Norwegian oil industry service company Petroleum
Geo-Services ASA (PGS.OS) Thursday posted a sharply higher second-quarter net
profit as it saw strong interest in its library of seismic data, but it cut its
full-year Ebitda guidance expecting lower pre-funding revenues due to higher
competition in the
North Sea
in particular.
MAIN FACTS:
-Expects
FY Ebitda to be in the range of $900 million-$950 million as compared to the
$940 million-$980 million previously guided.
-MultiClient cash investments are expected to be in the range of $300
million-$350 million. The pre-funding level, where the company obtains funding
from customers before or during a project, is now expected to be approximately
110% of capitalized cash investment.
-Capital expenditures are estimated to be in the range of $540 million-$570
million, of which $325 million-$350 million are related to the new build
program.
-CEO Jon Erik Reinhardsen says: "We are close to fully booked for the
third quarter. Approximately 60% of our capacity is now booked for the fourth
quarter with average pricing for marine contract work in 2013 being 10%-15%
higher than 2012 average."
-"Active tenders in the market have increased over the last months giving
us an improved bid pipeline going into the winter season and 2014."
-"Our pre-funding for the full year is expected at a robust 110% of
capitalized cash investment, though slightly lower than earlier communicated. The
MultiClient projects are very attractive and lower pre-funding is expected to
lead to higher late sales over time."
-Revenue $381.7 million, from $404.8 million.
-Ebit $110.6 million, from $86.6 million.
-Net profit $71.5 million, from $45.9 million.
-At 0815
GMT shares traded 5.5% higher at NOK81.25.