PGS Reports Fourth Quarter and Preliminary Full Year Results (Norway)

Petroleum Geo-Services (PGS), a leading provider of seismic services to the market announced fourth quarter and preliminary full year 2012 results.

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

Jon Erik Reinhardsen, President and Chief Executive Officer commented:

“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.”

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Press Release, February 14, 2013