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

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

                Solid 2012 Performance and Increased Dividend



Highlights 2012

  oRevenues of $1,518.3 million, up 21% from 2011
  oEBITDA of $776.2 million, up 45% from 2011
  oEBIT of $293.8 million, up 112% from 2011
  oGroup EBIT margin of 19%, up from 11% in 2011
  oCash flow from operations of $752.9 million, up 57% from 2011
  oDelivered on the Profit Improvement Program
  oFinancial strength further enhanced by $250 million Japanese export credit
    financing and $150 million add-on to Senior Notes
  oExercised options for two additional Ramform Titan-class vessels
  oSubstantial technology achievements within Towed EM, permanent reservoir
    monitoring and imaging
  oThe 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® 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



Key Financial Figures                    4^th quarter          Full year
(In USD millions, except per share      2012      2011      2012       2011
data)                                 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 expense           45.0      12.5     228.5       64.8
Net income to equity holders              40.1       5.5     185.5       33.7
Basic earnings per share ($ per            0.19      0.03      0.86       0.16
share)
Diluted earnings per share ($ per          0.18      0.03      0.85       0.15
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 paid or     139.5      47.2     368.1      279.9
not)
Total assets (period end)               3,274.0   3,137.2   3,274.0    3,137.2
Cash and cash equivalents (period         390.3     424.7     390.3      424.7
end)
Net interest bearing debt (period         435.6     394.2     435.6      394.2
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 2012earnings release and presentation
can be downloaded from www.newsweb.no and www.pgs.com

FOR DETAILS, CONTACT:
Bård Stenberg, Investor Relations Manager
Phone: +47 67 51 43 16
Mobile: +4799 24 52 35

Tore Langballe, SVP Corporate Communications
Phone: +47 67 51 43 75
Mobile: +4790 77 78 41

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q4 2012 presentation
Q4 2012 earnings release

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Source: Petroleum Geo-Services ASA via Thomson Reuters ONE
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