PGS (Petroleum Geo-Services) said it expects its multiclient library to be written down by $105million.
The company said the library is accounted for on a survey by survey bases with any write downs normally related to surveys where the low oil price has had an impact.
PGS said the value of its multiclient library was $700million at the end of 2015.
In addition, the seismic player said it expected to record a provision for onerous contracts of $8million in the fourth quarter.
Chief executive Jon Erik Reinhardsen, said: “Resilient MultiClient performance was the main contributor to the full year EBITDA of approximately $485 million, close to our latest 2015 EBITDA
guidance.
“In the fourth quarter, we managed to increase late sales significantly from the three preceding quarters while maintaining a very high pre-funding level on increased MultiClient investments.
“In the current challenging market environment we find it prudent to adjust the book values of assets acquired in a stronger market.”
The EBITDA for 2015 is expected to be $485million.
PGS also said it expected to report consolidate revenues of $230million and an EBITDA of close to $120million for the fourth quarter of 2015.
Last year PGS said the downturn in oil and gas activity had led to a drop in earnings with little prospect of things improving in 2016.