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PGS posts record year, quarterly loss


Published Feb 19, 2009
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PGS' Ramform Sovereign

Norway-based survey outfit PGS has posted a record year alongside a fourth-quarter loss, in-line with many in the oil and gas industry this reporting season.

The company fourth-quarter loss before tax was $72.8 million, down $140 million from the profit of a year ago despite a 24 percent spike in revenues to $461 million as the year rounde out.

For 2008, net income before tax was $449.4 million, down some $10 million year-on-year despite record revenues of $1.92 billion. Revenues for the year were up $400 million.

Worldwide exploration is still strong, and the company has $1 billion order book of work to fulfill and compile.

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