PGS ASA: Q3 2023 Update
October 10, 2023, Oslo, Norway:
Based on a preliminary review, PGS expects to report Revenues and
Other Income according to IFRS for Q3 2023 of approximately $141
million, compared to $198.5 million in Q3 2022. The Company expects
Produced Revenues* for Q3 2023 of approximately $168 million,
compared to $216.5 million in Q3 2022.
Contract revenues ended at approximately $36
million in Q3 2023, compared to $100.7 million in Q3 2022.
MultiClient late sales revenues were approximately $24 million in
Q3 2023, compared to $71.8 million in Q3 2022, when the Company
benefited from transfer fees.
Estimated Produced MultiClient Pre-funding Revenues* in Q3 2023
were approximately $101 million, compared to $37.5 million in Q3
2022. MultiClient pre-funding revenues based on IFRS, where
revenues are recognized at the time of delivery of finally
processed data, were approximately $74 million in Q3 2023, compared
to $19.4 million in Q3 2022.
“Q3 MultiClient late sales ended below our expectations, even if
partly balanced by approximately $14 million of sales of data late
in the processing phase, which is reported as pre-funding. We see
the relatively low sales in the quarter primarily as a timing
matter, as we generally observe an improving market and increasing
demand for data.
Q3 MultiClient pre-funding revenues were robust, reaching
approximately 145% of cash investments, driven by attractive
MultiClient programs in Europe, Brazil, Egypt and Malaysia, as well
as significant sales from surveys in the processing phase.
Effectively, only one active 3D seismic vessel worked on
contract acquisition in Q3, including a one-month carbon storage
survey. We continue to develop our New Energy business with
offshore wind site characterization contributing approximately $6
million to contract revenues in Q3,” says President & CEO Rune
Olav Pedersen.
PGS routinely releases information about 3D vessel utilization
after the end of each quarter. The table below summarizes Q3 2023
vessel allocation:
Approximate allocation of PGS operated 3D towed streamer
capacity |
Quarter endedSeptember 30, |
Quarter ended June 30, |
|
2023 |
2022 |
2023 |
Contract seismic |
15% |
60% |
33% |
MultiClient seismic |
72% |
28% |
43% |
Steaming |
6% |
9% |
12% |
Yard |
3% |
3% |
9% |
Stacked/Standby |
4% |
0% |
3% |
The Q3 2023
vessel statistics includes seven active 3D vessels, the Ramform
Victory started operation in Q3 2023. All cold-stacked** vessels
are excluded from the statistics. The comparative periods Q3 2022
and Q2 2023 were based on six active 3D vessels. Sanco Swift,
rigged for offshore wind site characterization since early Q2 2023,
is excluded from the statistics.
The Company provides this information based on a preliminary
summary of Q3 2023 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 Q3 2023
financial statements finally approved and released by the Company
may deviate from the information herein.
PGS will publish its Q3 2023 earnings release on Wednesday
October 25, 2023, at approximately 07:00am Central European Summer
Time (CEST). Presentation of the Q3 2023 results is scheduled to
start at 09:00am CEST the same day.
*Produced Revenues, when used by the Company, means revenues and
other income based on recognition of MultiClient pre-funding
revenues on a Percentage-of completion (POC) basis.
Adjustments between IFRS revenues and Produced Revenues for each
quarter in 2022 and 2023 are shown in the table below:
|
2022 |
2023 |
$ Million |
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
MultiClient pre-funding revenues, IFRS |
15 |
96 |
19 |
9 |
16 |
24 |
74 |
Less Revenue for projects with IFRS performance obligations met
during the quarter for completed projects |
15 |
96 |
19 |
9 |
16 |
24 |
74 |
Add Revenue recognized on a POC basis during the quarter |
19 |
33 |
37 |
43 |
46 |
54 |
101 |
Produced MultiClient Pre-funding Revenues |
19 |
33 |
37 |
43 |
46 |
54 |
101 |
**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 2022. 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.
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