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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