Business Highlights 2021

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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.

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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

Contact a PGS expert

If you have questions related to our business please send us an email.