MAY 13, 2003: OSLO, NORWAY - Petroleum Geo-Services ASA (`PGS`) (OSE: PGS; PINK SHEETS: 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:
