This is PGS
PGS acquires, images, and markets reliable 3D data that adds to our understanding of the subsurface. Our customers use this data to find and produce hydrocarbon reserves.
Oil and gas companies use PGS data for both exploration and production. In the exploration phase, seismic data is used to investigate regional geology and to locate reservoirs and spot traps during the search for new reserves. Later, in the production phase, accurate data with reliable attributes is necessary to plan the interventions required to produce efficiently from existing reservoirs over the life of a field.
Mission and Vision
Our mission is to support the energy industry with the right data at the right time.
Our vision is that using our pioneering spirit, PGS will collaborate with the energy industry and lead the way in the search for new resources
Our Business
PGS is an integrated, international, marine geophysical company. Our business is data-driven and we provide a range of integrated geophysical services, including acquisition, imaging, rock physics, and reservoir characterization.
The PGS data library comprises more than 850 000 square kilometers of 3D data, almost half of which is GeoStreamer 3D data. In addition, it has over 670 000 line kilometers of 2D seismic, over 60% of this is GeoStreamer data. That proportion is growing.
PGS is the industry's most experienced provider of multisensor broadband seismic data using GeoStreamer technology. Worldwide, our teams have acquired and processed around 900 000 sq. km of GeoStreamer data.
PGS operates sales and imaging hubs in Europe and North America, with local offices in 13 countries. The PGS headquarters is in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS).
- Explore our data library
- Discover our MultiClient products
- Contact us in your region for more information
Organizational Structure
PGS activities are organized into three business areas.
- Sales & Services promotes and sells seismic services including tailored acquisition contracts, MultiClient library data, and imaging services
- Operations plan, manage and execute all our acquisition projects
- Technology and Digitalization manage Enterprise IT, R&D, and digital transformation projects.
Worldwide Locations
PGS is headquartered in Oslo, Norway, and has offices in 13 countries around the world. We have regional centers in Oslo, London, and Houston.
Key Figures
Segment Revenues by Business Activity
Key Financial Figures
| In USD million | 2019 | 2018 | 2017 |
| Profit and loss numbers segment eeporting | |||
| Segment Revenues | 880.1 | 834.5 | 838.8 |
| Segment EBITDA | 556.1 | 515.9 | 374.1 |
| Segment EBIT ex. impairment charges and other charges, net | 96.4 | 36.3 | (147.1) |
| Profit and loss numbers as reported | |||
| Revenues | 930.8 | 874.3 | 838.8 |
| EBIT | 54.6 | 39.4 | (383.6) |
| Net financial items | (92.2) | (87.3) | (84.5) |
| Income (loss) before income tax expense | (37.6) | (47.9) | (468.2) |
| Income tax expense | (34.1) | (40.0) | (55.2) |
| Net income (loss) to equity holders | (71.7) | (87.9) | (523.4) |
| Basic earnings per share ($ per share) | (0.21) | (0.26) | (1.6) |
| Other key numbers as reported | |||
| Net cash provided by operating activities | 474.3 | 445.9 | 281.8 |
| Cash investment in MultiClient library | 244.8 | 277.1 | 213.4 |
| Capital expenditures (whether paid or not) | 59.1 | 42.5 | 154.5 |
| Total assets | 2301.7 | 2384.8 | 2482.8 |
| Cash and cash equivalents | 40.6 | 74.5 | 47.3 |
| Net interest-bearing debt* | 1007.5 | 1109.6 | 1139.4 |
| Net interest bearing debt, including lease liabilities following IFRS 16* | 1204.6 |
*Following the implementation of IFRS 16, prior periods are not comparable to December 2019.
MultiClient Fundamentals
The PGS data library contains advanced images of the subsurface that oil and gas companies use to explore for hydrocarbons. Better data enables more effective exploration and increases the chances of success. The PGS MultiClient 3D Library comprises almost 850 000 sq. km, approximately 44% is GeoStreamer 3D data, while our MultiClient 2D Library comprises approximately 670 000 km, over 60% is GeoStreamer 2D data. *Peer group comprises WesternGeco, TGS, CGG, Spectrum, and PGS.
Vessel Fleet
Our active fleet is the youngest in the industry and consists of eight 3D seismic vessels (six in the low season). This lines up our newest ultra-high capacity Ramforms both Titan-class and S-class, along with the modern, efficient conventional-hulled ships on charter. Additional cold-stacked capacity comprises five older Ramform vessels, plus one conventional ship. These resources can be reactivated when required.
HSEQ Figures
Good HSEQ management is at the heart of how we run our business. This is not just about doing the right things, it is about evolving a team that thinks the right way and then does the right things. That requires clear leadership, a strong culture that includes everyone involved, and commitment from the boardroom to the back deck.
People
Our focus is to empower our lean, project-driven organization to fulfill our strategic ambitions without compromising our core values. We strive to ensure decent work, and continuously improve working conditions for our employees and contractors.