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.

Download PGS Annual Report 2019 

Financial Calendar

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

Key Figures

  USD Millions
2016 764.3
2017 838.8
2018 834.5
2019 880.1
  Percentage
Contract - 36% 36
MultiClient - 60% 60
Imaging - 4% 4
  USD Millions
2016 662.3
2017 697.5
2018 601.6
2019 579.8

Segment Revenues by Business Activity

  USD Millions
2016 469.1
2017 534.4
2018 654.3
2019 529.6
  USD Millions
2016 212.6
2017 241.3
2018 149.5
2019 318.8
  USD Millions
2016 70.0
2017 51.0
2018 25.8
2019 29.1

Key Financial Figures

In USD million 2019 2018 2017
Profit and loss numbers Segment Reporting      
Segment Revenues 880.1 834.5 838.8
Segment EBITDA 556.1 515.9 374.1
Segment EBIT ex. impairment and other charges, net 96.4 36.3 (147.1)
Profit and loss numbers As Reported      
Revenues 930.8 874.3 838.8
EBIT 54.6 39.4 (383.6)
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
Total assets 2,301.7 2,384.8 2,482.8
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.

World-Map.PNG
Luanda, Angola | Perth, Australia | Rio de Janeiro, Brazil | Beijing, China | Cairo, Egypt | Accra, Ghana | Jakarta, Indonesia | Tokyo, Japan | Almaty, Kazakhstan | Cyberjaya & Kuala Lumpur, Malaysia | Villahermosa, Mexico | Lagos, Nigeria | Oslo & Stavanger, Norway | Singapore, Singapore | Weybridge, UK | Austin & Houston, US

 

  Average Number of Employees
2016 1821
2017 1715
2018 1248
2019 1256