Petroleum Geo-Services (PGS)

[Oppturen]

Det fremførbare underskuddet har en verdi å kjøpe fra bedrifter som ikke selv vil komme i posisjon til å bruke det. PGS vil sikkert ha benyttet seg av hele det fremførbare underskuddet iløpet av 4-5 år.

[hummels]

Oppdatering Pareto 11 April. PGS Buy - Target NOK 12.00 / Share price NOK 9.71 ….expect revenues of USD 208m
We expect PGS to deliver Q1’23 (POC) revenues of USD 208m, assuming late- sales of USD 60m, up 10% y/y (limited transfer fees included) and prefunding revenues at USD 48m. Our USD 92m contract-revenue estimate reflects total utilization of 75%, contract allocation at ~68% and a dayrate/streamer of USD 22k, up ~13% y/y and 3% q/q. We see somewhat lower overall utilization than our FY assumption as Ramform Atlas been in transit most of the quarter. Overall, we expect another stellar quarter from PGS where contract margins continue to increase, but naturally lower sales than in Q4’22 due to seasonal effects. We maintain our BUY TP NOK 12 rec., implying EV/EBIT ~6x and P/E 7x for 2023e at our target. Link to latest update

[GMcKane]

Snur vi snart?

[hummels]

Langt på overtid i hvertfall.

[TekBot]

PGS ASA: 2023 Annual General Meeting Completed

April 26, 2023, Oslo, Norway: PGS held its Annual General Meeting today. The
Annual General Meeting resolved to approve all matters as proposed in the
Calling Notice. The minutes from the Annual General Meeting can be downloaded
…

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from www.newsweb.no or www.pgs.com.

Kilde

[TekBot]

PGS ASA: First Quarter 2023 Results

Strong Acquisition Revenues in a Recovering Seismic Market

Highlights Q1 2023
…

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• Produced Revenues (see Note 1 and 2) of $172.2 million, compared to $140.3
  million in Q1 2022
• Produced EBITDA of $71.5 million, compared to $55.9 million in Q1 2022
• Revenues and Other Income according to IFRS of $143.1 million, compared to
  $136.2 million in Q1 2022
• EBIT (ex. impairments and other charges, net) according to IFRS a loss of
  $16.1 million, compared to a loss of $20.6 million in Q1 2022
• Cash flow from operations of $134.4 million, compared to $63.4 million in Q1
  2022
• Cash and cash equivalents of $154.1 million
• Completed refinancing and reduced interest-bearing debt by $245 million
• Awarded the first ultra-high resolution offshore windfarm site
  characterization project, sealing the entry into a strategically important
  new energy market
• Rigging Ramform Victory for seismic data acquisition in Brazil

"In Q1 2023 our Produced Revenues increased 23% year-over-year, driven by higher
contract revenues and strong pre-funding for ongoing MultiClient acquisition
projects. We used a majority of vessel time on attractive contract work with
pricing continuing on a positive trend. For our MultiClient projects we secured
strong client commitments and report a pre-funding level of 130% in the quarter,
well above our targeted range.

MultiClient late sales fluctuate between quarters and were low in Q1, primarily
due to delays in completing several sales transactions. However, we expect these
processes to close in the coming quarters and our late sales expectations for
the full year are unchanged.

We completed our refinancing in Q1 by issuing a new $450 million senior secured
bond with a 4-year tenor. The proceeds, together with cash on the balance sheet,
were used to repay $600 million of our Term Loan B. In total we have reduced
interest-bearing debt by $245 million in the quarter. We have a strong liquidity
reserve and cash flow generation, and I am confident we will continue to improve
our capital structure going forward.

The seismic market is in recovery, and we are increasingly benefiting from the
improving market fundamentals."

Rune Olav Pedersen,

President and Chief Executive Officer

Outlook
PGS expects global energy consumption to continue to increase over the longer
term with oil and gas remaining an important part of the energy mix, as the
global energy transition evolves. Offshore reserves will be vital for future
energy supply and support demand for marine seismic services. The seismic market
is recovering on the back of increased focus on energy security, several years
of low investment in new oil and gas supplies, and higher oil and gas prices.

