GlobeNewswire by notified

PGS ASA: Q3 2021 Update

Share

October 11, 2021: Oslo, Norway, based on a preliminary review, PGS expects to report Revenues and Other Income As Reported* according to IFRS for Q3 2021 of approximately $142 million, compared to $85.1 million in Q3 2020.

Segment* Revenues and Other Income for Q3 2021 are expected to be approximately $132 million, compared to $116.1 million in Q3 2020.

Contract revenues ended at approximately $66 million ($9.3 million in Q3 2020). Segment MultiClient pre-funding revenues were approximately $35 million ($50.4 million in Q3 2020), and MultiClient late sales revenues approximately $25 million ($28.3 million in Q3 2020).

The difference between As Reported revenues and Segment revenues relates to MultiClient pre-funding where the As Reported MultiClient pre-funding revenues for Q3 are expected to be approximately $45 million ($19.4 million in Q3 2020).

A majority of our Q3 vessel capacity was allocated to contract work,mainly in Northwest Europe.While the contract market continues to improve, we are experiencing a seasonally lower activity level late Q3 and early Q4.The MultiClient market remains challenging,especially for the more discretionary data library sales as energy companies maintaincapital discipline. We do however expect demand for MultiClient data to improve going forward and alsoexpect a seasonal increase of late sales in Q4.We had strong cash flow in the quarterand our liquidity reserve ended in excess of$190 million, says President & CEO Rune Olav Pedersen.

PGS routinely releases information about 3D vessel utilization after the end of each quarter.

Summary of Q3 2021 vessel allocation:



Approximate allocation of PGS operated 3D towed streamer capacity


Quarter ended

September 30,


Quarter ended June 30,
202120202021
Contract seismic40%2%47%
MultiClient seismic28%69%21%
Steaming18%11%21%
Yard3%7%8%
Stacked/Standby11%11%3%


The Q3 2021 vessel statistics includes six active 3D vessels. All cold-stacked** vessels are excluded from the statistics. The comparative period Q3 2020 is based on five vessels, while Q2 2021 is based on six vessels.

The Company provides this information based on a preliminary summary of Q3 2021 revenues. The Company has not completed its financial reporting and related consolidation, review and control procedures, including the final review of all sales against the established revenue recognition criteria. The estimates provided in this release are therefore subject to change and the Q3 2021 financial statements finally approved and released by the Company may deviate from the information herein.

PGS will release its Q3 2021 financial statements on Thursday October 21, 2021 at approximately 8:00am Central European Summer Time (CEST). A corresponding presentation is scheduled for 09:00am CEST the same day.

*For the purpose of Segment reporting, MultiClient prefunding revenues are recognized on a percentage of completion (“POC”) basis, and the related amortization of MultiClient library is based upon the ratio of aggregate capitalized survey costs to forecasted sales. This differs from IFRS reporting which recognizes revenue from MultiClient prefunding agreements and related amortization at the “point in time” when the customer receives access to, or delivery of, the finished data. For further description of the principles applied, see details in the 2020 annual report under Segment disclosure page 68 and Alternative Performance Measures page 52. Adjustments between preliminary IFRS and Segment revenue numbers for Q3 2021 are shown in the table below.

Revenue and Other Income, As Reported$142million
Less Revenue for projects with IFRS performance obligations met during Q3 for completed projects$45 million
Add Revenue recognized on a POC basis during Q3$35 million
Segment Revenues and Other Income$132million


**The term "cold-stacked" is used when a vessel is taken out of operation for an extended period of time. Costs are reduced to a minimum, with the vessel preserved for a long idle time, all or most in-sea seismic equipment removed from the vessel, and typically the Company does not have available crew to operate the vessel.


