Houston, Texas; Oslo, Norway; July 31, 2002: (Petroleum Geo-Services ASA (NYSE: PGO; OSE: PGS) reported today second quarter earnings before non-operating items of $8.6 million, or $0.08 per share. Net loss for the 2002 second quarter, which included several non-operating items, was ($30.6) million, or ($0.30 per share). Our non-operating gains and losses for the 2002 second quarter included the following pre-tax items: $3.5 million in costs related to the Veritas merger; a $30.9 million gain on the termination of our tax equalization swap contracts; $7.6 million in foreign exchange losses; $7.0 million in income from the held-for-sale Atlantis operations; and $10.8 million in forced amortization charges. Additionally, a $48.6 million non-cash provision for income taxes related to the significant exchange rate fluctuation between the Norwegian kroner and US dollar during the 2002 second quarter (and the resultant taxable gain associated with our dollar-denominated liabilities), and $2.1 million in non-cash valuation allowance charges (classified as provision for income taxes) related to UK and US net operating losses.
FOR DETAILS, CONTACT:
J. Chris Boswell, SVP & CFO
Sam R. Morrow, SVP Finance & Treasurer
Phone: +1-281-589-7935
Dag W. Reynolds, Director European IR
Phone: +47 67 52 64 00
For 2nd Quarter report with tables and notes, please follow this link: