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Established New Energy business early 2021 to diversify PGS product portfolio and build a substantial market presence in the provision of subsurface data for the offshore renewables’ domain or related to the ongoing energy transition
Awarded a multi-year 4D framework agreement by Equinor, evidencing PGS strong position in the 4D market
Completed the first simultaneous node and streamer acquisition contract in the Barents Sea in mid-August. During the survey PGS set several acquisition records
Completed a sale of the assets associated with PGS towed electro magnetic system to Ocean Floor Geophysics (“OFG”)
Entered into a strategic collaboration with Magseis Fairfield to address the growing hybrid towed streamer and Ocean Bottom Node (“OBN”) seismic market
PGS, TGS and CGG launched Versal – a unified seismic data ecosystem giving access to three of the world’s largest MultiClient libraries, via
a single log-in
Signed a milestone MultiClient Data Management as a Service (“DMaaS”) agreement with a major customer
Financial Calendar
| Annual General Meeting | April 27, 2022 |
| Q1 2022 Revenue Update | April 11, 2022 |
| Q1 2022 Earnings Release | April 29, 2022 |
| Q2 2022 Revenue Update | July 11, 2022 |
| Q2 2022 Earnings Release | July 21, 2022 |
| Q3 2022 Revenue Update | October 11, 2022 |
| Q3 2022 Earnings Release | October 20, 2022 |
| Q4 2022 Revenue Update | January 10, 2023 |
| Q4 2022 Earnings Release | January 26, 2023 |
Key Figures
| USD Millions | |
| 2018 | 834.5 |
| 2019 | 880.1 |
| 2020 | 595.9 |
| 2021 | 590 |
| USD Millions | |
| 2018 | 601.6 |
| 2019 | 579.8 |
| 2020 | 426.2 |
| 2021 | 401.8 |
| Percentage | |
| Contract - 35% | 35 |
| MultiClient - 60% | 60 |
| Imaging - 4% | 4 |
| Other - 1% | 1 |
Segment Revenues by Business Activity
| USD Millions | |
| 2018 | 654.3 |
| 2019 | 529.6 |
| 2020 | 385.9 |
| 2021 | 354.3 |
| USD Millions | |
| 2018 | 149.5 |
| 2019 | 318.8 |
| 2020 | 146.7 |
| 2021 | 207.8 |
| USD Millions | |
| 2018 | 25.8 |
| 2019 | 29.1 |
| 2020 | 23.6 |
| 2021 | 21.7 |
Key Financial Figures
| In USD million | 2021 | 2020 | 2019 |
| Profit and loss numbers Segment Reporting | |||
| Segment Revenues and Other Income | 590 | 595.9 | 880.1 |
| Segment EBITDA ex. other charges, net | 320.2 | 397.7 | 556.1 |
| Segment EBIT ex. impairment and other charges, net | (54.6) | 12.2 | 96.4 |
| Profit and loss numbers As Reported | |||
| Revenues and Other Income | 703.8 | 512.0 | 930.8 |
| EBIT | (66.2) | (188.0) | 54.6 |
| Net financial items | (97.6) | (118.4) | (92.2) |
| Income (loss) before income tax expense | (163.8) | (306.4) | (37.6) |
| Income tax expense | (15.6) | (15.1) | (34.1) |
| Net income (loss) to equity holders | (179.4) | (321.5) | (71.7) |
| Basic earnings per share ($ per share) | (0.45) | (0.85) | (0.21) |
| Other key numbers As Reported by IFRS | |||
| Net cash provided by operating activities | 326.6 | 366.5 | 474.3 |
| Cash investment in MultiClient library | 127.2 | 222.3 | 244.8 |
| Capital expenditures (whether paid or not) | 33.4 | 36.1 | 59.1 |
| Total assets | 1792.8 | 2 093.8 | 2 301.7 |
| Cash and cash equivalents | 170.0 | 156.7 | 40.6 |
| Net interest-bearing debt | 936.4 | 937.6 | 1 007.5 |
| Net interest-bearing debt, including lease liabilities following IFRS 16 | 1051.3 | 1 096.2 | 1 204.6 |
People and Places
Headquartered in Oslo, Norway, PGS has offices in 14 countries around the world as of year-end 2021 and operates regional centres in London and Houston.
Luanda, Angola | Perth, Australia | Rio de Janeiro, Brazil | Cairo, Egypt | Accra, Ghana Tokyo, Japan | Almaty, Kazakhstan | Kuala Lumpur, Malaysia | Lagos, Nigeria | Oslo & Stavanger, Norway | Weybridge, UK | Austin & Houston, USA
| Average Number of Employees | |
| 2018 | 1247 |
| 2019 | 1248 |
| 2020 | 862 |
| 2021 | 839 |