Business Highlights 2019
- PGS’ contract prices were close to 40% higher in 2019, compared to average 2018 pricing.
- The order book nearly doubled during 2019, improving the business base going into 2020.
- Higher project activity enabled PGS to continue operating eight vessels during the winter season, compared to the seasonal reduction to six vessels in previous years to adjust to lower winter-season demand.
- Capital expenditures were kept at a low level in 2019.
- Cash flow improved, and PGS reduced net interest-bearing debt by more than $100 million in 2019 and increased the liquidity reserve by approximately $50 million.
- PGS completed the sale of Ramform Sterling to JOGMEC, including a service agreement of up to 10 years with annual renewals.
- Following sale of the Ramform Sterling, Ramform Vanguard was successfully re-introduced to maintain the operated 3D fleet size of eight vessels.
- PGS also initiated a digital transformation process and entered into an agreement with Google Cloud as the Company’s preferred cloud provider.
- Early 2020, PGS completed a refinancing of its 2020 and 2021 debt maturities combined with a $95 million equity raise. The refinancing extended the maturity of the Company’s revolving credit facility and term loan to 2023 and 2024.
|Annual General Meeting||April 22, 2020|
|Q1 2020 Earnings Release||April 23, 2020|
|Q2 2020 Earnings Release||July 23, 2020|
|Q3 2020 Earnings Release||October 22, 2020|
|Q4 2020 Earnings Release||January 28, 2021|
Segment Revenues by Business Activity
Key Financial Figures
|In USD million||2019||2018||2017|
|Profit and loss numbers Segment Reporting|
|Segment EBIT ex. impairment and other charges, net||96.4||36.3||(147.1)|
|Profit and loss numbers As Reported|
|Net financial items||(92.2)||(87.3)||(84.5)|
|Income (loss) before income tax expense||(37.6)||(47.9)||(468.2)|
|Income tax expense||(34.1)||(40.0)||(55.2)|
|Net income (loss) to equity holders||(71.7)||(87.9)||(523.4)|
|Basic earnings per share ($ per share)||(0.21)||(0.26)||(1.6)|
|Other key numbers As Reported by IFRS|
|Net cash provided by operating activities||474.3||445.9||281.8|
|Net cash provided by operating activities||244.8||277.1||213.4|
|Capital expenditures (whether paid or not)||59.1||42.5||154.5|
|Cash and cash equivalents||40.6||74.5||47.3|
|Net interest-bearing debt*||1,007.5||1,109.6||1,139.4|
|Net interest-bearing debt, including lease liabilities following IFRS 16*||1,204.6|
*Following implementation of IFRS 16, prior periods are not comparable to December 2019
People and Places
Headquartered in Oslo, Norway, PGS has offices in 16 countries around the world as of year-end 2019 and operates regional centres in London and Houston.