courtesy PGS Geo-Services

In another indicator of a drill slump — past, current and near-term — the reporting of Norway-based survey outfit PGS Geo-Services has showed quarterly net income was more than halved year-on-year to $41 million on fewer ships “shooting seismic”.

The result came on revenues that were down about $120 million to $340.5 million, though better than expected by the markets. The company focused on cutting debt, fundraising and boosting cash reserves, which it did.

Net income for the first half of 2009 was down 62 percent on revenues that dipped $156 million to $765.3 million on fewer marine contracts and less industry interest onshore. Yet, onshore interest was up again over the past three months.

On a still brighter note, the company said the second half of 2009 marked what looks like the beginning of “increased visibility” in the business of selling geophysics data to oil companies, with steadier work to boot.

Of key interest, an “exceptionally strong” flow of money from North Sea oil companies intent on exploring kept four survey vessels busy from April to June.

Tags: PGS Geo-Services