Petroleum Geo-Services (PGS) has reported an annual loss of $293.9m for 2016 but expects to capitalize on a more stable oil price this year.
The seismic vessel owner's red ink was compared to a $527.9m loss in 2015.
Its revenue was also down from $961.9m to $764.3m and its Ebitda declined to $313.4, against $484.4m in 2015.
PGS explained this was the result of low activity levels and a continued excess supply of ships.
Jon Erik Reinhardsen, president of PGS, said: “Our ability to maintain a robust pre-funding level of more than 120% and the 17% increase in late sales from 2015 were driven by the Ramform vessels' productivity advantage, our superior GeoStreamer technology and a strong and focused organization.”
PGS expects the cash flows of its clients thanks to a higher oil price, something that would benefit the marine 3D seismic market fundamentals.
