PGS earnings hit by slump in seismic survey tendering

Martyn Wingrove - Tuesday 12 May 2009

DECLINING offshore exploration activities led to a slump in seismic survey tendering and drove down pre-tax earnings at Norwegian ship owner Petroleum Geo-Services.

Oslo-listed PGS said there were tenders for seismic surveys with a combined value of around $500m at the end of the first quarter of this year, compared with more than $2bn in Octobe...