OSLO, Norway, Feb. 21, 2008 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ("PGS" or the "Company") today announced its unaudited fourth quarter and preliminary full year 2007 results under IFRS.
* 2007 - Best year ever: Operating profit of $494.5 million,
up $135.0 million (38%) compared to 2006. Revenues of $1,519.9
million, up $211.5 million (16%). Marine revenue increased by 22%
to $1,273.8 million. Onshore performed weaker than in 2006 due to
weaker project continuity, some specific scheduling issues and bad
weather conditions in second half. Onshore revenue decreased by 6%
to $246.4 million
* Record strong order backlog: Backlog going into 2008 at all
time high both in terms of size and prices, giving PGS superior
visibility
* Further progress in delivering our strategy of growth and
technology differentiation:
- Strategic acquisition completed: Arrow Seismic provides an
attractive high-end supplement to our state-of-the-art
multi streamer fleet
- Completed offering of $400 million convertible notes in December:
Proceeds used to secure permanent financing for the Arrow
acquisition at favorable terms while increasing financial
flexibility for the future
- Successful North Sea EM campaign: PGS completed a campaign in the
North Sea to acquire marine electromagnetic data with the MTEM
technology, providing a stepping stone for commercialization
in 2008
- Continued multi-client momentum with Crystal II: The acquisition
phase of the Crystal I wide-azimuth survey in Gulf of Mexico was
completed two months ahead of schedule in October. Crystal II has
commenced and data will be ready for final delivery late 2008
- Ramform Sovereign on schedule for early March delivery: Unlike any
other new-build or conversion project in the industry the PGS
project team and Aker Yards is set to deliver the world's most
advanced seismic vessel on time and budget
- Ramform Victory delivered to METI: Ramform Victory successfully
delivered to the Japanese Ministry of Economy, Trade and Industry
("METI") in January 2008 and renamed Shigen, representing the start
of an important long-term operations, service and support agreement
for PGS
* Q4 2007 - Impacted by scheduled yard stays: Operating profit of
$76.5 million, up 2.3 million (3%) compared to Q4 2006. Revenues of
$372.5 million, up $11.5 million (3%). Record high multi-client
revenues, but, as guided, temporary lower revenues and EBIT margin in
the marine contract segment due to scheduled yard maintenance, upgrade
and 10-year classing of three Ramform vessels
* Marine: Operating profit of $101.2 million in Q4 2007, up
$22.2 million (28%) from Q4 2006
* Onshore: Disappointing operating loss of $3.2 million in Q4 2007
compared to a profit of $2.3 million in Q4 2006, negatively impacted
by weak project continuity and increased multi-client amortization
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