Petroleum Geo-Services ASA : Second Quarter and First Half 2012 Results

Thu Jul 26, 2012 1:59am EDT

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GeoStreamerR Drives Performance in All Markets

      

 Highlights Q2 2012

  • Revenues of $404.8 million, up 24% from Q2 2011
  • EBITDA of $246.2 million, up 50% from Q2 2011
  • EBIT of $86.6 million, up 77% from Q2 2011
  • Group EBIT margin of 21%, up from 15% in Q2 2011
  • Record MultiClient revenues of $236.0 million, up 48% from Q2 2011
  • Marine Contract revenues of $128.5 million, down 7% from Q2 2011
  • External Data Processing revenues of $31.7 million, up 25% from Q2 2011
  • Cash flow from operations of $176.5 million, up 78% from Q2 2011
  • Order book of $689 million, up 19% from Q2 2011
  • Launch of SWIM - GeoStreamer Enhanced Imaging technology for improved subsurface illumination
  • Full year 2012 EBITDA now expected to be in the range of $750-$800 million, increased from  previous guidance of approximately $700 million

"We have delivered strong growth in all business units driven by our great people, unique Ramform vessels and differentiating GeoStreamer technology. In particular we have achieved another record breaking MultiClient quarter and significant margin uplift in Marine Contract. The profit improvement program is beginning to deliver results.

The seismic market continues to strengthen with improvements in project leads, active bids and order book size. Demand for GeoStreamer is stronger than ever."

Jon Erik Reinhardsen,
President and Chief Executive Officer

 

Key Financial Figures
(In USD millions, except per share data)
2nd quarter Six months Full year
2012
Unaudited
2011
Unaudited
2012
Unaudited
2011
Unaudited
2011
Audited2)
Revenues 404.8 326.6 769.9 568.8 1,253.3
EBITDA (as defined) 246.2 163.6 391.9 236.5 534.8
EBIT ex. impairment charges 1) 85.6 49.0 121.4 51.4 141.3
EBIT as reported 86.6 49.0 122.4 51.4 138.7
Income  before income tax expense 65.4 29.4 81.6 21.1 64.8
Net income  to equity holders 45.9 23.6 58.5 14.7 33.7
Basic earnings per share ($ per share) 0.21 0.11 0.27 0.07 0.16
Diluted earnings per share ($ per share) 0.21 0.11 0.27 0.07 0.15
Net cash provided by operating activities 176.5 99.2 328.1 180.3 480.4
Cash investment in MultiClient library 82.0 68.4 134.7 113.9 203.9
Capital expenditures (whether paid or not) 84.1 110.5 152.0 191.9 279.9
Total assets (period end) 2,921.9 2,978.8 2,921.9 2,978.8 3,137.2
Cash and cash equivalents (period end) 198.9 216.0 198.9 216.0 424.7
Net interest bearing debt (period end) 441.9 420.8 441.9 420.8 394.2

 

  1. In Q2 2012 there was a net reversal of impairments of $0.9 million. Net impairment charge for the full year 2011 was $2.6 million.
  2. Derived from the audited financial statement.

The complete Q2 2012 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.





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Source: Petroleum Geo-Services ASA via Thomson Reuters ONE

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