Offshore investments in oil and gas exploration and production are expected to
increase in 2023. The seismic acquisition market is likely to benefit from the
higher exploration and production spending, and a limited supply of seismic
vessels.

PGS expects full year 2023 gross cash costs to be approximately $550 million.
The increase from 2022 is primarily due to the higher activity level and more
capacity in operation.

2023 MultiClient cash investments are expected to be approximately $160 million.

Approximately 60% of 2023 active 3D vessel time is expected to be allocated to
contract work.

Capital expenditures for 2023 is expected to be approximately $100 million.

The Order book amounted to $377 million on March 31, 2023. On December
31, 2022, and March 31, 2022, the Order book was $416 million and $315 million,
respectively.

±-------------------------------------±--------------±----------------------+
| | | |
| | | |
| | Quarter ended | |
| | March 31, |Year ended December 31,|
| ±------±------±----------------------+
| | | | |
|Consolidated Key Financial Figures | | | |
|(In millions of US dollars, except per| | | |
|share data) | 2023 | 2022 | 2022 |
±-------------------------------------±------±------±----------------------+
| | | | |
±-------------------------------------±------±------±----------------------+
|Segment reporting | | | |
±-------------------------------------±------±------±----------------------+
|Produced Revenues | 172.2| 140.3| 817.2|
±-------------------------------------±------±------±----------------------+
|Produced EBITDA | 71.5| 55.9| 446.7|
±-------------------------------------±------±------±----------------------+
|Produced EBIT ex impairments and other| | | |
|charges, net | (19.7)| (31.5)| 108.8|
±-------------------------------------±------±------±----------------------+
| | | | |
±-------------------------------------±------±------±----------------------+
|Profit and loss numbers, As Reported | | | |
±-------------------------------------±------±------±----------------------+
|Revenues and Other Income | 143.1| 136.2| 825.1|
±-------------------------------------±------±------±----------------------+
|EBIT ex. Impairment and other charges,| | | |
|net | (16.1)| (20.6)| 117.0|
±-------------------------------------±------±------±----------------------+
|Net financial items | (37.5)| (20.6)| (112.7)|
±-------------------------------------±------±------±----------------------+
|Income (loss) before income tax | | | |
|expense | (53.6)| (44.2)| (6.7)|
±-------------------------------------±------±------±----------------------+
|Income tax expense | (5.2)| (5.0)| (26.1)|
±-------------------------------------±------±------±----------------------+
|Net income (loss) to equity holders | (58.8)| (49.2)| (32.8)|
±-------------------------------------±------±------±----------------------+
|Basic earnings per share ($ per share)| (0.06)| (0.12)| (0.06)|
±-------------------------------------±------±------±----------------------+
| | | | |
±-------------------------------------±------±------±----------------------+
|Other key numbers | | | |
±-------------------------------------±------±------±----------------------+
|Net cash provided by operating | | | |
|activities | 134.4| 63.4| 371.3|
±-------------------------------------±------±------±----------------------+
|Cash Investment in MultiClient library| 34.9| 21.5| 106.4|
±-------------------------------------±------±------±----------------------+
|Capital expenditures (whether paid or | | | |
|not) | 29.7| 18.5| 50.2|
±-------------------------------------±------±------±----------------------+
|Total assets |1,710.8|1,737.4| 1,953.3|
±-------------------------------------±------±------±----------------------+
|Cash and cash equivalents | 154.1| 163.9| 363.8|
±-------------------------------------±------±------±----------------------+
|Net interest-bearing debt | 588.1| 943.7| 616.7|
±-------------------------------------±------±------±----------------------+
|Net interest-bearing debt, including | | | |
|lease liabilities following IFRS 16 | 673.0|1,050.2| 703.9|
±-------------------------------------±------±------±----------------------+

A complete version of the Q1 2023 earnings release and presentation can be
downloaded from www.newsweb.no or www.pgs.com.

