PGS cuts losses in fourth quarter.
MARINE geophysical company PGS was hit by a 33 per cent decline in revenue in the fourth quarter, but revealed in its quarterly report that its net loss had dropped to US$156.1 million compared to US$334 million in the corresponding period of 2015.
The company’s net loss before tax was US$118.7 million, compared to US$357.1 million in the prior-year quarter.
The company recorded impairment charges, excluding impairment of MultiClient library, of US$12 million for the full year 2016 and...