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Annual Report 2018

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Annual Report 2018 Annual Report 2018 Supporting Exploration – Optimizing Production A Clearer Image | www.pgs.com // Contents Petroleum Geo-Services ASA and its subsidiaries (“PGS” or “the Company”)* is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company’s MultiClient library is among the largest in the seismic industry, with modern 3D coverage in Letter to our Shareholders all significant offshore hydrocarbon provinces of the world. 3 President & CEO Rune Olav Pedersen gives an overview of the market in 2018 and his direction for 2019 Summary of 2018 Performance Reporting Executive Team & Business 5 Business Highlights 9 Building a Data Library Area Reports 6 Key Figures for the Future 13 Executive Team & Biographies 10 Utilizing the Capabilities 16 Sales & Imaging Report of the PGS Fleet 17 New Ventures Report 18 Operations & Technology Report About PGS Board of Directors Financial Statements 19 The PGS Share 31 Board Member Profiles 45 Alternative Performance 22 History of PGS 34 Board of Directors’ Report Measures 24 Corporate Governance 44 Responsibility Statement 48 Petroleum Geo-Services Consolidated Statements 52 Notes to the Consolidated Financial Statements 92 Petroleum Geo-Services ASA Parent Company Statements 95 Notes to the Parent Company * When the terms “PGS” and “the Company” are used in this report, these will Financial Statements as a main rule include both Petroleum Geo-Services ASA and its subsidiaries. 103 Auditors’ Report However, in certain sections and paragraphs hereof, these references will only include Petroleum Geo-Services ASA as context indicates. // PGS Annual Report 2018 2 Dear PGS Shareholders 2018 was the first full year we operated under the new organizational structure following a comprehensive streamlining of our organization, which significantly reduced our cost base. Despite a continued challenging market, I am pleased to report that we have substantially improved our financial performance during the year. While the market is still challenging, we saw some improvement during 2018. With our lower run-rate cost base and improved earnings potential, we are well positioned to deliver positive results and significant free cash flow going forward. We had an encouraging start to 2018, with solid year-end spending plans, or any bids for contract MultiClient sales from a geographically diverse work pulled from the market. Longer-term the MultiClient data library and a generally high oil price is of importance to how our clients prefunding level for ongoing MultiClient projects. prioritize and spend on seismic. The underlying sentiment was positive for most I am very pleased to report that we achieved an of the year, and the oil price steadily increased outstanding MultiClient performance, with late for the first nine months. sales setting a new record, by a solid margin. The marine contract market benefitted from a This is concrete evidence of the attractiveness growing need among oil and gas companies to of our MultiClient data library, as well as demand replace reserves and extract more from producing for quality data among our clients. fields. We experienced a good year-over-year Our revenues were flat in 2018, compared to the price increase for contract work, driven by a better previous year, while our EBITDA and EBIT improved market and more production seismic (4D) in the significantly, mainly because of the reorganization mix. Oil and gas companies recognized the value and a comprehensive cost reduction in all parts of of higher quality data when surveying producing the Company. We achieved our key financial goal fields and were willing to pay a premium price for for 2018 of becoming cash flow positive after debt 4D data, which is usually higher density compared service measured as Segment revenues less gross to exploration 3D surveys. cash cost, capex, taxes, interest and scheduled Going into the winter season, demand weakened debt repayments. with the increased oil price volatility. The order Over the last four years, our industry has book reduced and it became challenging to build changed and moved toward the MultiClient vessel continuity, leading to idle time, especially business model. This trend continued in 2018. in the fourth quarter. Utilization towards the At the start of the year, WesternGeco announced end of the year was also negatively impacted a plan to exit the marine acquisition market and, by factors that became more difficult than after the summer, Shearwater acquired their we anticipated, such as longer processes for assets. A few months later, CGG communicated formalizing projects, changes of project timing their plan of becoming asset light. Following and permitting delays. these strategic moves, PGS is the only fully The oil price was lower and more volatile during integrated offshore