Petroleum Geo-Services ASA : Second Quarter and First Half 2015 Results
(Thomson Reuters ONE) -
Resilient MultiClient Performance
Highlights Q2 2015
* Revenues of $255.8 million, compared to $337.0 million in Q2 2014
* EBITDA of $125.1 million, compared to $170.6 million in Q2 2014
* EBIT, excluding impairments and other charges, of $15.9 million, compared to
$55.0 million in Q2 2014
* Cash flow from operations of $83.1 million, compared to $40.2 million in Q2
2014
* MultiClient Pre-funding revenues of $112.0 million with a corresponding pre-
funding level of 152%, compared to $74.8 million and 75% respectively in Q2
2014
* Sale and operating leaseback of the PGS Apollo strengthens PGS financial
position further
* First mover after Mexican energy reform, with footprint further expanded
through cooperation with Schlumberger and Spectrum
* Cost savings ahead of plan
"In a very challenging market, Q2 MultiClient pre-funding revenues ended at a
solid $112.0 million. The corresponding pre-funding level was 152% driven by
strong funding for ongoing surveys, efficient operations and good sales from
projects in the processing stage.
Marine contract revenues and margin were negatively impacted by the weak market
conditions and slightly more idle time than expected in the quarter.
We have a strong financial position with a liquidity reserve of $545.7 million
and are well positioned to navigate the current market environment. Our cost
reduction program is progressing ahead of plan and the full year 2015 target is
now increased to approximately $250 million."
Jon Erik Reinhardsen,
President and Chief Executive Officer
Outlook
The low oil price and reduced oil company spending impact pricing and
utilization negatively. PGS expects market uncertainty and low earnings
visibility to continue well into 2016.
Based on the current operational projections and with reference to disclosed
risk factors, PGS expects full year 2015 EBITDA to be in the lower range of the
guided interval $550-700 million.
MultiClient cash investments are expected to be approximately $300 million, with
a pre-funding level above 100%. Approximately 50% of active 3D capacity is now
expected to be used for MultiClient in 2015.
Capital expenditures are estimated to be approximately $225 million, of which
almost $150 million is for the new builds Ramform Tethys and Ramform Hyperion.
The order book totaled $259 million at June 30, 2015 (including $140 million of
committed pre-funding on MultiClient projects), compared to $394 million at
March 31, 2015 and $558 million at June 30, 2014. A reasonable amount of work is
in the process of being firmed up in July and, due to the stacking of Ramform
Challenger and Ramform Explorer, the Company has less capacity to sell for Q4
2015 and Q1 2016. As of July 20, 2015 approximately 95% of available capacity
for Q3 is booked, with corresponding numbers for Q4 2015 and Q1 2016 being
approximately 65% and 30%, respectively.
+-------------------+--------------------+----------------------+--------------+
| | | | Year ended |
| | | | December 31, |
|Key Financial | Quarter ended June |Six months ended June | |
|Figures | 30, | 30, | |
|(In USD millions, +-------+------------+-------+--------------+--------------+
|except per share | | | | | |
|data) | 2015 | 2014 | 2015 | 2014 | 2014 |
+-------------------+-------+------------+-------+--------------+--------------+
|Revenues | 255.8| 337.0| 506.9| 629.5| 1 453.8|
+-------------------+-------+------------+-------+--------------+--------------+
|EBITDA (as defined,| 125.1| 170.6| 252.6| 309.2| 702.6|
|see Note 13) | | | | | |
+-------------------+-------+------------+-------+--------------+--------------+
|EBIT ex. impairment| 15.9| 55.0| 29.5| 100.1| 177.3|
|and other charges | | | | | |
+-------------------+-------+------------+-------+--------------+--------------+
|EBIT as reported | (45.7)| 46.2| (34.8)| 91.4| 104.2|
+-------------------+-------+------------+-------+--------------+--------------+
|Income before | (57.9)| 34.5| (67.9)| 47.2| 16.7|
|income tax expense | | | | | |
+-------------------+-------+------------+-------+--------------+--------------+
|Net income to | (63.8)| 29.7| (83.3)| 34.3| (50.9)|
|equity holders | | | | | |
+-------------------+-------+------------+-------+--------------+--------------+
|Basic earnings per | (0.30)| 0.14| (0.39)| 0.16| (0.24)|
|share ($ per share)| | | | | |
+-------------------+-------+------------+-------+--------------+--------------+
|Net cash provided | 83.1| 40.2| 295.4| 222.1| 584.3|
|by operating | | | | | |
|activities | | | | | |
+-------------------+-------+------------+-------+--------------+--------------+
|Cash investment in | 73.6| 99.6| 137.6| 215.8| 344.2|
|MultiClient library| | | | | |
+-------------------+-------+------------+-------+--------------+--------------+
|Capital | 63.3| 149.4| 104.8| 281.3| 371.3|
|expenditures | | | | | |
|(whether paid or | | | | | |
|not) | | | | | |
+-------------------+-------+------------+-------+--------------+--------------+
|Total assets |3 297.4| 3 665.7|3 297.4| 3 665.7| 3 563.0|
+-------------------+-------+------------+-------+--------------+--------------+
|Cash and cash | 57.6| 42.9| 57.6| 42.9| 54.7|
|equivalents | | | | | |
+-------------------+-------+------------+-------+--------------+--------------+
|Net interest | 995.0| 1 091.5| 995.0| 1 091.5| 1 048.0|
|bearing debt | | | | | |
+-------------------+-------+------------+-------+--------------+--------------+
The complete Q2 and first half 2015 earnings release and presentation can be
downloaded from www.newsweb.no and www.pgs.com.
FOR DETAILS, CONTACT:
Bård Stenberg, VP IR & Corporate Communications
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q2 2015 earnings presentation:
http://hugin.info/115/R/1940451/700972.pdf
Q2 2015 earnings release:
http://hugin.info/115/R/1940451/700970.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1940451]
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