Petroleum Geo-Services ASA
oslo : PGS

July 26, 2012 02:18 ET

Petroleum Geo-Services ASA: Second Quarter and First Half 2012 Results

OSLO, NORWAY--(Marketwire - Jul 26, 2012) -


GeoStreamer® Drives Performance in All Markets

Highlights Q2 2012

* Revenues of $404.8 million, up 24% from Q2 2011

* EBITDA of $246.2 million, up 50% from Q2 2011

* EBIT of $86.6 million, up 77% from Q2 2011

* Group EBIT margin of 21%, up from 15% in Q2 2011

* Record MultiClient revenues of $236.0 million, up 48% from Q2 2011

* Marine Contract revenues of $128.5 million, down 7% from Q2 2011

* External Data Processing revenues of $31.7 million, up 25% from Q2 2011

* Cash flow from operations of $176.5 million, up 78% from Q2 2011

* Order book of $689 million, up 19% from Q2 2011

* Launch of SWIM - GeoStreamer Enhanced Imaging technology for improved subsurface illumination

* Full year 2012 EBITDA now expected to be in the range of $750-$800 million, increased from previous guidance of approximately $700 million

"We have delivered strong growth in all business units driven by our great people, unique Ramform vessels and differentiating GeoStreamer technology. In particular we have achieved another record breaking MultiClient quarter and significant margin uplift in Marine Contract. The profit improvement program is beginning to deliver results.

The seismic market continues to strengthen with improvements in project leads, active bids and order book size. Demand for GeoStreamer is stronger than ever."

Jon Erik Reinhardsen,
President and Chief Executive Officer

+---------------------+-------------------+-------------------+-----------+
|                     |                   |                   |           |
|                     |   2(nd) quarter   |    Six months     | Full year |
|Key Financial Figures+---------+---------+---------+---------+-----------+
|(In USD millions,    |         |         |         |         |           |
| except              |         |         |         |         |           |
|per share data)      |  2012   |  2011   |  2012   |  2011   |   2011    |
|                     |Unaudited|Unaudited|Unaudited|Unaudited|Audited(2) |
+---------------------+---------+---------+---------+---------+-----------+
|Revenues             |    404.8|    326.6|    769.9|    568.8|    1,253.3|
+---------------------+---------+---------+---------+---------+-----------+
|EBITDA (as defined)  |    246.2|    163.6|    391.9|    236.5|      534.8|
+---------------------+---------+---------+---------+---------+-----------+
|EBIT ex. impairment  |     85.6|     49.0|    121.4|     51.4|      141.3|
|charges (1)          |         |         |         |         |           |
+---------------------+---------+---------+---------+---------+-----------+
|EBIT as reported     |     86.6|     49.0|    122.4|     51.4|      138.7|
+---------------------+---------+---------+---------+---------+-----------+
|Income  before income|     65.4|     29.4|     81.6|     21.1|       64.8|
|tax expense          |         |         |         |         |           |
+---------------------+---------+---------+---------+---------+-----------+
|Net income  to equity|     45.9|     23.6|     58.5|     14.7|       33.7|
|holders              |         |         |         |         |           |
+---------------------+---------+---------+---------+---------+-----------+
|Basic earnings per   |     0.21|     0.11|     0.27|     0.07|       0.16|
|share                |         |         |         |         |           |
|($ per share)        |         |         |         |         |           |
+---------------------+---------+---------+---------+---------+-----------+
|Diluted earnings per |     0.21|     0.11|     0.27|     0.07|       0.15|
|share                |         |         |         |         |           |
|($ per share)        |         |         |         |         |           |
+---------------------+---------+---------+---------+---------+-----------+
|Net cash provided by |    176.5|     99.2|    328.1|    180.3|      480.4|
|operating activities |         |         |         |         |           |
+---------------------+---------+---------+---------+---------+-----------+
|Cash investment in   |     82.0|     68.4|    134.7|    113.9|      203.9|
|MultiClient library  |         |         |         |         |           |
+---------------------+---------+---------+---------+---------+-----------+
|Capital expenditures |     84.1|    110.5|    152.0|    191.9|      279.9|
|(whether paid or not)|         |         |         |         |           |
+---------------------+---------+---------+---------+---------+-----------+
|Total assets         |  2,921.9|  2,978.8|  2,921.9|  2,978.8|    3,137.2|
|(period end)         |         |         |         |         |           |
+---------------------+---------+---------+---------+---------+-----------+
|Cash and cash        |    198.9|    216.0|    198.9|    216.0|      424.7|
| equivalents         |         |         |         |         |           |
|(period end)         |         |         |         |         |           |
+---------------------+---------+---------+---------+---------+-----------+
|Net interest bearing |    441.9|    420.8|    441.9|    420.8|      394.2|
|debt                 |         |         |         |         |           |
|(period end)         |         |         |         |         |           |
+---------------------+---------+---------+---------+---------+-----------+

1. In Q2 2012 there was a net reversal of impairments of $0.9 million. Net impairment charge for the full year 2011 was $2.6 million.

2. Derived from the audited financial statement.

The complete Q2 2012 earnings release and presentation can be downloaded from www.newsweb.no or www.pgs.com

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

Q2 2012 earnings release : http://hugin.info/115/R/1629575/521957.pdf

Q2 2012 presentation: http://hugin.info/115/R/1629575/521959.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#1629575]

Contact Information

  • FOR DETAILS, CONTACT:

    Bard Stenberg
    Investor Relations Manager
    Phone: +47 67 51 43 16
    Mobile: +47 99 24 52 35

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