Oil and gas scanning services company Petroleum Geo-Services says it is already close to being fully booked for the rest of 2013, despite seeing revenues drop in the last quarter.
The company saw revenues down £381.7million, compared to $408.8million in the same period last year, but saw net cash increase by 54% to $271.3m
The quarter also saw the company take delivery of the seismic vessel the Ramform Titan, with confidence high over growth for the rest of the year.
With prices increasing by up to 15% already this year and predicted to increase further due to heavy tendering, the pressure has eased on PGS to develop an order backlog.
“We are close to fully booked for the third quarter,” said chief executive John Erik Reinhardsen.
“Approximately 60% of our capacity is now booked for the fourth quarter with average pricing for marine contract work in 2013 being 10-15% higher than 2012 average.
“Active tenders in the market have increased over the last months giving us an improved bid pipeline going into the winter season and 2014.”
PGS cut guidance on its EBITDA to between $900million and $950million, slightly down on the previously anticipated $940million-$980 million but more than $100million up on last year.