At $216m, revenues were in line with the trading update. On Thursday, the stock recorded a modest 3.5% increase, far below the 11% drop at the time of the trading update. PGS has had a hard time convincing about a recovery in the seismic market and the stock is down 24% since it announced the withdrawal of its refinancing. The overall good Q2 and order book increase should, nonetheless, support PGS in its refinancing in H2, as well as the stabilisation of oil prices above $60/bbl.
23 Jul 2019
Q2: a good quarter to help refinancing in H2
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Q2: a good quarter to help refinancing in H2
At $216m, revenues were in line with the trading update. On Thursday, the stock recorded a modest 3.5% increase, far below the 11% drop at the time of the trading update. PGS has had a hard time convincing about a recovery in the seismic market and the stock is down 24% since it announced the withdrawal of its refinancing. The overall good Q2 and order book increase should, nonetheless, support PGS in its refinancing in H2, as well as the stabilisation of oil prices above $60/bbl.