Creating The Premier Energy Data Company

PGS and TGS have merged to form a pioneering data and services company in the energy sector, serving customers across the energy value chain and positioning itself as a strategic partner for energy companies. Explore our vision. 

Business Highlights 2020

wave imagewave image

Swift response to Covid-19 market disruption by substantial cost and capex reduction, and two year maturity extension and amortization holiday on debt

Delivered strong vessel and Imaging project execution in 2020, despite Covid-19 restrictions and challenges

Entered into a strategic partnership with TGS and CGG to offer clients a single point to access MultiClient data libraries

Manifested leading position in Egypt by securing 15 vessel months of Ramform Titan-class acquisition work, capitalizing on PGS’ integrated service offering

Reached important milestones in the digital transformation process by developing a Cloud based MultiClient sales platform, achieved tangible results in optimizing vessel operation and commenced commercial imaging projects in the Cloud

Financial Calendar

Annual General Meeting April 21, 2021
Q1 2021  Earnings Release April 22, 2021
Q2 2021  Earnings Release July 22, 2021
Q3 2021  Earnings Release October 21, 2021
Q4 2021  Earnings Release January 27, 2022

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

People and Places

Headquartered in Oslo, Norway, PGS has offices in 14 countries around the world as of year-end 2020 and operates regional centres in London and Houston.

2020 AnnualReport Website 860x484px.png
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

 

  Average Number of Employees
2017 1436
2018 1247
2019 1248
2020 862