PGS Announces Q1 2022 Financial Disclosures

Source: www.gulfoilandgas.com 4/6/2022, Location: Europe

As announced on March 8, 2022, PGS ASA ("PGS" or the "Company") will with effect from January 1, 2022 discontinue its previous Segment Reporting to simplify external and internal reporting.

Consequently, from and including Q1 2022, the Company will no longer present revenue and amortization for pre-funding contracts on a percentage of completion basis as its segment information.

In the Company’s pre-announcement for Q1 2022, scheduled for April 11, 2022, at 08:00am CEST, PGS will disclose only the expected revenues with IFRS 15 as measurement basis, specified into Contract revenues, MultiClient late sales and MultiClient pre-funding revenues. In addition, vessel utilization statistics for Q1 2022 will be provided.

In the Q1 2022 Earnings Release, scheduled for April 28, 2022, the Company will report order book information on a basis consistent with revenue recognition under IFRS and include a restatement of order book for historical periods to the same basis.


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