PGS allocated two thirds of its active 3D vessel capacity to MultiClient and invested $277.1 million in 2018 to expand and further develop its portfolio of attractive MultiClient surveys.
Overall MultiClient Segment revenues grew by 22% in 2018, compared to 2017.
MultiClient late sales were record high and ended at $371.9 million, an increase of 58% from 2017.
2018 was the first year PGS operated in a centralized, simplified and streamlined structure, after a comprehensive reorganization in the fourth quarter 2017.
The flexible fleet strategy, whereby the Company adjusts capacity according to seasonal demand swings, implemented as a part of the reorganization, proved to work as intended.
PGS was able to achieve its primary financial target for the year of becoming cash flow positive after debt servicing*.
Capital expenditures were kept at a low level in 2018.
In November, PGS sold the fiber optic permanent monitoring solution, OptoSeis, as a part of the plan to divest non-core assets.
PGS announced it was the preferred tenderer for sale of the Ramform Sterling to JOGMEC in Japan and a related service agreement of up to 10 years with annual renewals. The agreement to sell the vessel at a price of approximately $100 million was signed early 2019.
*Is measured as Segment revenues less gross cash cost, capital expenditures (as reported), taxes and interest paid and scheduled debt repayments.
Financial Calendar
Annual General Meeting
April 24, 2019
Q1 2019 Earnings Release
April 25, 2019
Q2 2019 Earnings Release
July 18, 2019
Q3 2019 Earnings Release
October 17, 2019
Q4 2019 Earnings Release
January 30, 2020
Key Figures
USD Millions
2015
961.9
2016
764.3
2017
838.8
2018
834.5
Percentage
Contract - 18%
18
MultiClient - 78%
78
Imaging - 3%
3
Other - 1%
1
USD Millions
2015
793.1
2016
662.3
2017
697.5
2018
601.6
Segment Revenues by Business Activity
USD Millions
2015
574.7
2016
469.1
2017
534.4
2018
654.3
USD Millions
2015
274.0
2016
212.6
2017
241.3
2018
149.5
USD Millions
2015
93.7
2016
70.0
2017
51.0
2018
25.8
Key Financial Figures
In USD million
2018
2017
2016
2015
Profit and loss numbers Segment Reporting
Segment Revenues
834.5
838.8
764.3
961.9
Segment EBITDA
515.9
374.1
313.3
484.4
Segment EBIT ex. impairment charges and other charges, net
36.3
(147.1)
(137.5)
15.8
Other key numbers As Reported
Net cash provided by operating activities
445.9
281.8
320.9
487.9
Capital expenditures (whether paid or not)
42.5
154.5
208.6
165.7
Cash investment in MultiClient library
277.1
213.4
201.0
303.3
Total assets
2384.8
2482.8
2817.0
2914.1
MultiClient library
654.6
512.3
647.7
695.0
Cash and cash equivalents
74.5
47.3
61.7
81.6
Shareholders equity
721.8
879.5
1359.4
1 463.7
Net interest bearing debt
1112.8
1139.4
1029.7
994.2
People and Places
Luanda, Angola | Perth, Australia | Rio de Janeiro, Brazil | Beijing, China | Cairo, Egypt | Accra, Ghana | Tokyo, Japan | Almaty, Kazakhstan | Cyberjaya & Kuala Lumpur, Malaysia | Villahermosa, Mexico | Lagos, Nigeria | Bergen, Oslo & Stavanger, Norway | Singapore, Singapore | Weybridge, UK | Austin & Houston, US
