Third Quarter 2009 Results
(Thomson Reuters ONE) - Robust Performance - Strong Cash Flow - Improved VisibilityOctober 27, 2009: HOUSTON, TEXAS. In Q3 2009 Petroleum Geo-ServicesASA ("PGS" or the "Company") delivered strong cash flow and reducednet interest bearing debt by $149.1 million, to $813.0 million.§ Strong cash flow: Q3 cash flow from operating activities of $163.8million. This together with proceeds from sale of Geo Atlantic andequity stakes in Genesis, Borders & Southern and Endeavourcontributed to strong net debt reduction in the quarter, with netinterest bearing debt ending at $813.0 million. Liquidity reserve atend Q3 amounted to $430 million.§ Q3 2009 Group performance: Earnings before interest, tax,depreciation and amortization ("EBITDA") of $181.0 million, up 12%from Q2.§ Marine: Q3 revenues of $361.5 million and earnings before interestand tax ("EBIT") of $113.6 million, excluding the previouslyannounced impairment charge relating to cancellation of New Buildnumber 533 ("NB 533"). MultiClient late sales were $42.7 million, up47% from Q2.§ Onshore: Higher utilization gave a Q3 2009 EBIT of $4.1 million, upfrom $0.8 million in Q2 2009. Crew continuity is improving in linewith the order book, which is up 7% at $196 million from Q2.§ Q1 2010 is firming up: Virtually all 2009 capacity sold andapproximately 80% of Q1 2010 capacity is also covered at acceptablemargins. Order book end Q3 was $729 million.§ Accelerated GeoStreamer® roll-out: By year-end 2010 50% of PGS'streamer capacity is expected to be GeoStreamer®.§ Guidance: The Company expects full year 2009 adjusted EBITDA ofapproximately $700 million with improved cash flow expectations,since both capital expenditures and MultiClient investments for 2009are reduced.Jon Erik Reinhardsen, Chief Executive Officer and President of PGS,commented:"We have focused heavily on cash flow over the past twelve months.This has led to a reduction in net debt level of approximately 30%.Vessel and streamer bookings have increased every month since April2009 and the dollar value of the order book has stabilized. Therecontinues to be risks related to market outlook, not least the levelsof over-capacity in the industry, but a combination of industryleading efficiency and technology leave us well positioned."+-------------------------------------------------------------------------+| | | |Year ended||Key Financial | Quarter ended | Nine months ended | December ||Figures | September 30, | September 30, | 31, ||(In millions of |-------------------+-----------------------+----------||dollars, except | 2009 | 2008 | 2009 | 2008 | 2008 ||per share data) |Unaudited|Unaudited| Unaudited | Unaudited |Audited 1)||------------------+---------+---------+-----------+-----------+----------||Revenues |$ 416.4|$ 534.3|$ 1,181.7|$ 1,455.9| $ 1,917.5||------------------+---------+---------+-----------+-----------+----------||Adjusted EBITDA | 181.0| 276.1| 544.1| 726.5| 967.8||(as defined) | | | | | ||------------------+---------+---------+-----------+-----------+----------||EBIT excluding | 108.9| 187.8| 335.8| 497.8| 632.3||special items 2) | | | | | ||------------------+---------+---------+-----------+-----------+----------||EBIT | 56.5| 187.8| 184.6| 569.4| 542.7 ||------------------+---------+---------+-----------+-----------+----------||Income before | | | 195.6| 522.2| ||income tax expense| 73.1| 157.7| | | 449.4|| | | | | | ||------------------+---------+---------+-----------+-----------+----------||Net income to | 47.7| 124.4| 143.0| 378.4| 417.4||equity holders | | | | | ||------------------+---------+---------+-----------+-----------+----------||Basic earnings per| | | 0.77| 2.15| ||share ($ per | 0.24| 0.71| | | 2.37||share) | | | | | ||------------------+---------+---------+-----------+-----------+----------||Diluted earnings | | | 0.77| 2.11| ||per share ($ per | 0.24| 0.69| | | 2.36||share) | | | | | ||------------------+---------+---------+-----------+-----------+----------||Net cash provided | | | 517.3| 628.8| ||by operating | 163.8| 257.6| | | 914.6||activities | | | | | ||------------------+---------+---------+-----------+-----------+----------||Cash investment in| | | 139.1| 227.6| ||MultiClient | 34.7| 83.0| | | 290.0||library | | | | | ||------------------+---------+---------+-----------+-----------+----------||Capital | 43.6| 112.6| 199.7| 323.4| 450.6||expenditures | | | | | ||------------------+---------+---------+-----------+-----------+----------||Total assets | 3,011.5| 3,066.9| 3,011.5| 3,066.9| 3,064.8||(period end) | | | | | ||------------------+---------+---------+-----------+-----------+----------||Cash and cash | | | 184.0| 87.8| ||equivalents | 184.0| 87.8| | | 95.2||(period end) | | | | | ||------------------+---------+---------+-----------+-----------+----------||Net interest | | | $ 813.0| $ 1,177.6| ||bearing debt | $ 813.0 |$ 1,177.6| | | $ 1,135.6||(period end) | | | | | |+-------------------------------------------------------------------------+1) Financial information for the full year 2008 is derived from theaudited financial statements as presented in the 2008 Annual Report.2) Impairment charges of $52.4 million in Q3 2009 and $151.2 millionYTD Q3 2009, respectively. Impairment charge of $161.1 million in Q42008 and a gain of $71.6 million in YTD Q3 2008 from the sale ofRamform Victory.Complete Q3 earnings release can be downloaded at www.newsweb.no orwww.pgs.comFOR DETAILS, CONTACT:Tore Langballe, SVP Corporate CommunicationsMobile: +47 90 77 78 41Bård Stenberg, Investor Relations ManagerMobile: +47 99 24 52 35 ****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/1350251/325746.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.10.2009 - 07:55 Uhr
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