PGS slides after slight miss on preliminary Q3 revenues

PGS ASA

11/10/2022 08:52

** Shares in Norwegian oilfield service company PGS  PGS.OL 
fall 9% to the bottom of Norway's OBX index  .OBX  after it
reported preliminary Q3 revenue slightly below estimates
    ** The company expects a total revenue of about $199 mln in
Q3, based on IFRS; this is 2.5% below analysts' estimate of $204
mln seen in Refinitiv data
    ** Carnegie says the group's underlying sales "appear to be
slightly down" and total revenue below consensus, though it
flags strong contract revenue and solid overall late sales as
causes for optimism
    ** PGS says it expects a strong winter market with healthy
volumes of leads and tenders for additional work, as well as
possible additional transfer fees in Q4
    ** The stock is on track for its worst day since July 14 if
losses hold
 (Reporting by Ina Kreutz)
 ((ina.kreutz@thomsonreuters.com))