OLSO, Norway, Feb. 26, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA ("PGS")(NYSE:PGO) (OSE:PGS) announced today its 4th quarter and year-end2002 results.
(In millions of Q4 2002 Q4 2001 2002 2001 dollars) 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 (34.5) (59.4) (190.4) (230.2) multi-client (C) Cash flow defined as $84.5 $28.5 $207.5 $18.3 (A+B+C)
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: http://reports.huginonline.com/893351/114121.pdf