PGS ASA: Q4 2022 Update
January 10, 2023,Oslo, Norway: Based on a preliminary review, PGS expects to report Revenues and Other Income according to IFRS for Q4 2022 of approximately $217 million, compared to $210.4 million in Q4 2021. The Company expects Revenues and Other Income on a percentage-of-completion basis (“Produced Revenues”) for Q4 2022 of approximately $251 million, compared to $174.3 million in Q4 2021.
PGS will in connection with the Q4 2022 financial statements disclose alternative performance measures (“APMs”) on a percentage-of-completion basis, including Produced Revenues, to reflect MultiClient value creation. PGS will measure its revenues on a produced basis for its internal management reporting and consequently this will also be the basis for Segment Reporting in financial statements. The definition and reconciliation of Produced Revenues is provided at the end of this update*.
Contract revenues ended at approximately $111 million in Q4 2022, compared to $64.3 million in Q4 2021. MultiClient late sales revenues were approximately $92 million in Q4 2022, compared to $80.9 million in Q4 2021.
MultiClient pre-funding revenues based on IFRS were approximately $9 million in Q4 2022, compared to $60.0 million in Q4 2021. Estimated MultiClient pre-funding measured on percentage-of-completion basis (“Produced Pre-funding Revenues”) in Q4 2022 was $43 million compared to $23.9 million in Q4 2021.
“Our Q4 Produced Revenuesincreased 44% year-over-year andare another confirmation of an improving marine seismic market. MultiClient late sales were strong in the quarter, driving full year 2022 late salesto approximately$327 million, which is the second-best year on record, and almost 50% higher than 2021. Followingrelocation of most of our vessels early in the quarter, production has been strong. Contract rates continue to improve, and our Q4 contract revenues are the highest since Q4 2014. MultiClient Produced Pre-funding Revenuesreflect strong industry support ofongoing projects, as well as good sales from projects where imaging is not yet completed,” says President & CEO Rune Olav Pedersen.
PGS routinely releases information about 3D vessel utilization after the end of each quarter. The table below summarizes Q4 2022 vessel allocation:
Approximate allocation of PGS operated 3D towed streamer capacity
Quarter ended September30,
The Q4 2022 vessel statistics includes six active 3D vessels. All cold-stacked** vessels are excluded from the statistics. The comparative periods are also based on six active 3D vessels.
The Company provides this information based on a preliminary summary of Q4 2022 numbers. 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 Q4 2022 financial statements finally approved and released by the Company may deviate from the information herein.
PGS will publish its Q4 2022 earnings release and capital markets day presentation on Thursday January 26, 2023 at approximately 07:00am Central European Time (CET). Presentation of the Q4 2022 results and capital markets day material is scheduled to start at 09:00am CET the same day.
*From January 1, 2022, PGS changed its Segment Reporting measurement to simplify external and internal reporting.
PGS will in connection with the Q4 2022 financial statements disclose alternative performance measures (“APMs”) on a percentage-of-completion basis. PGS will report Produced Revenues, Produced EBITDA and order book relating to future production. PGS will measure its revenues on a produced basis for its internal management reporting and consequently this will also be the basis for Segment Reporting in financial statements. PGS believes that the introduction of these APMs will improve transparency and provide better information financial statement users.
The APMs reflect the difference between recognizing MultiClient pre-funding revenues under IFRS compared to alternatively measuring such revenues on a percentage-of-completion basis as the project is progressing, which is a non GAAP measure. IFRS 15 reporting generally recognizes revenue from MultiClient pre-funding agreements at the “point in time” when the customer receives access to, or delivery of, the finished data.