The webcast can be accessed from this link:
https://channel.royalcast.com/landingpage/hegnarmedia/20230427_7/

Webcast YouTube link:
https://youtube.com/live/tDHpzo2Xp8M

FOR DETAILS, CONTACT:

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

---

PGS ASA and its subsidiaries (“PGS” or “the Company”) is an integrated marine
geophysics company, which operates on a world-wide basis. PGS business supports
the energy industry, including oil and gas, offshore renewables and carbon
storage. The Company’s headquarter is 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 (http://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 and the Q1 2023 earnings release. 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.

Kilde

[GMcKane]

Finnes det noen optimister igjen her? Er det generell skrell i oljepris og olje-service eller er det andre skyer i horisonten? Kan ikke se at noe fundamentalt er endret i selskapet. Og guiding var uforandret på Q1 presentasjonen.

[bones70]

Helt sykt stygt!! Fra over 13 til innom 6 tallet på under 4 uker. Kjøper mer. Har fått panikk for mange ganger og gått glipp av store penger. Denne gangen skal eg sitte til 20 kr samme faen kor lang tid det tar!!

[Midlang86]

Der har seg slik at markedet generelt gjør seg klar for smellen.
Banker faller, oljeservice skuffer, tek har ikke inntjening, emisjoner i grisete størrelser.
Nja, ser ikke lyst ut for sell in May!

[Richardames]

Det er vel en hode skulder formasjon som utspilles nå. Worst case skal vi ned til midten av 6 tallet sier de lærde.

[bones70]

Bare å lukke ned alt og åpne opp i sept/okt!! Bortkastet tid å følge med daglig om man har en lang tidsperspektiv på casen! Verden går ikke under denne gangen heller.

[TekBot]

PGS ASA: Carbon Storage Acquisition Contract

May 11, 2023, Oslo, Norway: PGS has entered into a seismic acquisition contract*
for carbon storage offshore Norway by an independent energy company. The project
is scheduled to start in September and has a duration of approximately one
…

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month.

“In 2022 we established a strong position in the carbon storage geo-services
market, and successfully completed four carbon storage acquisition jobs. I am
very pleased with this contract in an early phase of the carbon capture and
storage market,” says President & CEO in PGS, Rune Olav Pedersen.

(PGS announces contract awards and MultiClient projects as stock exchange
releases if the contract has a value of $10 million or more, MultiClient
projects with a duration of 2 months or more, and strategically important
contracts.)

((*The )(contract )(was included in the )(order book disclosed )(in PGS Q1
)(2023 )(earnings release and presentation.))

FOR DETAILS PGS, CONTACT:

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

                                  ***

PGS ASA and its subsidiaries (“PGS” or “the Company”) is a fully integrated
marine geophysical company that provides a broad range of seismic and reservoir
services, including data acquisition, imaging, interpretation, and field
evaluation. Our services are provided to the oil and gas industry, as well as to
the broader and emerging new energy industries, including carbon storage and
offshore wind. 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 (http://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.

                                --END--

Kilde

[TekBot]

Disclosure of Voting Rights in Shares - PGS

See attachment on www.newsweb.no
…

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Kilde

[TekBot]

Disclosure of Voting Rights in Shares - PGS

See attachment on www.newsweb.no
…

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Kilde

[TekBot]

PGS ASA: Secures Barents Sea Contract

May 19, 2023, Oslo, Norway: PGS has executed the final contract* with an
independent energy company for a 3D survey in the Barents Sea to be acquired by
the Ramform Hyperion. The project is about to start and duration is
…

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approximately 40 days.

PGS announces contract awards and MultiClient projects as stock exchange
releases if the contract has a value of $10 million or more, MultiClient
projects with a duration of 2 months or more and strategically important
contracts.

(*The )(contract )(was included in the order book disclosed in PGS Q1 )(2023
)(earnings release and presentation.)

