Norway: Petroleum Geo-Services Publishes Second Quarter and First Half 2011 Results

Petroleum Geo-Services ASA published second quarter and first half 2011 results.

“We delivered our best quarterly MultiClient sales ever with pre-funding revenues boosted by high GeoStreamer MultiClient activity in the North Sea and Australia. We also experienced strong interest for our MultiClient library in most regions. Marine Contract EBIT margin is expected to be in the guided range of 10-15% for the full year. We are well on track to achieve our full year EBITDA guidance of approximately $500 million.

 Our new ghost free acquisition solution GeoStreamer GS was officially introduced at the EAGE conference late May, representing the next significant step in bringing higher resolution and better seismic images to our customers. GeoStreamer GS is expected to give returns over and above what we currently see from the GeoStreamer as demonstrated by this quarter. Our fleet efficiency and technology differentiation is now further enhanced and will position us well to take advantage of the continued growth in seismic demand.”

Said Jon Erik Reinhardsen, President and Chief Executive Officer or Petroleum Geo-Services ASA.

 Highlights Q2 2011

• Revenues of $326.6 million, up 52% from Q2 10
• EBITDA of $163.6 million, up 114% from Q2 10
• EBIT of $49.0 million, up $43.3 million from Q2 10
• Record MultiClient sales of $159.3 million
• Contract revenues of $138.1 million with Marine Contract EBIT margin seasonally low at 7%
• External Data Processing revenues of $25.5 million
• Order book of $579 million, up 16% from Q2 2010
• Launch of GeoStreamer GSTM with high client interest
• Well on track to reach full year EBITDA guidance of $500 million

[mappress]

Source: pgs, July 28, 2011