This is PGS

PGS acquires, images, and markets reliable 3D data that adds to our understanding of the subsurface. Energy companies use this data to find and produce resources or to store carbon.

The energy landscape is changing. Although oil and gas remain will remain essential to energy security for some time, new sources of energy are growing in scale and importance. Geophysics will continue to be a key enabler for the energy industry. 

Energy companies use PGS data for both exploration and production. In the exploration phase, seismic data is used to search for new reserves. In the production phase, accurate data is needed to produce efficiently over the life of an asset. Some reservoirs may later be used to store captured carbon. Offshore renewables also require reliable information about the subsurface to manage project risk and evaluate investments.

Mission and Vision

  • Our mission is to support the energy industry with the right data at the right time. 
  • Our vision is that using our pioneering spirit, PGS will collaborate with the energy industry and lead the way in the search for new resources

Our Business

PGS is an integrated marine geophysical company and we provide a range of services, including seismic data acquisition, subsurface imaging, rock physics, and reservoir characterization.

Our MultiClient data library comprises around 900 000 square kilometers of 3D data, almost half of which is GeoStreamer 3D data. In addition, it has over 670 000 line kilometers of 2D seismic, over 60% of this is GeoStreamer data. That proportion is growing. 

PGS is the industry's most experienced provider of multisensor broadband seismic data using GeoStreamer technology. Worldwide, our teams have acquired and processed around 900 000 sq. km of GeoStreamer data.  

The PGS headquarters is in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS).

Organizational Structure

PGS activities are organized into commercial and operational business areas.

  • Sales & Services | promotes and sells seismic services and data, including acquisition and imaging, to support oil and gas exploration and production 
  • New Energy | develops technology and collaborative business models to support energy companies' seeking sustainable energy transition, including carbon capture use and storage, and offshore wind installations
  • Operations | plans, manages and executes our seismic acquisition projects
  • Technology and Digitalization | operates Enterprise IT, and manages R&D and digital transformation projects

Worldwide Locations

PGS is headquartered in Oslo, Norway, with offices in 14 countries around the world, and operates regional centers in London and Houston.

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Luanda, Angola | Perth, Australia | Rio de Janeiro, Brazil | Cairo, Egypt | Accra, Ghana | Jakarta, Indonesia | Tokyo, Japan | Almaty, Kazakhstan | Cyberjaya & Kuala Lumpur, Malaysia | Lagos, Nigeria | Oslo & Stavanger, Norway | Singapore, Singapore | Weybridge, UK | Austin & Houston, US

Key Figures

  USD Millions
2017 838.8
2018 834.5
2019 880.1
2020 595.9

 

  Percentage
Contract - 25% 25
MultiClient - 65% 65
Imaging - 4% 4
Other - 7% 7
  USD Millions
2017 697.5
2018 601.6
2019 579.8
2020 426.2

*2020 includes government grants relating to the Covid-19 pandemic of $38.8 million.

Segment Revenues by Business Activity

  USD Millions
2017 534.4
2018 654.3
2019 529.6
2020 385.9
  USD Millions
2017 241.3
2018 149.5
2019 318.8
2020 146.7
  USD Millions
2017 51.0
2018 25.8
2019 29.1
2020 23.6

Key Financial Figures

In USD million 2020 2019 2018
Profit and loss numbers Segment Reporting      
Segment Revenues and Other Income 595.9 880.1 834.5
Segment EBITDA ex. other charges, net 397.7 556.1 515.9
Segment EBIT ex. impairment and other charges, net 12.2 96.4 36.3
Profit and loss numbers As Reported      
Revenues and Other Income 512.0 930.8 874.3
EBIT (188.0) 54.6 39.4
Net financial items (118.4) (92.2) (87.3)
Income (loss) before income tax expense (306.4) (37.6) (47.9)
Income tax expense (15.1) (34.1) (40.0)
Net income (loss) to equity holders (321.5) (71.7) (87.9)
Basic earnings per share ($ per share) (0.85) (0.21) (0.26)
Other key numbers As Reported by IFRS      
Net cash provided by operating activities 366.5 474.3 445.9
Cash investment in MultiClient library 222.3 244.8 277.1
Capital expenditures (whether paid or not) 36.1 59.1 42.5
Total assets 2 093.8 2 301.7 2 384.8
Cash and cash equivalents 156.7 40.6 74.5
Net interest-bearing debt** 937.6 1 007.5 1 109.6
Net interest-bearing debt, including lease liabilities following IFRS 16** 1 096.2 1 204.6  

