Outcomes for the second quarter and first half of 2021

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Leverage the built-in enterprise mannequin

Takeaway Q2 2021

  • Section and different revenues of $ 151.8 million, in comparison with $ 138.7 million within the second quarter of 2020
  • Section EBITDA of $ 84.4 million, in comparison with $ 99.1 million within the second quarter of 2020
  • Section EBIT loss (excluding impairments and different fees) of $ 4.2 million, in comparison with revenue of $ 7.0 million in Q2 2020
  • MultiClient phase pre-finance income of $ 28.6 million, with a corresponding pre-finance stage of 111%, in comparison with $ 66.2 million and 102%, respectively, in Q2 2020
  • Money move from operations of $ 81.4 million, in comparison with $ 67.5 million within the second quarter of 2020
  • Revenues and different revenue offered underneath IFRS of $ 185.9 million and an EBIT lack of $ 7.3 million, in comparison with $ 90.3 million and an EBIT lack of $ 82.2 million, respectively, within the second quarter of 2020
  • Deployment of two vessels to increase MultiClient protection offshore Canada
  • Acquiring a repeated 4D research by ExxonMobil off Guyana and a significant MultiClient venture in Malaysia in a three way partnership with TGS and WesternGeco
  • Additional improve within the order guide

“With our built-in enterprise mannequin, we’re effectively positioned to make the most of a recovering market, which tends in direction of extra exploration in confirmed hydrocarbon basins and vitality corporations optimizing manufacturing from present fields.

The rise in our MultiClient income was pushed by gross sales in mature areas off Norway and the UK, the place now we have trade main protection with our GeoStreamer information. New MultiClient acquisition exercise was modest throughout the quarter and centered on confirmed swimming pools with robust buyer curiosity, securing a pre-financing stage of 111% of the capitalized money funding.

We’re seeing a rise in demand for brand spanking new acquisition surveys. Many of the contract work within the second quarter was for 4D initiatives. As we see a continued restoration in costs, revenues have been negatively impacted by troublesome climate circumstances when mobilizing for a number of surveys.

Our backlog stood at $ 255 million on the finish of the quarter, a rise of 65% from the second quarter of final yr. We’re virtually full for the third quarter, now we have good visibility for the fourth quarter and inspiring indications of a optimistic begin to 2022. The avenues for brand spanking new contracts are growing and we anticipate this to materialize in a wholesome tendering exercise within the second half of the yr. The primary affords for works within the North Sea 2022 are already in the marketplace.

With a recovering seismic market, the present reserved place and a wholesome multiclient gross sales basket, we’re more and more satisfied that the 2021 phase revenues can be greater than final yr. “

Rune Olav Pedersen,

President and CEO

PGS expects the extent of oil costs and the continuing world restoration from the Covid-19 pandemic to proceed to drive a gradual enchancment in demand for seismic providers. Regardless of the impacts of the Covid-19 disaster, vitality consumption is predicted to proceed to extend in the long term, with oil and gasoline remaining an necessary a part of the vitality combine as the worldwide vitality transition evolves. Offshore reserves can be important for future vitality provide and to help demand for marine seismic providers. The continued restoration of the contract market must also profit from the lower within the variety of seismic vessels working on the worldwide market.

PGS expects gross money prices for the complete yr 2021 to be roughly $ 425 million, a rise from the $ 400 million forecast in the beginning of the yr because of the ‘elevated stage of exercise and rising gasoline costs. The estimate is predicated on 5 3D vessels in service till 2021 and Ramform Vanguard in service from Q2 and for many of This fall.

MultiClient 2021 money investments are anticipated to be round $ 150 million.

Roughly 45% of the energetic 3D vessel time in 2021 is predicted to be allotted to MultiClient acquisition.

Capital spending for 2021 is predicted to be round $ 40 million.

The backlog stood at $ 255 million as of June 30, 2021 (together with $ 57 million regarding MultiClient). The backlog was $ 237 million as of March 31, 2021 and $ 155 million as of June 30, 2020.

Consolidated key figures
(In hundreds of thousands of US {dollars}, besides per share information)

Quarter ended
June 30,

Yr up to now
June 30,

Yr ended
The thirty first of December,






Revenue and loss figures Sector report
Sector revenues and different revenues 151.8 138.7 284.0 307.0 595.9
Section EBITDA excluding different web fees 84.4 99.1 168.5 179.7 397.7
Sector EBIT ex. depreciation and different fees, web (4.2) 7.0 (18.2) (8.8) 12.2
Revenue and loss figures as reported
Revenue and different revenue 185.9 90.3 351.7 219.1 512.0
BAII (7.3) (82.2) (9.7) (162.3) (188.0)
Internet monetary gadgets (16.2) (27.7) (49.8) (62.8) (118.4)
Revenue (loss) earlier than tax expense (23.5) (109.9) (59.5) (225.1) (306.4)
Revenue tax expense (2.5) (1.5) (5.7) (3.7) (15.1)
Internet revenue (loss) for shareholders (26.0) (111.4) (65.2) (228.8) (321.5)
Primary earnings per share ($ per share) (0.07) (0.29) (0.17) (0.60) (0.85)
Different key figures as reported by IFRS:
Internet money supplied by working actions 81.4 67.5 170.0 243.4 366.5
Money funding within the MultiClient library 25.7 64.7 69.0 132.4 222.3
Capital expenditure (paid or unpaid) 11.3 4.0 17.5 16.3 36.1
Whole belongings 1,946.2 2 207.8 1,946.2 2 207.8 2093.8
Money and money equivalents 155.4 234.9 155.4 234.9 156.7
Internet interest-bearing debt 954.5 890.3 954.5 890.3 937.6
Internet interest-bearing debt, together with lease money owed in line with IFRS 16 1093.6 1,059.1 1093.6



A full model of the publication and presentation of second quarter 2021 outcomes may be downloaded at www.newsweb.no and www.pgs.com.

The audiocast for the second quarter of 2021 may be accessed from this hyperlink:

You can too use the YouTube hyperlink to entry the Q2 2021 audio broadcast:

Bård Stenberg, VP IR & Communication
Cell: +47 99 24 52 35

PSG ASA and its subsidiaries (“PGS” or “the Firm”) is an built-in marine geophysicss enterprise, which operates worldwide. SPG enterprise helps the vitality trade, together with oil and gasoline, offshore renewables, and carbon seize and storage. The top workplace of the corporate is in Oslo, Norway and the PGS share is listed on the Oslo Inventory Alternate (OSE: PGS). For extra info on PGS, go to www.pgs.com.


The data contained on this doc comprises sure forward-looking statements which relate to the actions, occasions or developments that the Firm waits, initiatives, believes or anticipates will or might happen sooner or later. These statements are based mostly on varied assumptions made by the Firm, that are past its management and are topic to sure extra dangers and uncertainties. The Firm is topic to numerous danger components together with, however not restricted to, demand for seismic providers, demand for information from our multi-client information library, attractiveness of our know-how, unpredictable modifications in authorities laws affecting our markets and excessive climate circumstances circumstances. For a extra detailed description of different related dangers components we consult with our annual report for 2020 and the Q1 2021 publication of outcomes. Because of these and different danger components, precise occasions and our precise outcomes might differ materially from these indicated or implied by such forward-looking statements. The reservation can be made that inaccuracies or errors might happen within the info given above on precise standing of the Firm or its exercise. Any reliance on the above info is on the reader’s danger, and PGS disclaims all and all duty on this regard.

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