PGS ASA Productivity and Technology Leadership
A Clearer Image | www.pgs.com
2 Contents
Key FiguresPetroleum Geo-Services ("PGS") is a focused Marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company's MultiClient data library is among the largest in the seismic industry, with modern 3D coverage
in all significant offshore hydrocarbon provinces of the world.
Financial CalendarAnnual General Meeting May 10, 2017
Q1 2017 Earnings Release May 11, 2017
Q2 2017 Earnings Release July 27, 2017
Q3 2017 Earnings Release October 26, 2017
Q4 2017 Earnings Release February 1, 2018
Vessel Utilization 2016 Number of Patents Granted552 as of year-end 2016
45% Contract29% MultiClient
14% Steaming
2% Yard
10% Standby
511 as of year-end 2015
Patents granted under the laws of the US, the UK and Norway
Active Vessel Time 2016 Average Number of Active 3D Vessels in 20161 2 3 4 5 6 7
61% Marine Contract39% MultiClient
Average Number of Active 3D Vessels in 20151 2 3 4 5 6
7 8 9
ANNUAL REPORT 2016
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KEY FIGURES
Business Highlights 2016In 2016, PGS focused on sales, operations, cost and cash flow discipline to navigate through another challenging year.
Financial flexibility is a priority for PGS and in 2016 the Company completed a comprehensive refinancing process to reduce debt and extend maturities on some key credit facilities. The refinancing was well received by all stakeholders.
Costs continued to be a priority and total gross cash cost for 2016 amounted to
$662.3 million, $130.8 million lower than in 2015, and more than 40% lower than in 2014.
Capital expenditures ("capex"), excluding new builds, were kept at a similar
low level in 2016 as in 2015. This was enabled by in-sea equipment from cold-stacked vessels being deployed on vessels in operation. In addition the Company has reduced and deferred investments related to other activities.
PGS achieved a pre-funding ratio of 121% on $201.0 million of capitalized MultiClient cash investment. The MultiClient sales-to-investment ratio
ended at 2.3 times for the full year 2016, a positive trend compared to the previous year when the ratio was 1.9 times. This highlights the robustness of PGS' MultiClient business.
In March, PGS took delivery of Ramform Tethys. Compared to the two previous Ramform™ Titan-class vessels Ramform Tethys is further enhanced when it comes to equipment handling on the back deck and engine power.
Vessel operations continued to improve and were overall very good,
demonstrating the Company's leading capabilities in executing complex marine 3D acquisition projects.
Imaging capabilities have been further strengthened. The Company is continuing to benefit from enhanced processing and imaging workflows applied to the unique GeoStreamer® data and new supercomputing capacity significantly contributing to reduced cycle times on advanced imaging.
Revenue Split 28% Contract61% MultiClient
9% Imaging
2% Other
PGS Gross Cash CostUSD 1111.7m
USD 793.1m USD 662.3m
2014
2015
2016
PGS RevenuesUSD 1501.6m USD 1 453.8m
In USD million except per share data | 2016 | 2015 | 2014 | 2013 |
Revenues | 764.3 | 961.9 | 1 453.8 | 1 501.6 |
EBITDA (as defined) | 313.3 | 484.4 | 702.6 | 828.9 |
EBIT ex. impairment charges | (137.5) | 15.8 | 177.3 | 397.1 |
EBIT as reported | (180.3) | (430.4) | 104.2 | 382.1 |
Net income | (293.9) | (527.9) | (50.9) | 238.3 |
EPS | (1.21) | (2.43) | (0.24) | 1.11 |
Net cash provided by operating activities | 320.9 | 487.9 | 584.3 | 775.3 |
Capital expenditures | 208.6 | 165.7 | 371.3 | 437.8 |
Cash investment in MultiClient library | 201.0 | 303.3 | 344.2 | 373.0 |
Total assets | 2 817.0 | 2 914.1 | 3 563.0 | 3 544.3 |
MultiClient library | 647.7 | 695.0 | 695.2 | 576.9 |
Cash and cash equivalents | 61.7 | 81.6 | 54.7 | 263.8 |
Shareholders equity | 1 359.4 | 1 463.7 | 1 901.6 | 2 065.6 |
Net interest bearing debt | 1 029.7 | 994.2 | 1 048.0 | 666.7 |
2013
2014
2015
2016
USD 961.9m USD 764.3m
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ANNUAL REPORT 2016
Productivity and Technology Leadership
PGS - Petroleum Geo-Services ASA published this content on 06 April 2017 and is solely responsible for the information contained herein.
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