PGS: First Quarter 2019 Results
25 4월 2019 - 3:00PM
Weak Q1 2019
Results - Full Year Intact
Highlights Q1
2019
-
As Reported revenues according to IFRS of $129.3
million and EBIT loss of $42.5 million, compared to $201.3 million
and EBIT loss of $7.3 million in Q1 2018
-
Segment Revenues of $141.9 million, compared to
$197.8 million in Q1 2018
-
Segment EBITDA of $66.6 million, compared to
$92.3 million in Q1 2018
-
Segment EBIT, a loss of $29.3 million, compared
to a loss of $22.7 million in Q1 2018
-
Total Segment MultiClient prefunding revenues of
$30.0 million, with a corresponding prefunding level of 48%,
compared to $58.6 million and 109% in Q1 2018
-
MultiClient late sales revenues of $60.9
million, compared to $83.5 million in Q1 2018
-
Cash flow from operations of $119.4 million,
compared to $73.4 million in Q1 2018
-
Liquidity reserve of $205.4 million, an increase
of $45.9 million, or 29%, compared to previous quarter
-
In process of completing sale of Ramform Sterling to JOGMEC, including a service
agreement of up to 10 years with annual renewals. First part of
sales price received in March 2019, net $44.6 million cash flow
impact
-
Order book of $238 million, an increase of $75
million, compared to previous quarter
"Segment MultiClient prefunding
revenues in Q1 2019 were impacted by an overweight of low prefunded
surveys in the mix. This will reverse in the coming quarters, and
the prefunding level for the full year 2019 is expected to be in
the upper half of the targeted range 80-120%.
The order book increased by
46% in the first quarter. I am confident, based on the improved
visibility for vessel utilization, MultiClient prefunding and
contract revenues that we will be able to deliver a significant
improvement in cash flow and profitability in 2019, compared to
2018.
Pricing for contract work booked
to date is now more than 35% higher than the average rate in 2018.
The price increase is a combination of a general market
improvement, more 4D work and our ability to build an attractive
project portfolio. The higher prices will primarily benefit our
contract revenues in the second and third quarters."
Rune Olav Pedersen,
President and Chief Executive Officer
Outlook
PGS expects significant cash flow generation among clients and an
increase in exploration and production spending, including offshore
spending, to contribute to further recovery of the marine seismic
market fundamentals going forward. Contract seismic is likely the
activity that will benefit most from the improvement, driven by
more 4D acquisition and generally higher demand for new proprietary
seismic data.
Based on current operational
projections and with reference to disclosed risk factors, PGS
expects full year 2019 gross cash costs of approximately $550
million. This number takes into account an approximately $50
million reduction from the implementation of IFRS 16 in 2019. See
Note 16 for a description of the effects from implementation of
IFRS 16.
2019 MultiClient cash investments
are expected to be approximately $250 million.
More than 50% of 2019 active 3D
vessel time is currently expected to be allocated to MultiClient
acquisition.
Capital expenditure for 2019 is
expected to be approximately $85 million, which includes the
reactivation of Ramform Vanguard.
The order book totaled $238
million at March 31, 2019 (including $90 million relating to
MultiClient). The order book was $163 million at December 31, 2018
and $211 million at March 31, 2018.
Consolidated Key Financial Figures
(In USD millions, except per share data) |
Quarter ended
March 31, |
Year ended
December 31, |
2019 |
2018 |
2018 |
Profit and loss numbers Segment
Reporting |
|
|
|
Segment Revenues |
141.9 |
197.8 |
834.5 |
Segment EBITDA |
66.6 |
92.3 |
515.9 |
Segment EBIT ex. Impairment and other charges, net |
(29.3) |
(22.7) |
36.3 |
|
|
|
|
Profit and loss numbers As Reported |
|
|
|
Revenues |
129.3 |
201.3 |
874.3 |
EBIT |
(42.5) |
(7.3) |
39.4 |
Net financial items |
(22.0) |
(22.3) |
(87.3) |
Income (loss) before income tax expense |
(64.5) |
(29.6) |
(47.9) |
Income tax expense |
(0.6) |
(10.4) |
(40.0) |
Net income (loss) to equity holders |
(65.1) |
(40.0) |
(87.9) |
Basic earnings per share ($ per share) |
(0.19) |
(0.12) |
(0.26) |
|
|
|
|
Other key numbers As Reported: |
|
|
|
Net cash provided by operating activities |
119.4 |
73.4 |
445.9 |
Cash Investment in MultiClient library |
62.1 |
53.7 |
277.1 |
Capital expenditures (whether paid or not) |
11.5 |
4.0 |
42.5 |
Total assets |
2,497.6 |
2,501.9 |
2,384.8 |
Cash and cash equivalents |
90.4 |
38.4 |
74.5 |
Net interest bearing debt* |
1,051.7 |
1,150.7 |
1,109.6 |
Net interest bearing debt, including lease liabilities
following IFRS 16* |
1,282.9 |
|
|
*Following implementation of IFRS 16, prior
periods are not comparable to March 2019.
A complete version of the Q1 2019 earnings release
and earnings presentation can be downloaded from www.newsweb.no and
www.pgs.com.
FOR
DETAILS, CONTACT: |
Bård Stenberg, SVP IR & Communication
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35
**** |
Petroleum
Geo-Services ("PGS" or "the Company") 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. The
Company operates on a worldwide basis with headquarters in Oslo,
Norway and the PGS share is listed on the Oslo stock exchange (OSE:
PGS). For more information on Petroleum Geo-Services visit
www.pgs.com.
****
The information included herein contains certain
forward-looking statements that address activities, events or
developments that the Company expects, projects, believes or
anticipates will or may occur in the future. These statements are
based on various assumptions made by the Company, which are beyond
its control and are subject to certain additional risks and
uncertainties. The Company is subject to a large number of
risk factors including but not limited to the demand for seismic
services, the demand for data from our multi-client data library,
the attractiveness of our technology, unpredictable changes in
governmental regulations affecting our markets and extreme weather
conditions. For a further description of other relevant risk
factors we refer to our Annual Report for 2018. As a result of
these and other risk factors, actual events and our actual results
may differ materially from those indicated in or implied by such
forward-looking statements. The reservation is also made that
inaccuracies or mistakes may occur in the information given above
about current status of the Company or its business. Any reliance
on the information above is at the risk of the reader, and PGS
disclaims any and all liability in this respect.
This information is subject
to the disclosure requirements pursuant to section 5 -12 of the
Norwegian Securities Trading Act.
Earnings Relase Q1 2019
Q1 2019 Presentation
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire
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