FOR DETAILS, CONTACT:
Bård Stenberg, VP IR & Corporate Communication
Mobile: +47 99 24 52 35

***
PGS ASA and its subsidiaries (“PGS” or "the Company") is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

***

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2020. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

--END--


To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

FDA approves Roche’s Susvimo, a first-of-its-kind therapeutic approach for neovascular or “wet” age-related macular degeneration (nAMD)22.10.2021 20:30:00 CEST | Press release

Susvimo, previously called Port Delivery System with ranibizumab, is the first nAMD treatment in 15 years to provide an alternative to standard-of-care eye injections needed as often as once a monthBy continuously delivering medicine into the eye through a refillable implant, Susvimo may help people with nAMD maintain their vision with as few as two treatments per yearNeovascular AMD impacts approximately 20 million people worldwide and is a leading cause of blindness in people over the age of 60 Basel, 22 October 2021 - Roche (SIX: RO, ROG; OTCQX: RHHBY) today announced that the U.S. Food and Drug Administration (FDA) has approved Susvimo™ (ranibizumab injection) 100 mg/mL for intravitreal use via ocular implant for the treatment of people with neovascular or “wet” age-related macular degeneration (nAMD) who have previously responded to at least two anti-vascular endothelial growth factor (VEGF) injections. Neovascular AMD is a potentially blinding condition that requires treatment wi

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK MUNICIPAL BONDS22.10.2021 16:20:00 CEST | Press release

Anbudsförfarande kommuner och regioner, 2021-10-26BondsFixed rate notes issued in SEK by Municipalities or Regions with maturity in: 2024 The following issuers are accepted for delivery: GÖTEBORGS KOMMUN HELSINGBORGS KOMMUN JÖNKÖPINGS KOMMUN Linköpings Stadshus AB MALMÖ KOMMUN SKÅNE LÄNS LANDSTING STOCKHOLMS KOMMUN STOCKHOLMS LÄNS LANDSTING SÖDERTÄLJE KOMMUN Delivery may not be made in Bonds purchased by the Counterparty from the issuer less than one week prior to the date for announcing the Specific terms, i.e. the purchase may not have been made after: 2021-10-15BidsBids are made to tel 08-696 69 70 and confirmed in writing by a filled-in Bid form by e-mail to EOL@riksbank.se Bid date2021-10-26Bid times10.00-11.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SEK 750 +/- 750 millionHighest permitted bid volume (corresponding nominal amount)The total bid volume from one Counterparty for the two Credit rating classes may not exceed SEK 750 million. No bid may

CONDITIONS FOR PURCHASES OF CORPORATE BONDS22.10.2021 16:20:00 CEST | Press release

Bid procedure, 2021-10-27BondsBonds issued in SEK by Swedish non-financial undertakings. The following bonds are eligible for delivery: HEIMSTADEN BOSTAD AB: XS2259781230, 2025-02-25 CASTELLUM AB: SE0012675916, 2025-11-27 CASTELLUM AB: SE0011062827, 2023-05-17 ESSITY AB: XS2355204608, 2025-01-17 LUNDBERGFORETAGEN AB: SE0012676609, 2025-11-13 LUNDBERGFORETAGEN AB: SE0012676666, 2024-12-06 SVENSK FASTIGHETS FIN: SE0013882719, 2022-11-16 SVENSK FASTIGHETS FIN: SE0012676880, 2022-09-07 Delivery of a Bond may not occur if the Counterparty has purchased the Bond from the issuer more recently than one month prior to the date of announcement of the Special terms, that is, the purchase may not have taken place after: 2021-09-27Bid date2021-10-27Bid times10.00-11.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)XS2259781230: 30 mln SEK +/-30 mln SEK SE0012675916: 30 mln SEK +/-30 mln SEK SE0011062827: 30 mln SEK +/-30 mln SEK XS2355204608: 30 mln SEK +/-30 mln SEK SE00

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK COVERED BONDS22.10.2021 16:20:00 CEST | Press release

