ARAB ReBuBliC oF eGYPt
Rio de Janeiro
Appointment of a new Chief executive officer. Jon erik Reinhardsen started in the position on April 1, 2008.
listing of the uSd 400 million convertible notes due 2012 on the oslo Stock exchange.the notes were used to secure per- manent financing of the Arrow acquisition in november 2007 at favorable terms, while increasing financial flexibility.
delivery of the new Ramform Sovereign in march.the vessel's performance has been excellent and has set several industry records. Ramform Sovereign contributes towards improving productivity, efficiency and flexibility of the PGS fleet even further.
Award of several large contracts, for both marine and onshore segments.
debt repayments of $133.1 million, net.
experienced a weaker market for electromagnetic surveying and recognized an impairment charge of uSd 99.1 million relating to mtem which was acquired in 2007.
delays on Arrow new-build program in Spain. impairment charge of uSd 59.9 million is primarily related to the vessels Polar Sea and Southern Explorer.
Qualified for the norwegian tonnage tax (ntt) regime.the 2009 norwegian state budget included amendments requi- red for our subsidiaries owning vessels to qualify. Annual tax savings are expected to be uSd 30-40 million.
Commercialization of the proprietary GeoStreamer® techno- logy by acquiring approximately 30,000 line kilometers of 2d data worldwide with excellent productivity and data quality.
KeY FinAnCiAl FiGuReS
In USD million
Revenues Adjusted EBITDA Operating profit Net income EPS
Cash flow from operations Capital expenditures MultiClient investments
Total assets MultiClient library Cash and cash equivalient Shareholders equity Net interest bearing debt
Including impairments of USD 161.1 million
1 917.5 967.8 542.7 417.4 2.37
1 519.9 800.8 494.5 470.0 2.65
1 308.4 614.3 359.5 394.7 2.19
non FinAnCiAl FiGuReS
5 206 0.63 1.94
3 223 0.65 2.55
3 168 0.31 2.34
Head count LostTime Incident Frequency (LTIF) Total Recordable Case Frequency (TRCF)
In Onshore there are a lot of temporary employees (generally the length of a specific project).The large growth in 2008 relates mainly to Mexico and Peru, which accounts for
1 592 out of the total 2 223 temporary employees at December 31, 2008.Temporary onshore employees in 2007 and 2006 were 644 and 981 respectively.
GeoStreamer® installation on Atlantic Explorer.the first 3d vessel to be equipped with GeoStreamer® commenced a multiClient GeoStreamer® survey in deSoto Canyon in the Gulf of mexico late 2008.
Processing of Crystal ii wide Azimuth survey finalized with excellent results.the data was ready for the Central Gulf of mexico lease sale in march 2009.