FEBRUARY 26, 2003: OSLO, NORWAY - Petroleum Geo-Services ASA (`PGS`) (NYSE: PGO; OSE: PGS) announced today its 4th quarter and year end 2002 results.
|
(In millions of dollars) |
Q4 2002 |
Q4 2001 |
2002 |
2001 |
|
Revenues |
$262.0 |
$254.5 |
$994.0 |
$885.0 |
|
Operating profit (loss) |
3.5 |
(28.6) |
(629.5) |
189.3 |
|
Net income (loss) |
(122.5) |
(104.9) |
(1,392.1) |
4.5 |
|
EBITDA, as defined (A) |
126.2 |
118.8 |
458.8 |
433.8 |
|
CAPEX (B) |
(7.2) |
(30.9) |
(60.9) |
(185.3) |
|
Investments in multi-client (C) |
(34.5) |
(59.4) |
(190.4) |
(230.2) |
|
Cash flow defined as (A+B+C) |
$84.5 |
$28.5 |
$207.5 |
$18.3 |
Q4 operations:
- Higher portion of contract seismic
- Higher level of pre-funding
- Lower throughput on Varg, Foinaven and Banff
- Lower revenues on Varg due to tail end production of Varg field
2002 Operations:
- Overall excellent safety and regularity performance
- Increase in and focus on post capex cash flow
- Increased portion of contract work and higher pre-funding on multi-client
2002 - a challenging year:
- Continued overcapacity in seismic markets
- Veritas merger plans terminated
- Atlantis sale delayed (concluded February 2003)
- Steep downgrades in financial ratings and in the share price
- New Board, new CEO, new CFO
- Substantial write downs and impairments in Q3
- A comprehensive financial restructuring / refinancing effort initiated and in progress
The 4th quarter and year end 2002 report with tables is available at the following link:
