OLSO, Norway, May 13, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA (`PGS`) (OSE:PGS) (Other OTC:PGOGY) announced today its 1ST quarter 2003 results.
(In millions of dollars)
Q1 2003 Q1 2002 % Change 2002
Revenues $297.7 $227.3 31 % $994.0
Operating profit
(loss) 43.3 63.6 -31.9 % (629.5)
Net income (loss) (13.3) (178.3) 1240.6 % (1,392.1)
EBITDA, as defined (A) 143.5 116.3 23.4 % 458.8
CAPEX (B) (10.2) (26.8) -61.9 % (60.9)
Investments in
multi-client (C) (45.4) (72.5) -37.2 % (190.4)
Cash flow defined as
(A+B+C) $87.8 $17.0 416.5 % $207.5
Q1 Highlights:
- Continued strong safety and regularity performance
- Business restructuring and cost reduction program on track
- Financial restructuring progressing, but no solution yet
- Improved liquidity position
- Atlantis sale completed in February
Q1 Operations:
- 63 % increase in contract seismic revenue compared to Q1 2002
- Average multi-client pre-funding increased to 64 %
- 72 % increase in multi-client late sales compared to Q1 2002
- Successful side-track well on Varg completed mid February added about 12,500 barrels of oil production per day
- Slightly lower revenues associated with Petrojarl Foinaven due to bad weather conditions.
The full report including tables can be downloaded from the following link: http://reports.huginonline.com/903602/117954.pdf