PGS Release Q4 and Preliminary Full Year 2013 Results

Petroleum Geo-Services (PGS) announced  increased margins, following the preliminary annual 2013 Report. 

Compared with the last year’s 2012 annual report revenues are down 1%, while EBITDA of USD 828.9 million is up by 7% compared to the last year’s results. An increase of 30% in EBIT has also been reported, as well as the cash flow operations ( up by 3% ) and EPS , which is now up by 29%.

At the same time, PGS reports record MultiClient late sales revenues, successful introduction of the new Ramform Titan-class vessels and GeoStreamer’s recognition in the breakthrough for new imaging technologies.

PGS believes that the delivery of Ramform Titan in May and Ramform Atlas in January this year, together with an increasing contribution from the GeoStreamer technology, will increase the advantages and differentiate the Company from the competition. PGS also reported lower expectations for the Q1, despite having close to 70% of their capacity for the 2014 booked.

Subsea World News Staff, February 13, 2014;  Image: PGS