PGS Revenues Increase by 8 Pct (Norway)

Petroleum Geo-Services (PGS), a company which offers a broad range of products including seismic and electromagnetic services, data acquisition, processing, reservoir analysis/interpretation and multi-client library data, has announced the highlights of the first quarter 2013.

The company pointed out the following:

– Revenues of $394.8 million, up 8% from Q1 2012

– EBITDA of $202.3 million, up 39% from Q1 2012

– EBIT of $96.8 million, up 170% from Q1 2012

– Group EBIT margin of 25%, up from 10% in Q1 2012

– Ramform Titan naming ceremony held April 26 – the vessel will start North Sea MultiClient GeoStreamer acquisition in early July

– Full year 2013 guidance reiterated

“The strong Group EBIT margin of 25% in the quarter was driven by good performance, our strong technology position and improved market conditions. Average 2013 marine contract prices are expected to be 10-15% above 2012 prices,” President and Chief Executive Officer Jon Erik Reinhardsen stated.

He added: “The GeoStreamer is continuing to gain market strength and customer interest as we further explore new ways of exploiting this ground breaking technology. The recent news flow from Brazilian authorities regarding future licensing rounds, and revival of other key markets, indicate a further strengthening of the global marine seismic market and pricing in 2014.”

[mappress]

April 29, 2013