Q2 revenues came in at $183m (-28% yoy), slightly above consensus. The loss at the EBIT level was $36m (vs. a $16m profit in Q2 15), beating consensus estimates which were expecting a c. $50m loss. The net loss was -$52m (-$64 in Q2 15). The order book stood at $230m (vs. $204m in Q1 16 and $259m in Q2 15). Outlook 2016: - PGS’s cash costs at or below $700m (vs. $715m previously); - Capex at $225m, confirming Q1 guidance (o/w $165m for new builds, Ramform Thetys and Hyperion); $140m has
21 Jul 2016
Renegotiated covenant gives some breath
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Renegotiated covenant gives some breath
Q2 revenues came in at $183m (-28% yoy), slightly above consensus. The loss at the EBIT level was $36m (vs. a $16m profit in Q2 15), beating consensus estimates which were expecting a c. $50m loss. The net loss was -$52m (-$64 in Q2 15). The order book stood at $230m (vs. $204m in Q1 16 and $259m in Q2 15). Outlook 2016: - PGS’s cash costs at or below $700m (vs. $715m previously); - Capex at $225m, confirming Q1 guidance (o/w $165m for new builds, Ramform Thetys and Hyperion); $140m has