• 2020 April 5 16:23

    PGS announces capacity adjustments, to lay-up its 3D vessels as a response measure to COVID-19

    The corona virus pandemic and the disruption in the oil market present unprecedented challenges for the offshore services industry. PGS says it is doing its utmost to ensure the health and safety of employees, their families and other personnel, and to maintain uninterrupted operations. The Company has implemented preventive measures and contingency plans, and is managing all its activities in close dialogue with clients, authorities and other relevant stakeholders.

    So far, PGS have been able to continue vessel operations without interruptions. Short-term, severe logistical challenges caused by travel restrictions and quarantine provisions impacting crew-changes have been resolved by cancelling all crew changes since March 18, with all crews continuing on a second full rotation. The extended crew periods will start coming to an end in the latter part of April, and the Company believes it will be able to find viable methods for crew rotations.

    The low oil price will have a material negative impact on demand for seismic services and activity levels. The Company is implementing substantial cost and capital expenditure measures to meet an expected significant revenue reduction. Details relating to such measures will be provided in connection with the Q1 2020 earnings release on April 23, 2020. Meanwhile the following business update is provided:

    To date PGS has not received contract cancellations. However, most processes to conclude contract negotiations have since early March been substantially delayed or resulted in postponement of projects;

    • The Company has decided to cold-stack two of the eight currently operated 3D vessels early in Q2, after completion of current projects. Further capacity adjustments will be evaluated on an ongoing basis.
    • PGS completed a successful refinancing earlier this year and currently has a substantial liquidity reserve. In order to maintain a strong liquidity position while experiencing uncertain market conditions, the Company believes that it may later in the year be prudent to seek extensions of the revolving credit facility (RCF) reduction scheduled for September and/or other scheduled debt amortization. The Company has drawn all of its RCF to hold its liquidity reserve in cash.

    PGS 2020 guidance and outlook statements published at the capital markets day on January 30, 2020 is under review, and will be revised in connection with the first quarter results on April 23, 2020.

    GS ASA and its subsidiaries (“PGS” or "the Company") is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS).




2020 June 5

18:21 Mezhregiontruboprovodstroy appointed as sole contractor for construction of Utrenny terminal
18:05 CMA CGM announces FAK rates from Europe to Indian Ocean Islands
17:35 Teesport welcomes largest containership
17:05 EUROGATE Intermodal appoints Christopher Beplat as a new managing director
16:50 Russian Railways: Loading of export cargo bound for domestic ports up 6.4% in May 2020
16:35 DNV GL performs over twenty remote wind turbine inspections globally in times of COVID-19 related-travel restrictions
16:05 Gasum performs first LNG bunkering to Heerema’s Sleipnir
15:28 Acquisition and recapitalisation of Royal IHC finalised
14:18 First of two Austal's 118 metre trimarans for Fred. Olsen completes sea trials in Australia
13:56 Rosmorrechflot announces new competition for construction of Bagayevsky hydrosystem
13:29 Zvezda Shipyard stars cutting steel for yet another Aframax tanker
13:01 Keppel enters into framework deed with Borr Drilling to defer scheduled delivery of rigs
12:01 Port of Rotterdam Authority decides to hold RFT for transport service along Container Exchange Route
11:47 Yevgeny Ditrikh takes helm of STLC Board of Directors
11:04 The second largest container vessels in the world, now has its “Socarrat”
10:41 Oil prices rise within $1
10:28 Marseille Maersk sets up new record for the port of Rotterdam
10:23 Training exercise held with rescuers of RF Navy’s Northern fleet to assist emergency ship in the Arctic
10:00 RF Navy's oceanographic research vessel Admiral Vladimirsky entered the North Sea
09:39 Bunker prices rise at the port of Saint-Petersburg, Russia
09:18 Baltic Dry Index on June 4
08:46 MABUX: Bunker market this morning, June 05

2020 June 4

18:20 Wärtsilä to supply Europe's most modern simulator for inland shipping training
18:02 Dutch innovative app trains 10,000 process industry workers in Singapore during Covid-19 lockdown
17:47 Singapore Maritime and Ports Authority issues guidelines for crew change
17:25 Gasum performs first LNG bunkering to Heerema’s Sleipnir
17:02 China Merchants Group's emergency working group of the prevention and control of COVID-19 holds 20th meeting
16:34 Throughput of port Vysotsk in 5M’2020 fell by 24.2% Y-o-Y
16:02 Diana Shipping announces time charter contract for m/v G. P. Zafirakis with Koch
15:41 NS Power's crew rescues two people in the Andaman Sea
15:23 RS Rules update: hybrid propulsion
15:02 Grimaldi boosts its Italy-Greece connections
14:32 DNV GL and ABB launch new MOU to advance marine digitalization with a remote signing ceremony
14:02 150 trapped eels rescued at the Port of Gothenburg
13:48 Bunker price are stable at the Far East ports of Russia (graph)
13:31 MSC Mediterranean Shipping Company extends the seasonal blanking programme on its Asia–Europe network
13:01 Wärtsilä offers new remote service to overcome Covid-19 travel restrictions
12:31 DEME to build the Scheldt tunnel
12:03 Havyard presents new design concept for zero-emission sightseeing vessels
11:45 Annual throughput of Murmansk Transport Hub to be raised to 100 million tonnes
11:23 Construction of automated gate complex commences at APM Terminals Aarhus
11:10 Port of Zeebrugge joins the International Port Community Systems Association
10:58 Jiangnan Shipyard and Gabadi teams complete construction of the first LNG tank as part of an LNG-fuelled container ship project
10:57 AS Tallink Grupp Statistics for May 2020
10:33 More departures added for Helsinki-Tallinn route vessel Star from 4 June 2020
10:11 Oil prices go down by 1.48%-2.06%
10:00 CMA CGM cancels Low Sulphur Surcharge from July 1st, 2020
09:52 Russia’s leading shipping companies suggest development of ATB services by the USA example
09:40 PIER71 launches Smart Port Challenge 2020 with New Venture Capital Partners for maritime tech start-ups investments
09:36 MABUX: Bunker market this morning, June 04
09:14 Baltic Dry Index on June 3

2020 June 3

18:25 Russia's Main Department of State Expertise approves construction of operational water area under Obskiy LNG project
18:03 Cargotec’s Kalmar and MacGregor to help drive development of connected automated waterborne transport through participation in AEGIS project
17:46 Rosmorport announced tender to reconstruct coastal facilities of Vanino-Kholmsk ferry service
17:24 RF Government approved allocation of RUB 60.5 billion for Russian Railways’ BAM and Transsib projects in 2020
17:02 THE Alliance announces COVID-19 response measures for July, August and September 2020
16:35 Russian Railways CEO says railway link with Murmansk to be restored by June 23
16:11 Transport route to link Quy Nhon Port with Northeast Asia
15:49 Rosatomflot completed escorting Vladimir Voronin gas carrier along the Northern Sea Route
15:33 Fincantieri and ENI extend an agreement in the field of circular economy and decarbonisation