Petroleum Geo-Services ASA : First Quarter 2012 Results

GeoStreamer® Delivers Record Pre-funding Revenues


 Highlights Q1 2012
* Revenues of $365.0 million, up 51% from Q1 2011
* EBITDA of $145.7 million, up 100% from Q1 2011
* EBIT of $35.8 million, up $33.3 million from Q1 2011
* Total MultiClient revenues of $157.9 million, up 202% from Q1 2011, with
record pre-funding revenues of $108.5 million
* Marine Contract revenues of $174.9 million, up 10% from Q1 2011, with an
EBIT margin of 4%
* Cash flow from operations of $151.6 million, up 87% from Q1 2011
* High activity for Data Processing
* Improved market balance will benefit contract prices and margins in the
second half of 2012
* Full year 2012 EBITDA guidance is upgraded from a range of $650-$700 million
to approximately $700 million


"Our Q1 2012 is characterized by record MultiClient pre-funding revenues, strong
late sales performance and an improving marine contract margin driven by good
vessel performance. The strong pre-funding revenues were primarily due to the
ongoing MultiClient project offshore Angola and pre-funding revenues from
additional participants to MultiClient surveys in Brazil and North Sea, which
were still in the processing stage. The pre-funding revenues were as high as
206% of capitalized MultiClient cash investment. Late sales revenues were
primarily driven by Europe and West Africa.

The outlook for both contract and MultiClient is positive and we have now booked
most of our Q2 and Q3 capacity. The price uplift achieved for the summer season,
is primarily related to our high capacity GeoStreamer vessels, proving the
importance of technology and vessel differentiation. Visibility for Q4 is
improving with approximately 40% of our capacity, primarily GeoStreamer, already
booked for the quarter at margins comparable with the summer season. PGS is well
positioned to take advantage of a continued polarization of the seismic market
with favourable price differentiation for the high-end, broadband segment."


Jon Erik Reinhardsen,
President and Chief Executive Officer
+------------------------------------------+-------------------+-----------+
| |   |   |
|  | 1(st) quarter | Full year |
|Key Financial Figures +---------+---------+-----------+
|(In USD millions, except per share data) |   |   |   |
| | 2012 | 2011 | 2011 |
| |Unaudited|Unaudited|Audited(2))|
+------------------------------------------+---------+---------+-----------+
|Revenues | 365.0| 242.2| 1,253.3|
+------------------------------------------+---------+---------+-----------+
|EBITDA (as defined) | 145.7| 72.9| 534.8|
+------------------------------------------+---------+---------+-----------+
|EBIT ex. impairment charges (1) ) | 35.8| 2.5| 141.3|
+------------------------------------------+---------+---------+-----------+
|EBIT as reported | 35.8| 2.5| 138.7|
+------------------------------------------+---------+---------+-----------+
|Income (loss) before income tax expense | 16.2| (8.3)| 64.8|
+------------------------------------------+---------+---------+-----------+
|Net income (loss) to equity holders | 12.6| (8.9)| 33.7|
+------------------------------------------+---------+---------+-----------+
|Basic earnings per share ($ per share) | 0.06| (0.04)| 0.16|
+------------------------------------------+---------+---------+-----------+
|Diluted earnings per share ($ per share) | 0.06| (0.04)| 0.15|
+------------------------------------------+---------+---------+-----------+
|Net cash provided by operating activities | 151.6| 81.0| 480.4|
+------------------------------------------+---------+---------+-----------+
|Cash investment in MultiClient library | 52.7| 45.6| 203.9|
+------------------------------------------+---------+---------+-----------+
|Capital expenditures (whether paid or not)| 67.9| 81.3| 279.9|
+------------------------------------------+---------+---------+-----------+
|Total assets (period end) | 2,937.3| 2,970.4| 3,137.2|
+------------------------------------------+---------+---------+-----------+
|Cash and cash equivalents (period end) | 260.4| 317.3| 424.7|
+------------------------------------------+---------+---------+-----------+
|Net interest bearing debt (period end) | 367.9| 315.7| 394.2|
+------------------------------------------+---------+---------+-----------+



1. Net impairment charge was $2.6 million for the full year 2011.
2. Derived from the audited financial statement

Complete first quarter 2012 earnings release and presentation can be downloaded
at www.newsweb.no or www.pgs.com

FOR DETAILS, CONTACT:


Bård Stenberg, Investor Relations Manager
Phone:   +47 67 51 43 16
Mobile: +47 99 24 52 35

Tore Langballe, SVP Corporate Communications
Phone:   +47 67 51 43 75
Mobile: +47 90 77 78 41



This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.




Earnings Release Q1 2012:
http://hugin.info/115/R/1609687/511339.pdf

Presentation Q1 2012:
http://hugin.info/115/R/1609687/511340.pdf



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Source: Petroleum Geo-Services ASA via Thomson Reuters ONE
[HUG#1609687]


Unternehmen: Petroleum Geo-Services ASA - ISIN: NO0010199151