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- Produced Revenues of $222.6 million, compared to $172.2 million in Q1 2023
- Produced EBITDA of $112.5 million, compared to $71.5 million in Q1 2023
- Produced EBIT (ex. Impairments and other charges, net) of $26.1 million,
compared to a loss of $19.7 million in Q1 2023
- Revenues and Other Income according to IFRS of $217.2 million, compared to
$143.1 million in Q1 2023
- Cash flow from operations of $127.8 million, compared to $134.4 million in
Q1 2023
- Cash and cash equivalents of $147.2 million, compared to $154.1 million in
Q1 2023
- Net interest-bearing debt of $500.4 million, compared to $588.1 million in
Q1 2023
- Repaid the Term Loan B and refinanced the Super Senior Loan
"I am very pleased to see a good start for MultiClient late sales in 2024, with
progress in Q1 and a strong basket of active opportunities leading into Q2. We
have a well-positioned and geographically diverse MultiClient library attracting
strong client interest.
New MultiClient projects were mainly acquired in South America and in the
Mediterranean. We achieved a pre-funding level of 106% of the capitalized
MultiClient cash investment. We expect the pre-funding level to increase in
coming quarters from financially robust MultiClient projects.
We had strong revenues from our contract work in Q1 and project profitability
were in line with 2023 summer season levels. Utilization improved compared to
Q4, but we still suffered from standby time, reflecting a muted acquisition
market during the winter.
Several contract awards came our way towards quarter-end and our order book
increased sequentially, ending at $375 million. Including recent awards, we have
booked most of our capacity well into the second half of the year at attractive
rates.
New Energy, and especially our offshore wind business is progressing well. We
recorded $13 million of revenues from our ongoing project in the New York Bight.
The opportunity basket for more offshore wind site characterization work is
encouraging.
In September last year we announced our intention to merge with TGS to establish
the premier energy data company. In December 2023, shareholders of both
companies approved the merger with close to 100% support. The merger has been
subject to review by the competition authorities in Norway and the UK. The
Norwegian Competition Authority provided their clearance of the merger on 17
April 2024. The Competition & Markets Authority in the UK launched their inquiry
in April, and their phase 1 decision is due no later than 11 June 2024. We
expect the transaction to be cleared and the merger to be completed on or around
1 July. The combined company will be a fully integrated service provider
uniquely positioned to unlock substantial value for shareholders, customers and
employees."
Rune Olav Pedersen,
President and Chief Executive Officer
Outlook
As the global energy transition evolves, PGS expects energy consumption to
continue to increase over the longer term with oil and gas being an important
part of the energy mix. Offshore reserves will be vital for future energy supply
and supports demand for marine seismic services. The seismic market is improving
on the back of increased focus on energy security, several years of low
investment in new oil and gas supplies, and attractive oil and gas prices.
Offshore energy investments are expected to continue to increase in 2024. The
seismic acquisition market benefits from the higher spending level and a limited
supply of seismic vessels. PGS New Energy is expected to benefit from an
increasing tendering activity for offshore wind site characterization projects.
PGS expects gross cash costs in 2024 to be below $600 million, in line with
previous guidance.
Capital expenditures for 2024 is expected to be approximately $125 million,
including capex to expand the offshore wind activities, in line with previous
guidance.
The order book amounted to $375 million on March 31, 2024. On December
31, 2023, and March 31, 2023, the order book was $366 million and $376 million,
respectively.
±-------------------------------------±--------------±----------------------+
| | | |
| | | |
| | Quarter ended | |
| | March 31, |Year ended December 31,|
| ±------±------±----------------------+
| | | | |
|Consolidated Key Financial Figures | | | |
|(In millions of US dollars, except per| | | |
|share data) | 2024 | 2023 | 2023 |
±-------------------------------------±------±------±----------------------+
| | | | |
±-------------------------------------±------±------±----------------------+
|Segment reporting | | | |
±-------------------------------------±------±------±----------------------+
|Produced Revenues | 222.6| 172.2| 770.6|
±-------------------------------------±------±------±----------------------+
|Produced EBITDA | 112.5| 71.5| 436.9|
±-------------------------------------±------±------±----------------------+
|Produced EBIT ex impairments and other| | | |
|charges, net | 26.1| (19.7)| 57.1|
±-------------------------------------±------±------±----------------------+
| | | | |
±-------------------------------------±------±------±----------------------+
|Profit and loss numbers, As Reported | | | |
±-------------------------------------±------±------±----------------------+
|Revenues and Other Income | 217.2| 143.1| 721.5|
±-------------------------------------±------±------±----------------------+
|EBIT ex. impairment and other charges,| | | |
|net | 26.7| (16.1)| 103.9|
±-------------------------------------±------±------±----------------------+
|Net financial items | (21.4)| (37.5)| (102.9)|
±-------------------------------------±------±------±----------------------+
|Income (loss) before income tax | | | |
|expense | 5.3| (53.6)| (5.5)|
±-------------------------------------±------±------±----------------------+
|Income tax expense | (7.4)| (5.2)| (9.0)|
±-------------------------------------±------±------±----------------------+
|Net income (loss) to equity holders | (2.1)| (58.8)| (14.5)|
±-------------------------------------±------±------±----------------------+
|Basic earnings per share ($ per share)| (0.00)| (0.06)| (0.02)|
±-------------------------------------±------±------±----------------------+
| | | | |
±-------------------------------------±------±------±----------------------+
|Other key numbers | | | |
±-------------------------------------±------±------±----------------------+
|Net cash provided by operating | | | |
|activities | 127.8| 134.4| 467.2|
±-------------------------------------±------±------±----------------------+
|Cash Investment in MultiClient library| 43.6| 34.9| 185.9|
±-------------------------------------±------±------±----------------------+
|Capital expenditures (whether paid or | | | |
|not) | 26.0| 29.7| 93.5|
±-------------------------------------±------±------±----------------------+
|Total assets |1,771.5|1,710.8| 1,816.6|
±-------------------------------------±------±------±----------------------+
|Cash and cash equivalents | 147.2| 154.1| 177.7|
±-------------------------------------±------±------±----------------------+
|Net interest-bearing debt | 500.4| 588.1| 542.0|
±-------------------------------------±------±------±----------------------+
|Net interest-bearing debt, including | | | |
|lease liabilities following IFRS 16 | 571.5| 673.0| 622.8|
±-------------------------------------±------±------±----------------------+
A complete version of the Q1 2024 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/20240508_13/
Webcast YouTube link:
https://youtube.com/live/Ih6Y-MUcXhw?feature=share
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 2023 and the Q1 2024 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
