PGS Announces Q4 2021 Update

Source: 1/11/2022, Location: Europe

Based on a preliminary review, PGS expects to report Revenues and Other Income As Reported according to IFRS for Q4 2021 of approx. $210 million, compared to $207.7 million in Q4 2020.

Segment Revenues and Other Income for Q4 2021 are expected to be approx. $174 million, compared to $172.8 million in Q4 2020.

Contract revenues ended at approx. $64 million ($20.8 million in Q4 2020). Segment MultiClient pre-funding revenues were approx. $24 million ($61.0 million in Q4 2020), and MultiClient late sales revenues approx. $81 million ($70.1 million in Q4 2020).

The difference between As Reported revenues and Segment revenues relates to MultiClient pre-funding where the As Reported MultiClient pre-funding revenues for Q4 2021 are expected to be approx. $60 million ($95.9 million in Q4 2020).

'The winter season has become more challenging than expected. Our Q4 vessel utilization was disappoint ing with approximately two idle vessels, negatively impacting our seismic acquisition revenues. MultiClient late sales in Q4 shows a strong seasonal uptick, but ended somewhat below our expectations. We believe that the MultiClient market is gradually improving, but it is still characterized by cautious spending and deferral of purchases by energy companies,' says President & CEO Rune Olav Pedersen.

The Q4 2021 vessel statistics includes six active 3D vessels. All cold-stacked** vessels are excluded from the statistics. The comparative period Q4 2020 is based on five vessels, while Q3 2021 is based on six vessels.

The Company provides this information based on a preliminary summary of Q4 2021 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 criteria. The estimates provided in this release are therefore subject to change and the Q4 2021 financial statements finally approved and released by the Company may deviate from the information herein.

PGS will release its Q4 2021 financial statements on Thursday January 27, 2022 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 (“POC”) 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 2020 annual report under Segment disclosure page 68 and Alternative Performance Measures page 52.

**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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