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 fully integrated
marine geophysical company that provides a broad range of seismic and reservoir
services, including data acquisition, imaging, interpretation, and field
evaluation. Our services are provided to the oil and gas industry, as well as to
the broader and emerging new energy industries, including carbon storage and
offshore wind. 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 (http://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.

                                --END--

Kilde

[TekBot]

PGS ASA: Implementation of 2023 Employee Long-term Incentive Plan

May 22, 2023, Oslo, Norway: PGS (or the “Company”) announces that the 2023 long
term incentive plan, as approved by the Annual General Meeting on April
26, 2023, has now been implemented by allocating 4 639 000 Performance based
…

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Restricted Stock Units (“PRSUs”).

The awards are based on amongst other considerations the position in the Company
and a review on the individual participant’s performance prior to award. Any
PRSU awarded will, subject to the participant’s continued employment with the
Company (or a subsidiary), be settled three years after grant. The complete
terms and conditions of the award are described in the calling notice for the
2023 Annual General Meeting.

Delivery of shares will take place from the Company’s pool of treasury shares
or, if an insufficient number of treasury shares exist, it will be settled by
cash payment of an equivalent value.

The purpose of the long-term incentive plan is to further the interests of PGS,
its subsidiaries and its shareholders to employees who can contribute materially
to the success and profitability of PGS. Such awards will recognize and reward
performance and individual contributions and give participants in the plan an
interest in the Company parallel to that of the shareholders, thus enhancing the
proprietary and personal interest in PGS’ continued success and progress.

The Board of Directors has allocated PRSUs according to the plan to the
following primary insiders in PGS:

Rune Olav Pedersen, President & CEO, has been awarded 329 000 PRSUs in the
Company. Following the award, Pedersen holds 644 365 shares in PGS and
1 386 000 PRSUs.

Gottfred Langseth, Executive Vice President & CFO, has been awarded 140 000
PRSUs in the Company. Following the award, Langseth holds 1 268 297 shares in
PGS and 586 000 PRSUs.

Nathan Oliver, Executive Vice President Sales & Services, has been awarded
140 000 PRSUs in the Company. Following the award, Oliver holds 15 000 shares in
PGS and 586 000 PRSUs.

Robert J. Adams, Executive Vice President Operations, has been awarded 140 000
PRSUs in the Company. Following the award, Adams holds 16 126 shares in PGS and
586 000 PRSUs.

Berit Osnes, Executive Vice President New Energy, has been awarded 140 000 PRSUs
in the Company. Following the award, Osnes holds 54 377 shares in PGS, 455 000
PRSUs.

Erik Ewig, Senior Vice President Technology & Digitalization, has been awarded
140 000 PRSUs in the Company. Following the award, Ewig holds 7 391 shares in
PGS and 420 000 PRSUs

Lars Ragnar Mysen, General Counsel, has been awarded 50 000 PRSUs in the
Company. Following the award, Mysen holds 202 306 shares in PGS and 213 000
PRSUs.

Kristin Omreng, Senior Vice President Global HR, has been awarded 50 000 PRSUs
in the Company. Following the award, Omreng holds 20 000 shares in PGS and
213 000 PRSUs.

Kai Reith, Senior Vice President Corporate Development, has been awarded 50 000
PRSUs in the Company. Following the award, Reith holds 90 647 shares in PGS and
213 000 PRSUs.

Bård Stenberg, Vice President IR & Corporate Communications, has been awarded
50 000 PRSUs in the Company. Following the award, Stenberg holds 26 000 shares
in PGS and 210 000 PRSUs.

Anette Valbø, employee elected Board Member and Bidding Manager, has been
awarded 10 500 PRSUs in the Company. Following the award, Valbø holds 13 354
shares in PGS and 44 000 PRSUs.

Eivind Vesterås, employee elected Board Member and Special Projects Manager, has
been awarded 10 500 PRSUs in the Company. Following the award, Vesterås holds
158 500 shares in PGS and 38 500 PRSUs.