Bid procedure, 2021-10-28BondsSWEDBANK HYPOTEK AB: 195. SE0013546066. 2025-06-18 STADSHYPOTEK AB: 1591, SE0013882644, 2026-06-01 SWEDISH COVERED BOND: 146, SE0013381571, 2025-06-11 SKANDINAVISKA ENSKILDA: 580, SE0013101722, 2025-12-17 LANSFORSAKRINGAR HYPOTEK: 518, SE0011309244, 2025-09-17 DANSKE HYPOTEK AB: 2312, SE0011116474, 2023-12-20 NORDEA HYPOTEK AB: 5535, SE0013358413, 2025-09-17 Bid date2021-10-28Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)195: 500 mln SEK +/-250 mln SEK 1591: 1700 mln SEK +/-850 mln SEK 146: 800 mln SEK +/-400 mln SEK 580: 500 mln SEK +/-250 mln SEK 518: 500 mln SEK +/-250 mln SEK 2312: 400 mln SEK +/-200 mln SEK 5535: 600 mln SEK +/-300 mln SEK Highest permitted bid volume (corresponding nominal amount)195: 500 mln SEK per bid 1591: 1700 mln SEK per bid 146: 800 mln SEK per bid 580: 500 mln SEK per bid 518: 500 mln SEK per bid 2312: 400 mln SEK per bid 5535: 600 mln SEK per bid Lowest permitted bid volume (co

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK GOVERNMENT BONDS22.10.2021 16:20:00 CEST | Press release

Bid procedure, 2021-10-29BondsSWEDISH GOVERNMENT: 1056. SE0004517290. 2032-06-01 SWEDISH GOVERNMENT: 1053, SE0002829192, 2039-03-30 Bid date2021-10-29Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)1056: 500 mln SEK +/-250 mln SEK 1053: 500 mln SEK +/-250 mln SEK Highest permitted bid volume (corresponding nominal amount)1056: 500 mln SEK per bid 1053: 500 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2021-11-02Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-10-22 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions c

Stockwik tillträder Sundisol22.10.2021 16:00:00 CEST | Pressemelding

Stockwik Förvaltning AB (publ) har per idag den 22 oktober 2021 tillträtt Sundisol Aktiebolag och den fastighet från vilken Sundisols verksamhet bedrivs. Samtliga aktier i Sundisol och fastighetsbolaget har förvärvats. Tillträdet är i enlighet med det avtal om förvärv som ingicks och offentliggjordes den 20 oktober 2021. Sundisol är ett bolag med inriktning på installation av akustikplattor och undertak. Sundisol är beläget i Sundsvall och omfattar 11 anställda. Verksamheten har bedrivits sedan 1973. Sundisols omsättning och EBITDA-resultat uppgick för den senaste tolvmånadersperioden per 30 september 2021 till drygt 23,4 MSEK respektive 3,8. Fastighetsbolagets hyresintäkter och EBITDA-resultat uppgick för den senaste tolvmånadersperioden per 30 september 2021 till 0,7 MSEK respektive 0,6. Köpeskillingen för Sundisol uppgår till 17,0 MSEK på skuldfri basis vilket beräknas motsvara en multipel om 4,1x EV/EBITDA, varav 15 MSEK erläggs kontant och 2 MSEK genom revers med 3 års löptid och

Styrelsen i HMS Networks AB (publ) har beslutat att utnyttja bemyndigande om återköp av aktier22.10.2021 14:42:18 CEST | Pressemelding

Styrelsen i HMS Networks AB (publ) ("HMS") har med stöd av bemyndigandet från årsstämman den 23 april 2021 fattat beslut om förvärv av egna aktier på Nasdaq Stockholm. Förvärv av egna aktier ska genomföras inom ramen för ett återköpsprogram vilket syftar till att säkerställa HMS åtaganden att leverera prestationsaktier enligt HMS Aktiesparprogram 2022-2025. Återköpen får inledas den 25 oktober 2021 och kommer att ske vid ett eller flera tillfällen intill årsstämman 2022. Återköpen kommer att ske på Nasdaq Stockholm i enlighet med Nordic Main Market Rulebook for Issuers of Shares och förvaltas av Skandinaviska Enskilda Banken AB (publ) som fattar handelsbeslut vad avser de tidpunkter då återköpen sker oberoende av HMS. Återköp kommer ske till ett pris per aktie inom det vid var tid registrerade kursintervallet, varmed avses intervallet mellan högsta köpkurs och lägsta säljkurs. Återköp får ske av högst 81 000 aktier. Betalning av aktierna kommer att erläggas kontant. Rapportering kommer