2013-02-14 08:12:00 -
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® 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 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 | 139.5| 47.2| 368.1| 279.9|
|or 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 2012 earnings 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: +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.
Q4 2012 presentation:
hugin.info/115/R/1678131/547581.pdf
Q4 2012 earnings release:
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]