Carine Roalkvam, employee elected Board Member and Regional Geophysical Advisor
& Geophysical Support Manager, has been awarded 15 000 PRSUs in the Company.
Following the award, Roalkvam holds 970 shares in PGS and 63 000 PRSUs.

Gunhild Myhr, employee elected alternate Board Member and Business Development
Manager, has been awarded 30 000 PRSUs in the Company. Following the award, Myhr
holds 1 940 shares in PGS and 79 500 PRSUs.

Merethe Bryn, employee elected alternate Board Member and VP Global Tax, has
been awarded 30 000 PRSUs in the Company. Following the award, Bryn holds 12
427 shares in PGS and 134 000 PRSUs

Christopher Watts, employee elected alternate Board Member and VP Sales &
Services, has been awarded 23 000 PRSUs in the Company. Following the award,
Watts holds 0 shares in PGS and 97 000 PRSUs.

Further details on remuneration of management are described in PGS’ 2022 annual
report.

This information is subject to disclosure requirements set out in the Market
Abuse Regulation EU 596/2014 Article 19 and the Norwegian Securities Trading Act
Section 5-12.

Kilde

[hummels]

Rasmussengruppen har tjent 11,6 milliarder på Shearwater

[hummels]

https://www.dn.no/marked/rasmussengruppen/dag-rasmussen/oda/rasmussengruppen-setter-av-nar-12-milliarder-til-formuesskatt-trenger-virkelig-norge-alle-disse-pengene/2-1-1454022

[TekBot]

PGS Secures Large MultiClient Project in Norwegian Sea

May 31, 2023, Oslo, Norway: PGS has secured industry pre-funding for another
large multi-season MultiClient survey in the Norwegian Sea. The first phase of
the survey will be acquired in 2023 by the Ramform Hyperion. Acquisition is
…

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scheduled to start late June with a duration of approximately 75 days. The
second phase of the survey will be completed in the 2024 season with a further
approximately 70 days of acquisition.

“I am very pleased we have secured strong pre-funding for another large
MultiClient survey in the Norwegian Sea which is accretive to our existing
coverage. We are currently acquiring phase 2 of our NWS GeoStreamer X
MultiClient survey in the same basin, scheduled to complete next year. Adding
this second multi-season MultiClient survey, we now have booked one vessel for
the full 2024 summer season. The high MultiClient activity is strong evidence of
renewed exploration interest on the Norwegian continental shelf,” says President
& CEO in PGS, Rune Olav Pedersen.

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 fully integrated
marine geophysical company that provides a broad range of seismic and reservoir
services, including data acquisition, imaging, interpretation, and field
evaluation. Our services are provided to the oil and gas industry, as well as to
the broader and emerging new energy industries, including carbon storage and
offshore wind. 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 (http://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.

                                --END--

Kilde

[TekBot]

PGS - Mediterranean Contract Award

June 1, 2023, Oslo, Norway: PGS is awarded a 3D exploration acquisition contract
in the Mediterranean by a major international energy company. Ramform Hyperion
is expected to mobilize for the survey late third quarter and the program has a
…

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total duration of approximately 70 days.

“We are very pleased with this contract award, which improves our visibility
into the fourth quarter. There is increasing exploration interest in the
Mediterranean following recent discoveries in this prolific gas province, and
this award builds on our successful campaign from the previous season,” says
President & CEO in PGS, Rune Olav Pedersen.

PGS announces contract awards and MultiClient projects as stock exchange
releases if the contract has a value of $10 million or more, MultiClient
projects with a duration of 2 months or more and strategically important
contracts.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication
Mobile: +47 992 45 235

                                  ***

PGS ASA and its subsidiaries (“PGS” or “the Company”) is a fully integrated
marine geophysical company that provides a broad range of seismic and reservoir
services, including data acquisition, imaging, interpretation, and field
evaluation. Our services are provided to the oil and gas industry, as well as to
the broader and emerging new energy industries, including carbon storage and
offshore wind. 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 (http://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.

                                --END--

Kilde