Petroleum Geo-Services ASA : GeoStreamer Strengthens Profitability in an Improving Market

Mon Apr 29, 2013 1:59am EDT

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Highlights Q1 2013

   ·         Revenues of $394.8 million, up 8% from Q1 2012
   ·         EBITDA of $202.3 million, up 39% from Q1 2012
   ·         EBIT of $96.8 million, up 170% from Q1 2012
   ·         Group EBIT margin of 25%, up from 10% in Q1 2012
   ·         Ramform Titan naming ceremony held April 26 - the vessel will start North Sea MultiClient GeoStreamer acquisition in early July
   ·         Full year 2013 guidance reiterated

 "The strong Group EBIT margin of 25% in the quarter was driven by good performance, our strong technology position and improved market conditions. Average 2013 marine contract prices are expected to be 10-15% above 2012 prices.


The GeoStreamer is continuing to gain market strength and customer interest as we further explore new ways of exploiting this ground breaking technology.  The recent news flow from Brazilian authorities regarding future licensing rounds, and revival of other key markets, indicate a further strengthening of the global marine seismic market and pricing in 2014."

Jon Erik Reinhardsen,

President and Chief Executive Officer



Key Financial Figures

(In USD millions, except per share data)

1st Quarter

Full year






Revenues 394.8 365.0 1,518.3
EBITDA (as defined, see note 1) 202.3 145.7 776.2
EBIT 96.8 35.8 293.8
Income before income tax expense 87.9 16.2 228.5
Net income to equity holders 62.5 12.6 185.5
Basic earnings per share ($ per share) 0.29 0.06 0.86
Diluted earnings per share ($ per share) 0.29 0.06 0.85
Net cash provided by operating activities 102.7 151.6 752.9
Cash investment in MultiClient library 72.9 52.7 297.4
Capital expenditures (whether paid or not) 71.4 67.9 368.1
Total assets (period end) 3,301.0 2,945.9* 3,275.6*
Cash and cash equivalents (period end) 311.6 260.4 390.3
Net interest bearing debt (period end) 504.5 367.9 435.6


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Source: Petroleum Geo-Services ASA via Thomson Reuters ONE

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