Adjustments between IFRS revenues and Produced Revenues for each quarter in 2022 and 2021 are shown in the table below:
|MultiClient pre-funding revenues, IFRS||80||63||45||60||15||96||19||9|
|Less Revenue for projects with IFRS performance obligations met during the quarter for completed projects ||80||63||45||60||15||96||19||9|
|Add Revenue recognized on a POC basis during the quarter||46||29||35||24||19||33||37||43|
|Produced MultiClient Pre-funding Revenues||46||29||35||24||19||33||37||43|
**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 an integrated marine geophysics company, which operates world-wide. The Company supports the energy industry, including oil and gas, offshore renewables, carbon capture and storage. PGS’ headquarter is in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information about 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 2021. 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.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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
One Liberty Plaza - 165 Broadway
NY 10006 New York
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
GN Store Nord announces intention to initiate a rights issue8.2.2023 20:08:16 CET | Press release
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL This announcement does not constitute an offering memorandum or a prospectus as defined by Regulation (EU) No. 2017/1129 of 14 June 2017. The offer to acquire securities pursuant to the offering is made, and any investor should make their investment decision, solely on the basis of information that is contained in the prospectus to be made generally available in Denmark in connection with the offering. GN Store Nord announces intention to initiate a rights issue In accordance with our announcement on November 11, 2022, GN has conducted a comprehensive review of the appropriate capital structure. In light of the current macroeconomic environment and GN’s leverage, GN announces today that it intends to raise gross proceeds of DKK 7 billion in the first half
Nokia Corporation: Repurchase of own shares on 08.02.20238.2.2023 20:00:00 CET | Press release
Nokia Corporation Stock Exchange Release 8 February 2023 at 21:00 EET Nokia Corporation: Repurchase of own shares on 08.02.2023 Espoo, Finland – On 8 February 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL282,2294.39CEUX20,3804.39AQEU6,3784.39TQEX5,0134.38Total314,0004.39 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia’s Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 5 April 2022 started on 2 January 2023
Interim report 2022/23 - 15% revenue growth and DKK 145 million operating profit (+25%) for the first half following a challenging second quarter8.2.2023 18:57:07 CET | Press release
ANNOUNCEMENT NO. 234 9 February 2023 Interim report for the first half of 2022/23 15% revenue growth and DKK 145 million operating profit (+25%) for the first half following a challenging second quarter Steen Søndergaard, CEO: “Following a very satisfactory 2021/22 with historically high revenue and operating profit growth rates, revenue for the first half of 2022/23 unfortunately disappointed, despite 15% growth. Second quarter sales of instruments, particularly in the North American market, were challenged by a generally more subdued investment sentiment in our primary business segment, cell-based therapy. Our order intake was mainly impacted by weakened demand from capital-sensitive development companies. On the other hand, we saw continued satisfactory growth in sales of consumables and services. Despite the unfavourable market conditions, our earnings continued to grow. While our market is currently affected by the prevailing macroeconomic environment, we have a strong underlying
1. halvår 2022/23 - Et udfordrende andet kvartal resulterede i en omsætningsvækst i 1. halvår på 15% og et driftsresultat på DKK 145 mio. (+25%)8.2.2023 18:57:07 CET | pressemeddelelse
MEDDELELSE NR. 234 9. februar 2023 Delårsrapport for 1. halvår 2022/23 Et udfordrende andet kvartal resulterede i en omsætningsvækst i 1. halvår på 15% og et driftsresultat på DKK 145 mio. (+25%) Steen Søndergaard, CEO: ”Efter et særdeles tilfredsstillende 2021/22 med historisk høje vækstrater i både omsætning og driftsresultat har omsætningen i første halvår 2022/23 trods en vækst på 15% desværre ikke levet op til vores forventninger. Særligt salget af instrumenter på det nordamerikanske marked hari andet kvartalværet udfordret som følge af et generelt mere afdæmpet investeringsklima inden for vores vigtigste forretningsområde, cellebaseret terapi. Det er især faldende efterspørgsel fra kapitalfølsomme udviklingsvirksomheder, der har haft en negativ effekt på vores ordretilgang. Derimod har vi set en fortsat tilfredsstillende vækst i salget af forbrugsvarer og serviceydelser. På trods af de ugunstige markedsforhold har vi opnået en fortsat positiv udvikling i indtjeningen. Selvom vore
REPURCHASE OF SHARES8.2.2023 18:45:00 CET | Press release
REPURCHASE OF SHARES Amsterdam, the Netherlands - Flow Traders Ltd. (“Flow Traders”) (Euronext: FLOW) has repurchased21,901of its own shares in the period from 2February 2023 up to and including8February 2023 at an average price of €23.56. This is in accordance with the share buyback program originally announced on 22 July 2022 and subsequently increased as per the announcement made on 27 October 2022. The consideration of this purchase was €0.5 million. The total number of shares purchased under this program to date is 1,159,791 shares at an average price of €21.33 for a total consideration of €24.7 million. 3,513,011 shares were held in treasury as at 8 February 2023. Contact Details Flow Traders Ltd. Jonathan Berger / Investor Relations Officer Phone: +31 20 7996149 Email: firstname.lastname@example.org About Flow Traders Flow Traders is a leading global financial technology-enabled liquidity provider in financial products, historically specialized in Exchange Traded Products (E