SOURCE: Petroleum Geo-Services ASA

July 28, 2011 03:24 ET

PGS - Second Quarter and First Half 2011 Results

Record MultiClient Sales Driven by GeoStreamer®

OSLO, NORWAY--(Marketwire - Jul 28, 2011) -

Highlights Q2 2011

  • Revenues of $326.6 million, up 52% from Q2 10
  • EBITDA of $163.6 million, up 114% from Q2 10
  • EBIT of $49.0 million, up $43.3 million from Q2 10
  • Record MultiClient sales of $159.3 million
  • Contract revenues of $138.1 million with Marine Contract EBIT margin seasonally low at 7%
  • External Data Processing revenues of $25.5 million
  • Order book of $579 million, up 16% from Q2 2010
  • Launch of GeoStreamer GS™ with high client interest
  • Well on track to reach full year EBITDA guidance of $500 million

"We delivered our best quarterly MultiClient sales ever with pre-funding revenues boosted by high GeoStreamer MultiClient activity in the North Sea and Australia. We also experienced strong interest for our MultiClient library in most regions. Marine Contract EBIT margin is expected to be in the guided range of 10-15% for the full year. We are well on track to achieve our full year EBITDA guidance of approximately $500 million.

Our new ghost free acquisition solution GeoStreamer GS was officially introduced at the EAGE conference late May, representing the next significant step in bringing higher resolution and better seismic images to our customers. GeoStreamer GS is expected to give returns over and above what we currently see from the GeoStreamer as demonstrated by this quarter. Our fleet efficiency and technology differentiation is now further enhanced and will position us well to take advantage of the continued growth in seismic demand."

Jon Erik Reinhardsen,
President and Chief Executive Officer


Key Financial Figures
(In USD millions, except per share data)
2ndquarter Six months Full year
2011 Unaudited 2010 Unaudited1) 2011 Unaudited 2010 Unaudited 2010 Unaudited1)
Revenues 326.6 214.9 568.8 474.3 1,135.1
EBITDA (as defined) 163.6 76.3 236.5 175.7 475.4
EBIT excluding impairment charges 2) 49.0 5.6 51.4 35.6 130.7
EBIT as reported 49.0 5.6 51.4 35.1 51.6
Income (loss) before income tax expense 30.3 (27.1 ) 22.0 (16.9 ) (8.4 )
Net income (loss) to equity holders 23.6 (22.0 ) 14.7 (10.6 ) (13.8 )
Basic earnings per share ($ per share) 0.11 (0.11 ) 0.07 (0.05 ) (0.07 )
Diluted earnings per share ($ per share) 0.11 (0.11 ) 0.07 (0.05 ) (0.07 )
Net cash provided by operating activities 99.2 68.6 180.3 184.2 355.5
Cash investment in MultiClient library 68.4 51.7 113.9 103.8 166.7
Capital expenditures (cash) 119.6 57.6 187.9 105.6 223.5
Total assets (period end) 2,981.8 2,728.6 2,981.8 2,728.6 3,038.0
Cash and cash equivalents (period end) 216.0 159.8 216.0 159.8 432.6
Net interest bearing debt (period end) 420.8 616.3 420.8 616.3 279.1

1) Financial information for the full year 2010 is derived from the audited financial statements as presented in the 2010 Annual Report which have been restated due to a change in accounting policy as discussed on page 6. The unaudited numbers for Q2 2010 and the six month period ended June 30, 2010 have been restated accordingly.
2) Net impairment charge for the full year 2010 was $79.1 million.

Complete Q2 2011 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 2011 Earnings Release
http://hugin.info/115/R/1534185/467573.pdf

Q2 2011 Presentation
http://hugin.info/115/R/1534185/467575.pdf

Contact Information

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

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