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Competitively Positioned

PGS is a focused and dedicated geophysical company and one of the three largest in the world.The Company operates through the business units Marine, Data Processing &Technology and Onshore.





PGS provides a broad range of geo- physical and reservoir services glo- bally, including seismic and electro- magnetic data acquisition, processing and interpretation and field evalua- tion. PGS operates through its three business units, Marine, Data Process- ing &Technology and Onshore. In the Marine segment PGS acquires and markets seismic data worldwide to oil and natural gas companies and gov- ernments.They, in turn, use the data to find hydrocarbons, to determine the size and structure of reservoirs and to help optimize the production of existing resources.

Data Processing &Technology is man- aged as a separate organization, but its financials are reported as a part of Marine. Within the business unit, there are 4 sub-groups. Data Processing provides full seismic data process- ing services to the global explora- tion and production customer base. Geoscience & Engineering is the R&D activity within the Company support- ing image development, processing, streamer and EM research. Reser- voir Services is a leading team of subsurface technical and commercial interpretation experts providing skills that are integral to PGS MultiClient and MegaSurveys. Commercialization & New Ventures is strengthening PGS' innovation value chain from idea to generation of commercial launch.

Onshore conducts seismic acquisi- tions on land, in shallow water and transition zones and has its own MultiClient library.

PGS History PGS was established in 1991 with the merger of Geoteam and Nopec.The Company was listed on the Oslo Stock Exchange in 1992 and on Nasdaq in 1993. Four years later the Company transferred its American Depository Shares (ADS) to the NewYork Stock Exchange.Today, PGS is listed at the Oslo Stock Exchange and the ADS trades at the US Pink Sheets. During 1995 to 1999 PGS constructed and deployed 6 Ramform vessels and became one of the leading companies to develop and industrialize Marine 3D seismic worldwide.

In 1998, the Company acquired Golar-Nor, the owner of Petrojarl I

and Petrojarl Foinhaven and obtained a footprint in the floating produc- tion market.The Company later added Ramform Banff and Petrojarl Varg to its fleet. Around the turn of the century the financial situation of PGS was challenging.The sale of its subsidiary Spinnaker gave some headroom. In 2002, 70% of the Varg field in the North Sea was acquired and the exploration and production company Pertra was established in an attempt to capitalize on the favorable oil market.The Company's subsidiary Atlantis was also used to capitalize on the E&P market. Later, in 2003, PGS sold Atlantis to Sinochem. Soon after the Company filed for Chapter 11 of the US Bankruptcy Code. PGS emerged from Chapter 11 proceedings after 4 months.

In March 2005, Pertra was sold toTalis- man and PGS became a dedicated oil services company. Divestments continued and in 2006 PGS demerged its floating production unit Petrojarl. PGS then became a focused geophysi- cal company.Today, the Company has a competitive edge in its Ramform vessel fleet with proven operational capabilities, superior efficiency and leading technology. PGS holds the industry record in terms of towing and handling number of streamers.This advantage became even stronger after the Company took delivery of the new Ramform Sovereign in March 2008 and will increase further after delivery of Ramform Sterling in the summer of 2009.The two Ramform S-class ves- sels are the world's most advanced seismic vessels, capable of towing 22 streamers with a record wide spread of 1.3 kilometers.

PGS Key Figures 2008 was the best year in the history of PGS with revenues of approximate- ly USD 1.9 billion. Earnings before interest, tax depreciation and amorti- zation (EBITDA) and operating profit (EBIT), excluding impairment charges, were USD 968 million and 704 million respectively, an increase of 21% and 42% from the previous year.

PGS' head office is at Lysaker, Nor- way.The Company is represented in 31 countries around the world, with larger regional offices in London, Houston and Singapore. At year-end


2008 PGS had approximately 3,000 full time employees and another 3,000 temporary employees and contractors engaged around the world.

Contract and multiClient When the Company acquires contract seismic, the data is acquired under exclusive contractual agreements with a customer. When the Company acquires MultiClient seismic the Com- pany itself invests in seismic surveys which are then marketed to multiple customers on a non-exclusive basis. MultiClient revenues come from customers pre-funding the surveys, as well as from the sale of data that has already been acquired and processed and is a part of the MultiClient library. The latter is referred to as late sales.


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