Fourth Quarter and Preliminary Full Year 2010 Results
(Thomson Reuters ONE) -
Delivery as Promised - Uniquely Positioned
+---+
| |
+---+
Highlights 2010
· Delivered strong performance through the cycle with full year EBITDA of
$463.3 million
· Full year Marine contract EBIT margin of 17% with improving
GeoStreamer® momentum
· Strong MultiClient sales with improved sales to investment ratio
· Improved Q4 2010 revenues, EBITDA and EBIT compared to Q4 2009
· Order book increased 19% since Q3 2010, to $584 million
· Fleet renewal and expansion program initiated for growth
"Having achieved our target for 2010, PGS is well positioned. In the near term,
as we enter 2011, we have almost all capacity secured for the first half of the
year and Q3 is firming up. We are equally well positioned to take full advantage
of the stronger market ahead. Anticipating continued growth in seismic demand,
we have embarked upon a fleet renewal and expansion program with delivery of the
first vessel due in Q1 2013.
The new Ramform W-class equipped with GeoStreamer will improve our cost and
technology advantage further. This, combined with the strongest balance sheet in
PGS' history means we are very competitively positioned."
Jon Erik Reinhardsen,
President and Chief Executive Officer
+------------------------------------+-------------------+---------------------+
| | | |
| | 4(th) quarter | Full year |
|Key Financial Figures +---------+---------+---------+-----------+
|(In USD millions, except per share | | | | |
|data) | 2010 | 2009 | 2010 | 2009 |
| |Unaudited|Unaudited|Unaudited|Audited(1))|
+------------------------------------+---------+---------+---------+-----------+
|Revenues from continuing operations | 364.4 | 303.7| 1,135.1| 1,350.2|
+------------------------------------+---------+---------+---------+-----------+
|EBITDA (as defined)( ) | 161.5| 141.5| 463.3| 672.1|
+------------------------------------+---------+---------+---------+-----------+
|EBIT excluding impairment charges | 44.5| 45.5| 136.9| 386.9|
|(2) ) | | | | |
+------------------------------------+---------+---------+---------+-----------+
|EBIT as reported | 45.8| 43.0| 57.8| 233.3|
+------------------------------------+---------+---------+---------+-----------+
|Income (loss) before income tax | 38.3| 29.9| (2.2)| 228.1|
|expense | | | | |
+------------------------------------+---------+---------+---------+-----------+
|Net income (loss) to equity holders | 39.7| 22.9| (7.6)| 165.8|
+------------------------------------+---------+---------+---------+-----------+
|Basic earnings per share ($ per | 0.19| 0.12| (0.04)| 0.88|
|share) | | | | |
+------------------------------------+---------+---------+---------+-----------+
|Diluted earnings per share ($ per | 0.19| 0.12| (0.04)| 0.88|
|share) | | | | |
+------------------------------------+---------+---------+---------+-----------+
|Net cash provided by operating | 103.6| 158.8| 343.4| 676.1|
|activities | | | | |
+------------------------------------+---------+---------+---------+-----------+
|Cash investment in MultiClient | 24.3| 47.1| 166.7| 183.1|
|library | | | | |
+------------------------------------+---------+---------+---------+-----------+
|Capital expenditures | 59.2| 41.3| 211.4| 231.2|
+------------------------------------+---------+---------+---------+-----------+
|Total assets (period end) | 3,001.5| 2,929.4| 3,001.5| 2,929,4|
+------------------------------------+---------+---------+---------+-----------+
|Cash and cash equivalents (period | 432.6| 126.0| 432.6| 126.0|
|end) | | | | |
+------------------------------------+---------+---------+---------+-----------+
|Net interest bearing debt (period | 286.4| 774.0| 286.4| 774.0|
|end) | | | | |
+------------------------------------+---------+---------+---------+-----------+
1) Financial information for the full year 2009 is derived from the audited
financial statements as presented in the 2009 Annual Report.
2) Net reversal of impairment charge of $1.3 million in Q4 2010. Net impairment
charge for the full year 2010 was $79.1 million, compared to $153.6 million for
the full year 2009.
FOR DETAILS, CONTACT:
Bård 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
Complete Q4 2010 earnings release can be downloaded from www.newsweb.no or
www.pgs.com
****
Petroleum Geo-Services is a focused geophysical company providing a broad range
of seismic and reservoir services, including acquisition, processing,
interpretation, and field evaluation. The company also possesses the world's
most extensive multi-client data library. PGS operates on a worldwide basis with
headquarters at Lysaker, Norway.
For more information on Petroleum Geo-Services visit www.pgs.com.
****
The information included herein contains certain forward-looking statements that
address activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future. These statements are
based on various assumptions made by the Company, which are beyond its control
and are subject to certain additional risks and uncertainties. The Company is
subject to a large number of risk factors including but not limited to the
demand for seismic services, the demand for data from our multi-client data
library, the attractiveness of our technology, unpredictable changes in
governmental regulations affecting our markets and extreme weather conditions.
For a further description of other relevant risk factors we refer to our Annual
Report for 2009. As a result of these and other risk factors, actual events and
our actual results may differ materially from those indicated in or implied by
such forward-looking statements. The reservation is also made that inaccuracies
or mistakes may occur in the information given above about current status of the
Company or its business. Any reliance on the information above is at the risk of
the reader, and PGS disclaims any and all liability in this respect.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q4 and preliminary full year 2010 results:
http://hugin.info/115/R/1489932/425527.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#1489932]
Unternehmensinformation / Kurzprofil:
Datum: 17.02.2011 - 06:59 Uhr
Sprache: Deutsch
News-ID 51594
Anzahl Zeichen: 8883
contact information:
Town:
Lysaker (Oslo)
Kategorie:
Business News
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"Fourth Quarter and Preliminary Full Year 2010 Results"
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