PGS Announces Second Quarter & First Half 2022 Results

Source: 7/21/2022, Location: Europe

- Revenues and Other Income of $273.6 million, compared to $185.9 million in Q2 2021
- EBITDA of $193.3 million, compared to $118.5 million in Q2 2021
- EBIT (ex. impairments and other charges) of $57.8 million, compared to a loss of $7.6 million in Q2 2021
- Cash flow from operations of $43.7 million, compared to $81.4 million in Q2 2021
- Cash and cash equivalents of $219.8 million, compared to $155.4 million in Q2 2021
- Successful private placement secured approximately $85 million in new equity
- Obtained commitments for $50 million of new, senior secured debt
- Leveraged multiyear Equinor frame agreement with several projects for the 2022 summer season
- Secured large MultiClient campaign in the North Sea and expanding MultiClient coverage offshore Canada
- Awarded large 4D contract offshore West Africa, securing utilization for one vessel until summer 2023
- Awarded the Smeaheia carbon storage acquisition contract by Equinor

“We continue to see an improving marine seismic market. We delivered the second highest quarterly revenues since Q4 2014 and a positive net income for the quarter.

Our Q2 MultiClient late sales revenues almost doubled from Q1 and increased 65% year-over-year. Significant MultiClient sales, including high transfer fees, are a confirmation that our MultiClient library is highly attractive to customers and that investment in exploration seismic is again increasing. Higher exploration interest further enabled us to secure strong pre-funding for new MultiClient surveys, including our first large scale MultiClient survey in the Norwegian Sea since 2020 and a significant survey in South Bank, offshore Canada.

All our six active 3D vessels came back in operation during Q2. The contract acquisition market continued to improve in the quarter and dominated our vessel activity. However, contract revenues were impacted by steaming and standby early in the quarter, and by mobilization on two surveys where production and revenue impact primarily will be in Q3 and Q4.

We successfully completed a private placement in the quarter securing approximately $85 million of new equity and obtained commitments for $50 million of new senior secured debt. In addition, the subsequent offering of approximately $14 million was completed last week. The transactions increase our liquidity going forward by close to $150 million. With the improved funding position and an improving market and better cash flow generation, I believe we are well positioned to refinance ahead of Q3 2023.

Our New Energy business continues to gain momentum. We have been awarded four carbon storage acquisition surveys for 2022, most recently over the Smeaheia carbon storage site for Equinor. Further we secured access to the market leading P-cable system, which we believe will be valuable in the offshore wind and other applications requiring ultra-high resolution.

We increased our order book by almost 15% during the quarter, our fleet is fully booked through Q3 and the winter season is already firming up with activity and pricing continuing on a positive trend.”

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