Petroleum Geo-Services ASA
oslo : PGS

April 29, 2013 02:28 ET

Petroleum Geo-Services ASA : GeoStreamer Strengthens Profitability in an Improving Market

OSLO, NORWAY--(Marketwired - Apr 29, 2013) -


Highlights Q1 2013

· Revenues of $394.8 million, up 8% from Q1 2012

· EBITDA of $202.3 million, up 39% from Q1 2012

· EBIT of $96.8 million, up 170% from Q1 2012

· Group EBIT margin of 25%, up from 10% in Q1 2012

· Ramform Titan naming ceremony held April 26 - the vessel will start North Sea MultiClient GeoStreamer acquisition in early July

· Full year 2013 guidance reiterated

"The strong Group EBIT margin of 25% in the quarter was driven by good performance, our strong technology position and improved market conditions. Average 2013 marine contract prices are expected to be 10-15% above 2012 prices.

The GeoStreamer is continuing to gain market strength and customer interest as we further explore new ways of exploiting this ground breaking technology. The recent news flow from Brazilian authorities regarding future licensing rounds, and revival of other key markets, indicate a further strengthening of the global marine seismic market and pricing in 2014."

Jon Erik Reinhardsen,

President and Chief Executive Officer


+-------------------------------------------+------------------+----------+
|                                           |                  |          |
|                                           |                  |          |
|                                           |   1(st) Quarter  |Full year |
|                                           +---------+--------+----------+
| Key Financial Figures                     |         |        |          |
|                                           |         |        |          |
| (In USD millions, except per share data)  |  2013   |   2012 |  2012    |
|                                           |         |        |          |
|                                           |         |        |          |
+-------------------------------------------+---------+--------+----------+
| Revenues                                  |   394.8 |  365.0 |  1,518.3 |
+-------------------------------------------+---------+--------+----------+
| EBITDA (as defined, see note 1)           |   202.3 |  145.7 |    776.2 |
+-------------------------------------------+---------+--------+----------+
| EBIT                                      |    96.8 |   35.8 |    293.8 |
+-------------------------------------------+---------+--------+----------+
| Income before income tax expense          |    87.9 |   16.2 |    228.5 |
+-------------------------------------------+---------+--------+----------+
| Net income to equity holders              |    62.5 |   12.6 |    185.5 |
+-------------------------------------------+---------+--------+----------+
| Basic earnings per share ($ per share)    |    0.29 |   0.06 |     0.86 |
+-------------------------------------------+---------+--------+----------+
| Diluted earnings per share ($ per share)  |    0.29 |   0.06 |     0.85 |
+-------------------------------------------+---------+--------+----------+
| Net cash provided by operating activities |   102.7 |  151.6 |    752.9 |
+-------------------------------------------+---------+--------+----------+
| Cash investment in MultiClient library    |    72.9 |   52.7 |    297.4 |
+-------------------------------------------+---------+--------+----------+
| Capital expenditures (whether paid or not)|    71.4 |   67.9 |    368.1 |
+-------------------------------------------+---------+--------+----------+
| Total assets (period end)                 | 3,301.0 |2,945.9*| 3,275.6* |
+-------------------------------------------+---------+--------+----------+
| Cash and cash equivalents (period end)    |   311.6 |  260.4 |    390.3 |
+-------------------------------------------+---------+--------+----------+
| Net interest bearing debt (period end)    |   504.5 |  367.9 |    435.6 |
+-------------------------------------------+---------+--------+----------+

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

PGS Presentation Q1 2013: http://hugin.info/115/R/1697178/559191.pdf

PGS Earnings Release Q1 2013: http://hugin.info/115/R/1697178/559190.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Petroleum Geo-Services ASA via Thomson Reuters ONE

[HUG#1697178]

Contact Information

  • Tore Langballe
    SVP Corporate Communications
    Phone: +47 67 51 43 75
    Mobile: +47 90 77 78 41