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PGS Provides Q4 2020 Update

Source: 1/12/2021, Location: Europe

PGS expects to report Segment* revenues for Q4 2020 of approximately $158 million. Contract revenues ended at approximately $21 million. MultiClient pre-funding revenues were approximately $61 million and MultiClient Late Sales approximately $70 million.

“We achieved a sequential revenue increase from our vessel operations in Q4, and a MultiClient pre-funding level benefitting from additional sales from ongoing surveys. Our MultiClient Late Sales more than doubled, compared to the average in the previous three quarters of the year. The drivers for the increased Late Sales were a mix of the usual seasonal Q4 increase and sales relating to licensing rounds in West Africa and Brazil.

The scheme of arrangement in England to defer debt amortizations and maturities is progressing according to plan. The sanction hearing is scheduled for 2 February and we expect the process to be finalized by the time we report our Q4 and preliminary full year 2020 results on 4 February,” says President & CEO Rune Olav Pedersen.

PGS routinely releases information about 3D vessel utilization after the end of each quarter.

The Q4 2020 vessel statistics includes five vessels. All cold-stacked** vessels are excluded from the statistics. The comparative period Q4 2019 is based on eight vessels, while Q3 2020 is based on five vessels.

The Company provides this information based on a preliminary summary of Q4 2020 revenues. 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/cut-off criteria. The estimates provided in this release are therefore subject to change and the Q4 2020 financial statements finally approved and released by the Company may deviate from the information herein.

PGS will release its Q4 and preliminary full year 2020 financial statements on Thursday 4 February 2021, at approximately 8:00am Central European Time (CET). A corresponding presentation is scheduled for 09:00am CET the same day.

*For the purpose of Segment reporting, MultiClient prefunding revenues are recognized on a percentage of completion basis, and the related amortization of MultiClient library is based upon the ratio of aggregate capitalized survey costs to forecasted sales. This differs from IFRS reporting which recognizes revenue from MultiClient prefunding agreements and related amortization at the “point in time” when the customer receives access to, or delivery of, the finished data. For further description of the principles applied, see details in the 2019 annual report.

**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.

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