Petroleum Geo-Services ASA: Unaudited Fourth Quarter and Preliminary Full Year 2007 Results

Record Year -- Strong 2008 Outlook


OSLO, Norway, Feb. 21, 2008 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ("PGS" or the "Company") today announced its unaudited fourth quarter and preliminary full year 2007 results under IFRS.


 * 2007 - Best year ever: Operating profit of $494.5 million,
   up $135.0 million (38%) compared to 2006. Revenues of $1,519.9
   million, up $211.5 million (16%). Marine revenue increased by 22%
   to $1,273.8 million. Onshore performed weaker than in 2006 due to
   weaker project continuity, some specific scheduling issues and bad
   weather conditions in second half. Onshore revenue decreased by 6%
   to $246.4 million

 * Record strong order backlog: Backlog going into 2008 at all
   time high both in terms of size and prices, giving PGS superior
   visibility

 * Further progress in delivering our strategy of growth and
   technology differentiation:

   - Strategic acquisition completed: Arrow Seismic provides an 
     attractive high-end supplement to our state-of-the-art 
     multi streamer fleet

   - Completed offering of $400 million convertible notes in December: 
     Proceeds used to secure permanent financing for the Arrow 
     acquisition at favorable terms while increasing financial
     flexibility for the future

   - Successful North Sea EM campaign: PGS completed a campaign in the 
     North Sea to acquire marine electromagnetic data with the MTEM 
     technology, providing a stepping stone for commercialization
     in 2008

   - Continued multi-client momentum with Crystal II: The acquisition 
     phase of the Crystal I wide-azimuth survey in Gulf of Mexico was 
     completed two months ahead of schedule in October. Crystal II has 
     commenced and data will be ready for final delivery late 2008
  
   - Ramform Sovereign on schedule for early March delivery: Unlike any 
     other new-build or conversion project in the industry the PGS 
     project team and Aker Yards is set to deliver the world's most 
     advanced seismic vessel on time and budget

   - Ramform Victory delivered to METI: Ramform Victory successfully 
     delivered to the Japanese Ministry of Economy, Trade and Industry 
     ("METI") in January 2008 and renamed Shigen, representing the start 
     of an important long-term operations, service and support agreement 
     for PGS

 * Q4 2007 - Impacted by scheduled yard stays: Operating profit of 
   $76.5 million, up 2.3 million (3%) compared to Q4 2006. Revenues of 
   $372.5 million, up $11.5 million (3%).  Record high multi-client 
   revenues, but, as guided, temporary lower revenues and EBIT margin in 
   the marine contract segment due to scheduled yard maintenance, upgrade 
   and 10-year classing of three Ramform vessels

 * Marine: Operating profit of $101.2 million in Q4 2007, up
   $22.2 million (28%) from Q4 2006

 * Onshore: Disappointing operating loss of $3.2 million in Q4 2007 
   compared to a profit of $2.3 million in Q4 2006, negatively impacted 
   by weak project continuity and increased multi-client amortization

http://hugin.info/115/R/1193812/241605.pdf

http://hugin.info/115/R/1193812/241606.pdf

http://hugin.info/115/R/1193812/241608.pdf



            

Coordonnées