Petroleum Geo-Services ASA : Fourth Quarter and Preliminary Full Year 2011 Results
(Thomson Reuters ONE) -
Strong MultiClient Trend Continues - Improved Contract Outlook
Highlights 2011
* Strong EBITDA of $534.8 million
* Total MultiClient revenues of $501.8 million, up 28% from 2010, with record
late sales of $278.3 million
* Continued growth for Data Processing with external revenues of $110.0
million
* Overall 2011 EBIT of $138.7 million, a margin of 11%
* Cash flow from operations of $480.4 million, up 35% from 2010, driven by
higher earnings and improved working capital
* 2011 net income overall of $33.7 million with Q4 being impacted by non-cash
financial and tax charges
* Order book growth of 16% from Q4 2010 to $678 million
* Pricing inflection to drive contract improvement in 2012
* Successfully issued $300 million Senior Notes at favorable terms, securing a
longer debt maturity profile
* Launched GeoStreamer GS(TM )- the only ghost free acquisition solution in
the industry
"Strong Q4 MultiClient late sales revenues offset the weak utilization and
productivity for marine contract work in the quarter. Late sales revenues in
2011 were by far the best in PGS' history. Europe, Middle East, and North and
South America all delivered strong MultiClient revenues. West Africa will be an
important region for us in 2012 as we have commenced a large MultiClient project
covering five pre-salt blocks offshore Angola, further expanding our
geographical footprint. Our focused MultiClient organization continues to
deliver growth and improved results and will over time drive enhanced
performance for the Company through the cycle.
Incremental demand offshore Angola, the Gulf of Mexico and increased interest
for Baffin Bay, Greenland and the Barents Sea have improved the supply/demand
balance in the seismic market. We expect the North Sea marine contract market to
be tighter this year with higher prices being achieved. Q1 will still be a
challenging quarter impacted by steaming, idle time for lower end capacity and
pressure on prices, as communicated earlier. Market activity has increased
significantly over the last couple of months with bid activity close to early
2007 levels."
Jon Erik Reinhardsen,
President and Chief Executive Officer
+------------------------------+-----------------------+-----------------------+
| | | |
| | 4(th) quarter | Full year |
|Key Financial Figures +---------+-------------+---------+-------------+
|(In USD millions, except per | | | | |
|share data) | 2011 | 2010 | 2011 | 2010 |
| |Unaudited|Unaudited(1))|Unaudited|Unaudited(1))|
+------------------------------+---------+-------------+---------+-------------+
|Revenues | 344.6| 364.4| 1,253.3| 1,135.1|
+------------------------------+---------+-------------+---------+-------------+
|EBITDA (as defined)( ) | 145.0| 163.3| 534.8| 475.4|
+------------------------------+---------+-------------+---------+-------------+
|EBIT ex. impairment charges | 45.4| 41.7| 141.3| 130.5|
|(2) ) | | | | |
+------------------------------+---------+-------------+---------+-------------+
|EBIT as reported | 42.8| 43.0| 138.7| 51.4|
+------------------------------+---------+-------------+---------+-------------+
|Income (loss) before income | 12.5| 35.5| 64.5| (8.6)|
|tax expense | | | | |
+------------------------------+---------+-------------+---------+-------------+
|Net income (loss) to equity | 5.5| 36.8| 33.7| (14.0)|
|holders | | | | |
+------------------------------+---------+-------------+---------+-------------+
|Basic earnings per share ($ | 0.03| 0.18| 0.16| (0.07)|
|per share) | | | | |
+------------------------------+---------+-------------+---------+-------------+
|Diluted earnings per share ($ | 0.03| 0.18| 0.15| (0.07)|
|per share) | | | | |
+------------------------------+---------+-------------+---------+-------------+
|Net cash provided by operating| 150.5| 105.4| 480.4| 355.5|
|activities | | | | |
+------------------------------+---------+-------------+---------+-------------+
|Cash investment in MultiClient| 28.5| 24.3| 203.9| 166.7|
|library | | | | |
+------------------------------+---------+-------------+---------+-------------+
|Capital expenditures (whether | 47.2| 61.0| 279.9| 223.5|
|paid or not) | | | | |
+------------------------------+---------+-------------+---------+-------------+
|Total assets (period end) | 3,137.2| 3,035.0| 3,137.2| 3,035.0|
+------------------------------+---------+-------------+---------+-------------+
|Cash and cash equivalents | 424.7| 432.6| 424.7| 432.6|
|(period end) | | | | |
+------------------------------+---------+-------------+---------+-------------+
|Net interest bearing debt | 394.2| 279.2| 394.2| 279.2|
|(period end) | | | | |
+------------------------------+---------+-------------+---------+-------------+
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 4. The
unaudited numbers for Q4 2010 have been restated accordingly.
2) Net impairment charge was $2.6 million and $79.1 million for the full year
2011 and 2010, respectively.
Complete Q4 and preliminary full year 2011 earnings release and presentation can
be downloaded from www.newsweb.no or www.pgs.com.
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
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q4 Presentation:
http://hugin.info/115/R/1587293/497890.pdf
Q4 Earnings Release :
http://hugin.info/115/R/1587293/497889.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#1587293]
Unternehmensinformation / Kurzprofil:
Datum: 20.02.2012 - 07:58 Uhr
Sprache: Deutsch
News-ID 116298
Anzahl Zeichen: 8288
contact information:
Town:
Lysaker (Oslo)
Kategorie:
Business News
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