Second Quarter and First Half 2009 Results
(Thomson Reuters ONE) - Increasing VisibilityJuly 23, 2009: OSLO, NORWAY - Petroleum Geo-Services ASA ("PGS" orthe "Company") today announced resilient Q2 earnings, with adjustedEBITDA of $161.2 million and cash and cash equivalents of $168.1million at the end of Q2, up 65% compared to end Q1. Moreimportantly, the Company saw an increase in its Marine order book inJune for the first month since August 2008, which is now at $559million. Ramform- and GeoStreamer® vessels still earn margins atacceptable levels and visibility for Q4 is now good with close to 85%of fleet capacity committed for the remainder of 2009. The Companymaintains its 2009 guidance.§ Q2 2009 Group performance: Earnings before interest and taxdepreciation and amortization ("EBITDA") of $161.2 million, down 27%compared to Q2 2008, driven primarily by reduced Marine contractrevenues and lower Onshore MultiClient activity.§ Marine: Revenues of $294.3 million and EBIT of $92.3 million,excluding the previously announced impairment charge relating to thesale of Geo Atlantic. Pre-funding revenues were $82.7 million in Q2,which is 146% of MultiClient cash investments.§ Onshore: EBIT improved to $0.8 million in Q2 2009, from a loss of$10.5 million in Q1 2009, despite low MultiClient sales and loweractivity levels in North America, North Africa and Peru. Onshore waspositively impacted by good operations in Mexico.§ Endorsement of GeoStreamer® technology: Momentum is building fastwith substantial customer commitments for end 2009 as proof that theuniqueness of the technology is appreciated.§ Sale of Geo Atlantic: Agreement to sell the vessel Geo Atlantic toGC Rieber for $58.0 million in cash. The positive effect on net debtwill be reflected in Q3. In line with earlier announcements, theCompany recorded a $48.1 million impairment charge in Q2 2009relating to the sale.§ $119 million private placement of shares: The Company strengthenedits financial positions through a private placement in Q2.§ Strong cash flow from operating activities: Cash flow fromoperating activities was $208.1 million, up 28% from Q2 2008. At endQ2 net interest bearing debt amounted to $962.1 million, down $179.4million from previous quarter. Liquidity reserve at end Q2 amountedto $364 million.§ Ramform Sterling delivered on time: The vessel was delivered June30, and already has a full order book for 2009.§ Guidance maintained: The Company maintains its guidance for fullyear 2009, including an expected full year Adjusted EBITDA of between$700-800 million, with capital expenditure guidance slightly reduced.Jon Erik Reinhardsen, Chief Executive Officer and President of PGS,commented:"June was the first month in three consecutive quarters to see animproved order book. This is due to increased interest andendorsement of the GeoStreamer® technology and the competitiveness ofour high-end vessels. Still, we need to see further reduction inglobal streamer capacity to balance the market demand. Our modern,state-of-the-art and cost efficient fleet puts us in a favorableposition compared to competition in the effort to preserve marginsand generate cash in a challenging environment."+-------------------------------------------------------------------------+| | | |Year ended||Key Financial Figures | Quarter ended | Six months ended | December ||(In millions of | June 30, | June 30, | 31, ||dollars, except per |-------------------+-------------------+----------||share data) | 2009 | 2008 | 2009 | 2008 | 2008 || |Unaudited|Unaudited|Unaudited|Unaudited|Audited 1)||----------------------+---------+---------+---------+---------+----------||Revenues |$ 340.5|$ 465.1|$ 765.3|$ 921.6| $ 1,917.5||----------------------+---------+---------+---------+---------+----------||Adjusted EBITDA (as | 161.2| 219.6| 363.1| 450.4| 967.8||defined) | | | | | ||----------------------+---------+---------+---------+---------+----------||EBIT excluding special| 82.1| 143.9| 227.0| 310.1| 632.3||items 2) | | | | | ||----------------------+---------+---------+---------+---------+----------||EBIT | 33.9| 143.9| 128.2| 381.6| 542.7 ||----------------------+---------+---------+---------+---------+----------||Income before income | 43.3| 135.6| 122.4| 364.5| 449.4||tax expense | | | | | ||----------------------+---------+---------+---------+---------+----------||Net income to equity | 41.0| 98.0| 95.2| 254.0| 417.4||holders | | | | | ||----------------------+---------+---------+---------+---------+----------||Basic earnings per | 0.22| 0.56| 0.53| 1.44| 2.37||share ($ per share) | | | | | ||----------------------+---------+---------+---------+---------+----------||Diluted earnings per | 0.22| 0.55| 0.53| 1.42| 2.36||share ($ per share) | | | | | ||----------------------+---------+---------+---------+---------+----------||Net cash provided by | 208.1| 162.9| 353.5| 403.9| 914.6||operating activities | | | | | ||----------------------+---------+---------+---------+---------+----------||Cash investment in | 57.3| 64.6| 104.4| 145.5| 290.0||MultiClient library | | | | | ||----------------------+---------+---------+---------+---------+----------||Capital expenditures | 60.8| 91.5| 156.1| 210.9| 450.6||----------------------+---------+---------+---------+---------+----------||Total assets (period | 3,132.4| 3,004.4| 3,132.4| 3,004.4| 3,064.8||end) | | | | | ||----------------------+---------+---------+---------+---------+----------||Cash and cash | | | 168.1| 100.5| ||equivalents (period | 168.1| 100.5| | | 95.2||end) | | | | | ||----------------------+---------+---------+---------+---------+----------||Net interest bearing |$ 962.1|$ 1,222.9|$ 962.1|$ 1,222.9| $ 1,135.6||debt (period end) | | | | | |+-------------------------------------------------------------------------+Complete Q2 2009 earnings release can be downloaded at www.newsweb.noor www.pgs.comFOR DETAILS, CONTACT:Tore Langballe, SVP Corporate CommunicationsPhone: +47 67 51 43 75Mobile: +47 90 77 78 41Bård Stenberg, Investor Relations ManagerPhone: +47 67 51 43 16Mobile: +47 99 24 52 35US Investor ServicesPhone: +1 281 509 8712 ****Petroleum Geo-Services is a focused geophysical company providing abroad range of seismic and reservoir services, including acquisition,processing, interpretation, and field evaluation. The company alsopossesses the world's most extensive multi-client data library. PGSoperates 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-lookingstatements that address activities, events or developments that theCompany expects, projects, believes or anticipates will or may occurin the future. These statements are based on various assumptions madeby the Company, which are beyond its control and are subject tocertain additional risks and uncertainties. The Company is subject toa large number of risk factors including but not limited to thedemand for seismic services, the demand for data from ourmulti-client data library, the attractiveness of our technology,unpredictable changes in governmental regulations affecting ourmarkets and extreme weather conditions. For a further description ofother relevant risk factors we refer to our Annual Report for 2008.As a result of these and other risk factors, actual events and ouractual results may differ materially from those indicated in orimplied by such forward-looking statements. The reservation is alsomade that inaccuracies or mistakes may occur in the information givenabove about current status of the Company or its business. Anyreliance on the information above is at the risk of the reader, andPGS disclaims any and all liability in this respect.http://hugin.info/115/R/1330466/314520.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 23.07.2009 - 07:58 Uhr
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