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PGS remains focused on productivity leadership

Oilfield Technology,

Petroleum Geo-Services has released its Q2 and H1 2014 results.

Highlights Q2 2014

  • Revenues of US$ 337 million, compared to US$ 381.7 million in Q2 2013
  • EBITDA of US$ 170.6 million, compared to US$ 209.6 million in Q2 2013
  • EBIT, excluding impairments, of US$ 55.3 million, compared to US$ 110.6 million in Q2 2013
  • Group EBIT margin, excluding impairments, of 16%, compared to 29% in Q2 2013
  • Cash flow from operations of US$ 40.2 million, compared to US$ 271.3 million in Q2 2013
  • EPS of US$ 0.14, compared to US$ 0.33 in Q2 2013
  • Record MultiClient revenues from Europe
  • Approved and paid dividend of NOK 2.30 per share
  • PGS Towed EM streamer voted best new geoscience technology
  • Launched Complete Wavefield Imaging, an imaging technology detecting shallow hazards from GeoStreamer data


Commenting on the results, PGS CEO, Jon Erik Reinhardsen, said: "Our second quarter was impacted by lower MultiClient revenues than expected, due to lack of pre-funding from the Triton MultiClient survey in the Gulf of Mexico. MultiClient revenues from other projects of the library remained healthy. Mobilisation delays on certain Marine Contract surveys impacted the contract margin negatively. The projects have performed well after start-up.

“We strongly believe in the technical and commercial success of the Triton survey in the Gulf of Mexico, which has historically been one of the most attractive areas for MultiClient investments. A fast track imaging product from key areas of the Triton survey is now available and we expect to secure pre-funding for the survey in H2.

“Less predictable customer spending and current low bidding activity indicate risk of a weaker market towards the end of the year. Accordingly, we have lowered our full year EBITDA guidance to approximately US$ 850 million.

“Our strategy remains firm with focus on productivity leadership, technology differentiation and shareholder return."

Adapted from press release by Katie Woodward

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