Petroleum Geo-Services ASA : Second Quarter and First Half 2013 Results

Technology Differentiation Paying Off


Highlights Q2 2013
* Revenues of $381.7 million, compared to $404.8 million in Q2 2012
* EBIT of $110.6 million, up 28% from Q2 2012
* Group EBIT margin of 29%, up from 21% in Q2 2012
* EBITDA of $209.6 million, compared to $246.2 million in Q2 2012
* Net cash provided by operating activities of $271.3 million, up 54% from Q2
2012
* Record Q2 MultiClient late sales of $90.2 million, up 5% from Q2 2012
* Ramform Titan, the first of four vessels in the Ramform Titan-class,
delivered
* Full year MultiClient pre-funding level expectation lowered slightly to
approximately 110% causing full year EBITDA guidance to be adjusted to $900-
950 million


"Strong interest in our MultiClient GeoStreamer library resulted in the best
second quarter MultiClient late sales ever achieved. Good marine contract
performance, our strong technology position and an attractive MultiClient
library contributed to the high profitability in the quarter.

Our pre-funding for the full year is expected at a robust 110% of capitalized
cash investment, though slightly lower than earlier communicated. The
MultiClient projects are very attractive and lower pre-funding is expected to
lead to higher late sales over time.

We are close to fully booked for the third quarter. Approximately 60% of our
capacity is now booked for the fourth quarter with average pricing for marine
contract work in 2013 being 10-15% higher than 2012 average. Active tenders in
the market have increased over the last months giving us an improved bid
pipeline going into the winter season and 2014."

Jon Erik Reinhardsen,
President and Chief Executive Officer

+----------------------------------+----------------+----------------+---------+
| |   |   |   |
|  | 2(nd) Quarter | Six months |Full year|
|Key Financial Figures +-------+--------+-------+--------+---------+
|(In USD millions, except per share|   |   |   |   |   |
|data) | 2013 | 2012 | 2013 | 2012 | 2012 |
| |   |  |   | | |
+----------------------------------+-------+--------+-------+--------+---------+
|Revenues | 381.7| 404.8| 776.5| 769.9| 1,518.3|
+----------------------------------+-------+--------+-------+--------+---------+
|EBITDA (as defined, see note 1) | 209.6| 246.2| 411.9| 391.9| 776.2|
+----------------------------------+-------+--------+-------+--------+---------+
|EBIT | 110.6| 86.6| 207.4| 122.4| 293.8|
+----------------------------------+-------+--------+-------+--------+---------+
|Income before income tax expense | 97.4| 65.4| 185.2| 81.6| 228.5|
+----------------------------------+-------+--------+-------+--------+---------+
|Net income to equity holders | 71.5| 45.9| 134.0| 58.5| 185.5|
+----------------------------------+-------+--------+-------+--------+---------+
|Basic earnings per share ($ per | 0.33| 0.21| 0.62| 0.27| 0.86|
|share) | | | | | |
+----------------------------------+-------+--------+-------+--------+---------+
|Diluted earnings per share ($ per | 0.33| 0.21| 0.62| 0.27| 0.85|
|share) | | | | | |
+----------------------------------+-------+--------+-------+--------+---------+
|Net cash provided by operating | 271.3| 176.5| 374.0| 328.1| 752.9|
|activities | | | | | |
+----------------------------------+-------+--------+-------+--------+---------+
|Cash investment in MultiClient | 68.1| 82.0| 141.0| 134.7| 297.4|
|library | | | | | |
+----------------------------------+-------+--------+-------+--------+---------+
|Capital expenditures (whether paid| 199.9| 84.1| 271.3| 152.0| 368.1|
|or not) | | | | | |
+----------------------------------+-------+--------+-------+--------+---------+
|Total assets (period end) |3,444.6|2,930.5*|3,444.6|2,930.5*| 3,275.6*|
+----------------------------------+-------+--------+-------+--------+---------+
|Cash and cash equivalents (period | 329.7| 198.9| 329.7| 198.9| 390.3|
|end) | | | | | |
+----------------------------------+-------+--------+-------+--------+---------+
|Net interest bearing debt (period | 617.2| 441.9| 617.2| 441.9| 435.6|
|end) | | | | | |
+----------------------------------+-------+--------+-------+--------+---------+

*The financial information for 2012 is restated from retrospectively adopting
IAS19R, see note 3

The complete Q2 2013 earnings release and presentation can be downloaded from
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.


Q2 Earnings Release :
http://hugin.info/115/R/1718687/571812.pdf

Q2 Presentation:
http://hugin.info/115/R/1718687/571813.pdf



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Source: Petroleum Geo-Services ASA via Thomson Reuters ONE
[HUG#1718687]