|
(In millions of dollars) |
Q2 2003 |
Q2 2002 |
Q1+Q2 2003 |
Q1+Q2 2002 |
|
Revenues |
$295.4 |
$248.0 |
$593.1 |
$475.3 |
|
Operating profit (loss) |
(0.5) |
55.3 |
36.5 |
118.9 |
|
Net income (loss) |
(61.8) |
(30.6) |
(91.5) |
(208.9) |
|
EBITDA, as defined (A) |
120.3 |
111.9 |
263.9 |
228.1 |
|
CAPEX (B) |
(16.4) |
(13.4) |
(26.6) |
(40.2) |
|
Investments in multi-client (C) |
(23.2) |
(47.6) |
(68.6) |
(120.1) |
|
Cash flow defined as (A+B+C) |
$80.8 |
$50.9 |
$168.6 |
$67.9 |
Financial Highlights:
* An agreement in principle on the terms for a proposed financial restructuring achieved with a majority of the Company's banks and bondholders and its largest shareholders
* Proposed restructuring involves a rightsizing of the Company's debt to a sustainable level - from approximately $2.5 billion to approximately $1.2 billion.
* U.S. Chapter 11 restructuring implementation process, commenced on July 29, allow PGS operating subsidiaries to continue full operations
Q2 Operations:
* 48 % increase in contract seismic revenues compared to Q2, 2002
* 51 % reduction in multi-client investments compared to Q2, 2002
* Multi-client late sales affected by Brunei $18.1 million reversal in Q2, 2003 due to boarder dispute between Brunei and Malaysia
* Continued strong combined revenues from Pertra AS and Petrojarl Varg
* Unusual items include $12.9 million Isle of Man tax contingency accrual and $10.3 million in severance cost
The full report including tables can be downloaded from the following link:
