Petroleum Geo-Services ASA : Third Quarter 2012 Results

Thu Oct 25, 2012 1:59am EDT

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GeoStreamer® Delivers Strong Performance and Better Pricing

      

Highlights Q3 2012

  • Revenues of $388.3 million, up 14% from Q3 2011
  • EBITDA of $222.1 million, up 45% from Q3 2011
  • EBIT of $110.9 million, up 149% from Q3 2011
  • Group EBIT margin of 29%, up from 13% in Q3 2011
  • Cash flow from operations of $260.2 million, up 74% from Q3 2011
  • $250 million Japanese export credit financing established for the two first Ramform Titan-class new builds
  • Options for two additional Ramform Titan-class vessels exercised in October
  • Successful launch of Towed EM technology
  • Full year 2012 EBITDA guidance increased to approximately $800 million

"Our third quarter results reflect good performance and an improved seismic market. Strong client demand for GeoStreamer has successfully secured an attractive order book into the 2013 summer season.

The two new builds scheduled for delivery next year, and the additional two scheduled for delivery in 2015, will position us even more favourably in a strengthening seismic market."

Jon Erik Reinhardsen,
President and Chief Executive Officer

 

Key Financial Figures
(In USD millions, except per share data)
3rd quarter Nine months Full year
2012
Unaudited
2011
Unaudited
2012
Unaudited
2011
Unaudited
2011
Audited2)
Revenues 388.3 339.9 1,158.2 908.7 1,253.3
EBITDA (as defined) 222.1 153.2 614.0 389.7 534.8
EBIT ex. impairment charges 1) 110.9 44.5 232.3 95.9 141.3
EBIT as reported 110.9 44.5 233.2 95.9 138.7
Income before income tax expense 101.9 31.2 183.5 52.3 64.8
Net income  to equity holders 86.9 13.5 145.4 28.2 33.7
Basic earnings per share ($ per share) 0.40 0.06 0.67 0.13 0.16
Diluted earnings per share ($ per share) 0.40 0.06 0.67 0.13 0.15
Net cash provided by operating activities 260.2 149.6 588.2 329.9 480.4
Cash investment in MultiClient library 91.4 61.5 226.1 175.4 203.9
Capital expenditures (whether paid or not) 76.6 40.9 228.6 232.8 279.9
Total assets (period end) 3,031.6 2,907.6 3,031.6 2,907.6 3,137.2
Cash and cash equivalents (period end) 290.3 176.9 290.3 176.9 424.7
Net interest bearing debt (period end) 381.1 421.6 381.1 421.6 394.2
 
  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 Q3 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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