Q1 revenues were -19% yoy, to $203m, slightly above consensus. However, the EBIT loss was $30m (vs. a $14m profit in Q1 15), worse than consensus estimates. The net loss stood at -$57m (-$20m in Q1 15). The order book stood at $204m (down from $240m in Q4 15 and $394m in Q1 15). PGS is in the process of increasing headroom under the covenant on its revolving credit facility. Outlook 2016: - PGS cash costs at $715m (vs. $725m previously); - Capex at $225m (vs. $250m; o/w $165m for new builds,
03 May 2016
Towards more costs and capex cutting
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Towards more costs and capex cutting
Q1 revenues were -19% yoy, to $203m, slightly above consensus. However, the EBIT loss was $30m (vs. a $14m profit in Q1 15), worse than consensus estimates. The net loss stood at -$57m (-$20m in Q1 15). The order book stood at $204m (down from $240m in Q4 15 and $394m in Q1 15). PGS is in the process of increasing headroom under the covenant on its revolving credit facility. Outlook 2016: - PGS cash costs at $715m (vs. $725m previously); - Capex at $225m (vs. $250m; o/w $165m for new builds,