Petroleum Geo-Services ASA : Fourth Quarter and Preliminary Full Year 2012 Results

Petroleum Geo-Services ASA : Fourth Quarter and Preliminary Full Year 2012 
Results 
OSLO, NORWAY -- (Marketwire) -- 02/14/13 --  Solid 2012 Performance
and Increased Dividend 
Highlights 2012 
* Revenues of $1,518.3 million, up 21% from 2011 
* EBITDA of $776.2 million, up 45% from 2011 
* EBIT of $293.8 million, up 112% from 2011 
* Group EBIT margin of 19%, up from 11% in 2011 
* Cash flow from operations of $752.9 million, up 57% from 2011 
* Delivered on the Profit Improvement Program 
* Financial strength further enhanced by $250 million Japanese
export credit 
financing and $150 million add-on to Senior Notes 
* Exercised options for two additional Ramform Titan-class vessels 
* Substantial technology achievements within Towed EM, permanent
reservoir 
monitoring and imaging 
* The Board expects to propose an ordinary dividend for 2012 of NOK
1.65 per 
share, up 50% from previous year 
"2012 performance was
strong with operating profit more than doubling from previous year.
The fourth quarter was coloured by some weakness in MultiClient
late
sales, high steaming activity, challenging mobilization and delayed
project
start-ups. The marine seismic market improved during 2012. A
stronger market
combined with our unique GeoStreamer(R) offering
contributed to higher margins. 
Strong client demand for GeoStreamer has secured an attractive order
book well
into the second half of 2013. We look forward to taking
delivery of the first
Ramform Titan-class vessel in April, which will
position us even more favourably
to capitalize on the sustained
strengthening trend of the seismic market." 
Jon Erik Reinhardsen, President and Chief Executive Officer 


 
 
+-------------------------------+-------------------+------------------
---+
|                               |                   |                     |
|                               |   4(th) quarter   |      Full year      |
|Key Financial Figures          +---------+---------+---------+-----------+
|(In USD millions, except per   |         |         |         |           |
|share data)                    |  2012   |  2011   |  2012   |   2011    |
|                               |Unaudited|Unaudited|Unaudited|Audited(1) |
+-------------------------------+---------+---------+---------+-----------+
|Revenues                       |    360.1|    344.6|  1,518.3|    1,253.3|
+-------------------------------+---------+---------+---------+-----------+
|EBITDA (as defined)            |    162.2|    145.0|    776.2|      534.8|
+-------------------------------+---------+---------+---------+-----------+
|EBIT ex. impairment charges (2)|     60.7|     45.4|    293.0|      141.3|
+-------------------------------+---------+---------+---------+-----------+
|EBIT as reported               |     60.6|     42.8|    293.8|      138.7|
+-------------------------------+---------+---------+---------+-----------+
|Income before income tax       |     45.0|     12.5|    228.5|       64.8|
| expense                       |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Net income  to equity holders  |     40.1|      5.5|    185.5|       33.7|
+-------------------------------+---------+---------+---------+-----------+
|Basic earnings per share       |     0.19|     0.03|     0.86|       0.16|
| ($ per share)                 |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Diluted earnings per share     |     0.18|     0.03|     0.85|       0.15|
| ($ per share)                 |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Net cash provided by operating |    163.6|    150.5|    752.9|      480.4|
| activities                    |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Cash investment in MultiClient |     71.3|     28.5|    297.4|      203.9|
| library                       |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Capital expenditures (whether  |    139.5|     47.2|    368.1|      279.9|
| paid or not)                  |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Total assets (period end)      |  3,274.0|  3,137.2|  3,274.0|    3,137.2|
+-------------------------------+---------+---------+---------+-----------+
|Cash and cash equivalents      |    390.3|    424.7|    390.3|      424.7|
| (period end)                  |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+
|Net interest bearing debt      |    435.6|    394.2|    435.6|      394.2|
| (period end)                  |         |         |         |           |
+-------------------------------+---------+---------+---------+-----------+

 
1. Financial information for the full year 2011 is derived from the
audited 
financial statements as presented in the 2011 annual
report. 
2. See Note 7 for details of impairments by period presented. 
Complete Q4  and preliminary full year 2012 earnings release and
presentation
can be downloaded from www.newsweb.no and www.pgs.com 
This information is subject of the disclosure requirements pursuant
to section
5-12 of the Norwegian Securities Trading Act. 
Q4 2012 presentation: http://hugin.info/115/R/1678131/547581.pdf 
Q4 2012 earnings release: http://hugin.info/115/R/1678131/547580.pdf 
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters 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 Thomson Reuters ONE
[HUG#1678131] 
FOR DETAILS, CONTACT: 
Bard 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
 
 
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