Petroleum Geo-Services ASA : Second Quarter and First Half 2016 Results
(Thomson Reuters ONE) -
Cost Reductions Continue
Healthy MultiClient Sales
Highlights Q2 2016
* Revenues of $183.0 million, compared to $255.8 million in Q2 2015
* EBITDA of $68.8 million, compared to $125.1 million in Q2 2015
* EBIT excluding impairments and other charges/(income) of negative $36.2
million, compared to a profit of $15.9 million in Q2 2015
* MultiClient pre-funding revenues of $47.2 million with a corresponding pre-
funding level of 113%, compared to $112.0 million and 152%, respectively, in
Q2 2015
* MultiClient late sales of $46.0 million, compared to $33.5 million in Q2
2015
* Gross cash cost further reduced, ending at $158.4 million, compared to
$207.6 million in Q2 2015
* Cash flow from operations of $42.4 million, compared to $83.1 million in Q2
2015
* Liquidity reserve of $429.7 million, compared to $545.7 million in Q2 2015
* Ramform Tethys and Sanco Swift commenced operations in the North Sea
* Settled EM patent dispute between PGS and EMGS
* Leverage ratio maintenance covenant of the Revolving Credit Facility amended
to increase headroom
"With the gradual recovery of the oil price from its lows in early Q1, we are
starting to see early signs of a stabilizing market and improving sentiment. We
believe that this has started to impact our MultiClient performance positively.
The marine contract market is still characterized by very low pricing, but here
too we see indications of more predictable patterns in customer survey planning
and contracting processes. Due to stacking of capacity, the seismic vessel
supply/demand balance has improved substantially since this time last year.
Capital expenditures were relatively high in the quarter, primarily due to the
yard installment at floating and equipment for our last new build, Ramform
Hyperion. Of the guided $165 million in new build capital expenditures this year
we have already incurred $140 million in the first half and thus our cash flow
will be more balanced for the remainder of the year.
Our liquidity position is adequate and there are no material debt maturities
until late 2018. With the amended maintenance covenant for the Revolving Credit
Facility we have strengthened our ability to navigate beyond the trough of this
cycle and created a substantial time window to address 2018 refinancing needs in
tune with how the market develops. We continue to focus on what we can control
through relentless sales efforts, strict cost discipline, operational excellence
and capitalizing on the youngest and most productive fleet in the industry."
Jon Erik Reinhardsen,
President and Chief Executive Officer
Outlook
The oil price and reduced oil company spending continue to impact seismic
demand. Despite some oil price recovery and signs of an improved market
sentiment, PGS expects the market uncertainty to continue through 2016.
Based on the current operational projections and with reference to disclosed
risk factors, PGS expects full year 2016 gross cash cost at or below $700
million.
MultiClient cash investments are expected to be approximately $225 million, with
a pre-funding level of approximately 100%.
40-45% of active 3D vessel time is currently planned for MultiClient
acquisition.
Capital expenditures are expected to be approximately $225 million, of which
approximately $165 million is for the new builds Ramform Tethys and Ramform
Hyperion.
The order book totaled $230 million at June 30, 2016 (including $123 million
relating to MultiClient), compared to $204 million at March 31, 2016 and $259
million at June 30, 2015.
+---------------------------+---------------+---------------+------------------+
| | | | |
| | | | Year ended |
| | Quarter ended | Six months | December 31, |
|Key Financial Figures | June 30, | ended | |
|(In USD millions, except | | June 30, | |
|per share data) +-------+-------+-------+-------+------------------+
| | | | | | |
| | 2016 | 2015 | 2016 | 2015 | 2015 |
+---------------------------+-------+-------+-------+-------+------------------+
|Revenues | 183.0| 255.8| 386.1| 506.9| 961.9|
+---------------------------+-------+-------+-------+-------+------------------+
|EBITDA (as defined, see | 68.8| 125.1| 147.5| 252.6| 484.4|
|Note 13) | | | | | |
+---------------------------+-------+-------+-------+-------+------------------+
|EBIT ex. impairment and | | | | | |
|other charges/(income) | (36.2)| 15.9| (66.3)| 29.5| 15.8|
+---------------------------+-------+-------+-------+-------+------------------+
|EBIT as reported | (44.6)| (45.7)| (76.1)| (34.8)| (430.4)|
+---------------------------+-------+-------+-------+-------+------------------+
|Income (loss) before income| | | | | |
|tax expense | (57.7)| (57.9)|(119.6)| (67.9)| (505.5)|
+---------------------------+-------+-------+-------+-------+------------------+
|Net income (loss) to equity| (51.8)| (63.8)|(108.7)| (83.3)| (527.9)|
|holders | | | | | |
+---------------------------+-------+-------+-------+-------+------------------+
|Basic earnings per share ($| (0.22)| (0.30)| (0.46)| (0.39)| (2.43)|
|per share) | | | | | |
+---------------------------+-------+-------+-------+-------+------------------+
|Net cash provided by | | | | | |
|operating activities | 42.4| 83.1| 175.8| 295.4| 487.9|
+---------------------------+-------+-------+-------+-------+------------------+
|Cash investment in | 41.8| 73.6| 90.1| 137.6| 303.3|
|MultiClient library | | | | | |
+---------------------------+-------+-------+-------+-------+------------------+
|Capital expenditures | | | | | |
|(whether paid or not) | 51.9| 63.3| 160.9| 104.8| 165.7|
+---------------------------+-------+-------+-------+-------+------------------+
|Total assets |2 970.3|3 297.4|2 970.3|3 297.4| 2 914.1|
+---------------------------+-------+-------+-------+-------+------------------+
|Cash and cash equivalents | 49.7| 57.6| 49.7| 57.6| 81.6|
+---------------------------+-------+-------+-------+-------+------------------+
|Net interest bearing debt |1 207.6| 995.0|1 207.6| 995.0| 994.2|
+---------------------------+-------+-------+-------+-------+------------------+
The complete Q2 and first half 2016 results earnings release can be downloaded
from www.newsweb.no or www.pgs.com.
FOR DETAILS, CONTACT:
Bård Stenberg, VP 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 2016 Presentation:
http://hugin.info/115/R/2029728/754894.pdf
Q2 2016 Earnings Release :
http://hugin.info/115/R/2029728/754891.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#2029728]
Unternehmensinformation / Kurzprofil:
Datum: 21.07.2016 - 07:59 Uhr
Sprache: Deutsch
News-ID 484545
Anzahl Zeichen: 9238
contact information:
Town:
Lysaker (Oslo)
Kategorie:
Business News
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