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PGS swings to Q3 loss, warns on US listing

Norwegian-US oil services group Petroleum Geo-Services reported a swing to a big third-quarter loss on Wednesday and said its share price had fallen below the minimum needed for a continued listing on the New York Stock Exchange. PGS said that it had a loss per share of USD 10.26 against earnings of 13 cents in the same quarter of 2002, hit by giant write-downs in most divisions. "We are in a very serious financial situation and must turn every stone to improve our cash flow further. Costs must come down substantially," chief executive Svein Rennemo said in a statement.