Petroleum Geo-Services ASA
oslo : PGS

October 25, 2012 02:32 ET

Petroleum Geo-Services ASA : Third Quarter 2012 Results

LYSAKER (OSLO), NORWAY--(Marketwire - Oct 25, 2012) -

GeoStreamer® Delivers Strong Performance and Better Pricing

Highlights Q3 2012

* Revenues of $388.3 million, up 14% from Q3 2011

* EBITDA of $222.1 million, up 45% from Q3 2011

* EBIT of $110.9 million, up 149% from Q3 2011

* Group EBIT margin of 29%, up from 13% in Q3 2011

* Cash flow from operations of $260.2 million, up 74% from Q3 2011

* $250 million Japanese export credit financing established for the two first Ramform Titan-class new builds

* Options for two additional Ramform Titan-class vessels exercised in October

* Successful launch of Towed EM technology

* Full year 2012 EBITDA guidance increased to approximately $800 million


"Our third quarter results reflect good performance and an improved seismic market. Strong client demand for GeoStreamer has successfully secured an attractive order book into the 2013 summer season.

The two new builds scheduled for delivery next year, and the additional two scheduled for delivery in 2015, will position us even more favourably in a strengthening seismic market."


Jon Erik Reinhardsen,
President and Chief Executive Officer

+---------------------+-------------------+-------------------+----------+
|                     |                   |                   |          |
|                     |    3rd quarter    |    Nine 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             |    388.3|    339.9|  1,158.2|    908.7|   1,253.3|
+---------------------+---------+---------+---------+---------+----------+
|EBITDA (as defined)  |    222.1|    153.2|    614.0|    389.7|     534.8|
+---------------------+---------+---------+---------+---------+----------+
|EBIT ex. impairment  |    110.9|     44.5|    232.3|     95.9|     141.3|
|charges (1)          |         |         |         |         |          |
+---------------------+---------+---------+---------+---------+----------+
|EBIT as reported     |    110.9|     44.5|    233.2|     95.9|     138.7|
+---------------------+---------+---------+---------+---------+----------+
|Income before income |         |         |         |         |          |
|tax expense          |    101.9|     31.2|    183.5|     52.3|      64.8|
+---------------------+---------+---------+---------+---------+----------+
|Net income to        |     86.9|     13.5|    145.4|     28.2|      33.7|
|equity holders       |         |         |         |         |          |
+---------------------+---------+---------+---------+---------+----------+
|Basic earnings per   |     0.40|     0.06|     0.67|     0.13|      0.16|
|share ($ per share)  |         |         |         |         |          |
+---------------------+---------+---------+---------+---------+----------+
|Diluted earnings per |     0.40|     0.06|     0.67|     0.13|      0.15|
|share ($ per share)  |         |         |         |         |          |
+---------------------+---------+---------+---------+---------+----------+
|Net cash provided by |    260.2|    149.6|    588.2|    329.9|     480.4|
|operating activities |         |         |         |         |          |
+---------------------+---------+---------+---------+---------+----------+
|Cash investment in   |     91.4|     61.5|    226.1|    175.4|     203.9|
|MultiClient library  |         |         |         |         |          |
+---------------------+---------+---------+---------+---------+----------+
|Capital expenditures |     76.6|     40.9|    228.6|    232.8|     279.9|
|(whether paid or not)|         |         |         |         |          |
+---------------------+---------+---------+---------+---------+----------+
|Total assets (period |         |         |         |         |          |
|end)                 |  3,031.6|  2,907.6|  3,031.6|  2,907.6|   3,137.2|
+---------------------+---------+---------+---------+---------+----------+
|Cash and cash        |         |         |         |         |          |
|equivalents          |         |         |         |         |          |
|(period end)         |    290.3|    176.9|    290.3|    176.9|     424.7|
+---------------------+---------+---------+---------+---------+----------+
|Net interest bearing |    381.1|    421.6|    381.1|    421.6|     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 Q3 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.


Q3 2012 Presentation: http://hugin.info/115/R/1652213/533280.pdf

Q3 2012 Earnings Release: http://hugin.info/115/R/1652213/533279.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#1652213]

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