Petroleum Geo-Services Announces 4th Quarter and Year-end 2002 Results


OLSO, Norway, Feb. 26, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA ("PGS")(NYSE:PGO) (OSE:PGS) announced today its 4th quarter and year-end2002 results.


(In millions of          Q4 2002   Q4 2001    2002      2001 
 dollars)                                                      

 Revenues                  $262.0   $254.5     $994.0   $885.0 
 Operating profit (loss)      3.5    (28.6)    (629.5)   189.3 
 Net income (loss)         (122.5)  (104.9)  (1,392.1)     4.5 
 EBITDA, as defined (A)     126.2    118.8      458.8    433.8 
 CAPEX (B)                   (7.2)   (30.9)     (60.9)  (185.3) 
 Investments in             (34.5)   (59.4)    (190.4)  (230.2) 
 multi-client (C)                                              
 Cash flow defined as       $84.5    $28.5     $207.5    $18.3 
 (A+B+C)                                                       

 Q4 operations:
 - Higher portion of contract seismic
 - Higher level of pre-funding
 - Lower throughput on Varg, Foinaven and Banff
 - Lower revenues on Varg due to tail end production of Varg field
   2002 Operations:
 - Overall excellent safety and regularity performance
 - Increase in and focus on post capex cash flow
 - Increased portion of contract work and higher pre-funding on
   multi-client

 2002 -- a challenging year:
 - Continued overcapacity in seismic markets
 - Veritas merger plans terminated
 - Atlantis sale delayed (concluded February 2003)
 - Steep downgrades in financial ratings and in the share price
 - New Board, new CEO, new CFO
 - Substantial write downs and impairments in Q3
 - A comprehensive financial restructuring / refinancing effort
   initiated and in progress

The 4th quarter and year end 2002 report with tables is available at the following link: http://reports.huginonline.com/893351/114121.pdf



            

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