PGS ASA

Q4 2020 Update

January 12, 2021: Oslo, Norway, based on a preliminary review, 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.

Summary of vessel utilization:

Approximate allocation of PGS operated 3D towed streamer capacity	Quarter ended December 31,		Quarter ended September 30,
	2020	2019	2020
Contract seismic	8%	55%	2%
MultiClient seismic	41%	24%	69%
Steaming	13%	13%	11%
Yard	3%	4%	7%
Stacked/Standby	35%	4%	11%

           
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.