PGS ASA: Update following downgrade to Caa1 with negative outlook
Our view of PGS reflecting expectations of falling demand for seismic services amid ongoing capex cuts in the oil and gas sector and ensuing pressure on its capital structure and liquidity.Petroleum Geo-Services is engaged in providing geophysical services and oil and gas production services. As of Dec. 31, 2001, Co. operated six Ramform design vessels in its marine seismic data acquisition operations.
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