**Following the implementation of IFRS 16, prior periods are not comparable to December 2019 and December 2020.

MultiClient Fundamentals

The PGS data library contains advanced images of the subsurface that oil and gas companies use to explore for hydrocarbons. Better data enables more effective exploration and increases the chances of success. The PGS MultiClient 3D Library comprises almost 850 000 sq. km, approximately 44% is GeoStreamer 3D data, while our MultiClient 2D Library comprises approximately 670 000 km, over 60% is GeoStreamer 2D data. *Peer group comprises WesternGeco, TGS, CGG, and PGS.

  Percentage
GeoStreamer 2D Data - 62% 62
Other - 38% 38
  Percentage
GeoStreamer 3D Data - 53% 53
Other - 47% 47
  Percentage
PGS - 20% 20
Rest of Peer Group - 80% 80
  Percentage
PGS - 20% 20
Rest of Peer Group - 80% 80
  Percentage
PGS - 22% 22
Rest of Peer Group - 78% 78

Vessel Fleet

Our active fleet consists of eight state-of-the-art 3D seismic vessels (six in the low season). Additional cold-stacked capacity can be reactivated when required.

  Percentage
Contract - 36% 36
MultiClient - 60% 60
Standby - 6% 6
Steaming - 10% 10
Yard - 2% 2
  Percentage
Marine Contract - 50% 50
MultiClient - 50% 50

ESG Figures

Good management of health, safety, environment and quality is central to our ESG commitment. Long-term success depends on a team that thinks the right way and then does the right things. That requires clear leadership, a strong culture that includes everyone involved, and commitment from the boardroom to the back deck.

  2017 2018 2019 2020
Lost Time Injury (LTI) 1 1 3 3
Restricted Work Case (RWC) 0 3 0 0
Medical Treatment Case (MTC) 3 2 2 0
Total Recordable Incidents 4 6 5 3
High Potential Incidents 3 1 2 2
Man-hours (millions)* 6.7 5.2 5.8 4.6

 

  TRCF
2017 0.60
2018 1.15
2019 0.86
2020 0.65
  TRCF
2017 0.15
2018 0.19
2019 0.52
2020 0.65
  TRCF
2017 0.45
2018 0.19
2019 0.35
2020 0.44

 

People

Our lean, project-driven organization delivers on our strategy and core values. We strive to ensure good leadership, decent work, and good working conditions for our employees and contractors.

  Number of Employees by Year-end
2017 1436
2018 1247
2019 1248
2020 862
  Number
Offices - 649 649
Vessels - 334 334
  Office Vessel
2017 97 100
2018 90 100
2019 94 100
2020 * *

* Performance reviews for 2020 will be finalized during the second quarter of 2021. The final number will be reported in next year’s report.

  Percentage
Male - 98% 98
Female - 2% 2
Nationality Percentage
British - 33% 33
Norwegian - 17% 17
Polish - 13% 13
American - 11% 11
Canadian - 4% 4
French - 3% 3
Swedish - 2% 2
Other - 19% 19
  Percentage
Under 55 yrs - 73% 73
55 and over - 27% 27
  Percentage
Male - 70% 70
Female - 30% 30
Nationality Percentage
Norwegian - 28% 28
British - 18% 18
American - 11% 11
Egyptian - 6% 6
French - 4% 4
Brazilian - 4% 4
German - 3% 3
Angolan - 3% 3
Other - 26% 26
  Percentage
Under 55 yrs - 79% 79
55 and over - 21% 21

Our Leadership Principles