GAS

PGS abnormals spark share slide

Petroleum Geo-Services ASA has shed over 20% of its share price after announcing it will realise ...

Third quarter earnings are expected to be significantly lower than its previous guidance and current analyst estimates. The warning comes towards the end of a troubled year for the company, which has seen its share price drop from US$8 at the beginning of the year to US41c.

These charges, plus impairment of goodwill, relate primarily to writedowns of the value of the company's investments in its Banff FPSO vessel, its seismic data library and its Atlantis subsidiary.

Shareholders' equity will be negatively impacted by the impairment of goodwill estimated at about US$180-200 million, which is included in the total estimate.

The company has about US$1 billion of debt and other contractual obligations set to mature in 2003.

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