OLSO, Norway, Aug. 19, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA (Debtor in possession) (`PGS`) (OSE:PGS) (Pink Sheets:PGOGY) announced today its 2nd quarter 2003 results.
(In millions of dollars)
Q2 2003 Q2 2002 Q1+Q2 Q1+Q2
2003 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 (23.2) (47.6) (68.6) (120.1)
multi-client (C)
Cash flow defined as $80.8 $50.9 $168.6 $67.9
(A+B+C)
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: http://reports.huginonline.com/914395/121883.pdf