 peak
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Industry streamer capacity down 50% from 2013 peak
Q4 revenue came in at $229m (-47% yoy), in line with consensus expectations. Q4 EBITDA was $117m (-45% yoy), in line with the guidance released on 20 January. EBIT ex. impairments was -$23m (vs. nil in Q4 14), slightly below consensus. As announced in January, there were impairments and losses on disposals of $275m. As a result, PGS reported a net loss of $335m (-$94m in Q4 14). The order book stood at $240m (vs. c.$400m in Q4 14). Outlook 2016: - PGS cash costs at $725m; - Capex at $250m (o/