seismic company, which I the last three months of the year. However, we believe will be a competitive advantage for us in did not see any significant changes in clients’ an improving market. // PGS Annual Report 2018 3 PGS will aggressively capitalize on digitalization to achieve its strategy: Technology | Cloud Computing | Data Protection | Automation | Turnaround Time We experienced a fundamental market position in the 4D market. By further developing improvement for MultiClient in 2018, combined our integrated position, it will be our target to with encouraging developments in the contract image all the data we acquire, and to leverage market. However, the contract market was still our fleet productivity and technology. We will challenging and the acceleration that we have continue to innovate and R&D will be focused experienced in earlier cycles is yet to materialize. on developing differentiating technologies. We We have a close dialog with clients and their will aggressively capitalize on digitalization to feedback suggests that there are reasons to achieve these goals. I look forward to delivering believe 2019 will be a better year than 2018. This is supported by improving cash flow among on our strategy and I believe this is the right way our customers. We also believe their looming for PGS to create shareholder value. challenge of maintaining and building reserves to meet energy demand will benefit the marine seismic market going forward. During 2018, we revised our strategy. In the coming years, we will focus on debt reduction and improving profitability and efficiency in everything we do. We will continue to develop Rune Olav Pedersen our MultiClient business and build a leadership President and CEO // PGS Annual Report 2018 4 //Highlights Business Highlights 2018 PGS allocated two thirds of its active 3D vessel capacity to MultiClient and invested $277.1 million in 2018 to expand and further develop its portfolio of attractive MultiClient surveys. Overall MultiClient Segment revenues grew by 22% in 2018, compared to 2017. MultiClient late sales were record high and ended at $371.9 million, an increase of 58% from 2017. 2018 was the first year PGS operated in a centralized, simplified and streamlined structure, after a comprehensive reorganization in the fourth quarter 2017. The flexible fleet strategy, whereby the Company adjusts capacity according to seasonal demand swings, implemented as a part of the reorganization, proved to work as intended. PGS was able to achieve its primary financial target for the year of becoming cash flow positive after debt servicing*. Capital expenditures were kept at a low level in 2018. In November, PGS sold the fiber optic permanent monitoring solution, OptoSeis, as a part of the plan to divest non-core assets. PGS announced it was the preferred tenderer for sale of the Ramform Sterling to JOGMEC in Japan and a related service agreement of up to 10 years with annual renewals. The agreement to sell the vessel at a price of approximately $100 million was signed early 2019. *Is measured as Segment revenues less gross cash cost, capital expenditures (as reported), taxes and interest paid and scheduled debt repayments. Financial Calendar Annual General Meeting April 24, 2019 Q1 2019 Earnings Release April 25, 2019 Q2 2019 Earnings Release July 18, 2019 Q3 2019 Earnings Release October 17, 2019 Q4 2019 Earnings Release January 30, 2020 // PGS Annual Report 2018 5 //Key Figures Key Figures 961.9 838.8 834.5 793.1 764.3 697.5 662.3 601.6 2015 2016 2017 2018 2015 2016 2017 2018 PGS Segment Revenues Segment Revenue Split PGS Gross Cash Cost USD millions 18% Contract 78% MultiClient USD millions 3% Imaging 1% Other Segment Revenues 654.3 by Business Activity 574.7 534.4 469.1 274.0 212.6 241.3 149.5 93.7 70.0 51.0 25.8 2015 2016 2017 2018 2015 2016 2017 2018 2015 2016 2017 2018 MultiClient Marine Contract External Imaging USD millions USD millions USD millions Key Financial Figures In USD million 2018 2017 2016 2015 Profit and loss numbers Segment Reporting Segment Revenues 834.5 838.8 764.3 961.9 Segment EBITDA 515.9 374.1 313.3 484.4 Segment EBIT ex. impairment and other charges, net 36.3 (147.1) (137.5) 15.8 Other key numbers As Reported Net cash provided by operating activities 445.9 281.8 320.9 487.9 Capital expenditures (whether paid or not) 42.5 154.5 208.6 165.7 Cash investment in MultiClient library 277.1 213.4 201.0 303.3 Total assets 2 384.8 2 482.8 2 817.0 2 914.1 MultiClient library 654.6 512.3 647.7 695.0 Cash and cash equivalents 74.5 47.3 61.7 81.6 Total shareholders’ equity 721.8 879.5 1 359.4 1 463.7 Net interest bearing debt 1 112.8 1 139.4 1 029.7 994.2 // PGS Annual Report 2018 6 //Key Figures Key Figures People & Places Headquartered in Oslo, Norway, PGS has offices in 15 countries around the world as of year-end 2018 and operates regional centres in London and Houston.
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