Petroleum Geo-Services Second Quarter 2012 Income Increases (Norway)

Petroleum Geo-Services ASA announced the second quarter and first half 2012 results.

The company highlights of the second quarter 2012 are revenues of $404.8 million, up 24% from Q2 2011; record MultiClient revenues of $236.0 million, up 48% from Q2 2011; marine Contract revenues of $128.5 million, down 7% from Q2 2011 and an order book of $689 million, up 19% from Q2 2011. The company also launched SWIM – GeoStreamer Enhanced Imaging technology for improved subsurface illumination.

Full year 2012 EBITDA is now expected to be in the range of $750-$800 million, increased from previous guidance of approximately $700 million

Jon Erik Reinhardsen, President and Chief Executive Officer, said: “We have delivered strong growth in all business units driven by our great people, unique Ramform vessels and differentiating GeoStreamer technology. In particular we have achieved another record breaking MultiClient quarter and significant margin uplift in Marine Contract. The profit improvement program is beginning to deliver results.

“The seismic market continues to strengthen with improvements in project leads, active bids and order book size. Demand for GeoStreamer is stronger than ever.”

Petroleum Geo-Services (PGS) offers a broad range of products including; seismic and electromagnetic services, data acquisition, processing, reservoir analysis/interpretation and multi-client library data.

PGS was founded in Norway in 1991, with 2 seismic ships and some highly innovative ideas on how to reshape the industry.

PGS has a presence in over 25 countries with regional centers in London, Houston and Singapore, with the company headquarters being in Oslo, Norway.

[mappress]
Subsea World News Staff , July 27, 2012;  Image: Petroleum Geo-Services