EnergyWatch

Oil service firm loses nearly USD 60m in three months

Norway's PGS still suffers under the Covid-stricken oil market, delivering yet another financial report with enormous red figures on the bottom line. The deficit is smaller than Q3 2020, however, when PGS lost more than a quarter billion dollars.

Photo: Norges Rederiforbund/Norwegian Shipowners' Association

Petroleum Geo-Service (PGS) exits the third quarter with a pre-tax loss of USD 59.4m. Compared to the same period last year, that's more than a doubling of the deficit, which came to USD 28.6m.

This in spite of Q3's revenue having surged to USD 141.7m from 2020's USD 81.1m.

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