Second Quarter 2022 Presentation
Oslo, July 21, 2022
Cautionary Statement
- This presentation contains forward looking information
- Forward looking information is based on management assumptions and analyses
- Actual experience may differ, and those differences may be material
- Forward looking information is subject to significant uncertainties and risks as they relate to events and/or circumstances in the future
- This presentation must be read in conjunction with the Q2 2022 earnings release and the disclosures therein
- The full disclaimer is included at the end of this presentation
-2-
Agenda Q2 2022 Earnings Presentation
Rune Olav Pedersen, President & CEO
- Q2 takeaways
- Financial summary
- Order book
Gottfred Langseth, EVP & CFO
- Financial review
Rune Olav Pedersen, President & CEO
- Operational update and market comments
- Guidance
- Summary and Q&A
3
Q2 2022 Takeaways
Second highest quarterly revenues since Q4 2014 and positive net income
- Strong MultiClient late sales
- High volume of completed MultiClient projects
- All 6 active 3D vessels back in operation
Awarded the fourth carbon storage acquisition contract
Secured access to ultra-high resolution P-cable
Successful private placement and obtained commitment for Super Senior debt facility
- Completed subsequent offering in July
- Well positioned to refinance ahead of Q3 2023
Increasing order book
Market activity and pricing continuing on a positive trend
-4-
Financial Summary
USD million
USD million
Revenues and Other Income | EBITDA* | |||||
300 | 274 | |||||
200 | 193 | |||||
250 | ||||||
210 | ||||||
200 | 186 | 150 | 132 | |||
million | ||||||
142 | 119 | |||||
166 | 118 | |||||
150 | 136 | USD | 100 | |||
100 | 66 | |||||
52 | ||||||
50 | ||||||
50 | ||||||
0 | 0 |
Q1 21 | Q2 21 | Q3 21 | Q4 21 | Q1 22 | Q2 22 | |||||||||||||||||
Contract | Late sales | Other | Pre-funding | |||||||||||||||||||
EBIT** | ||||||||||||||||||||||
Cash Flow from Operations | ||||||||||||||||||||||
58 | ||||||||||||||||||||||
200 | ||||||||||||||||||||||
50 | ||||||||||||||||||||||
30 | 150 | |||||||||||||||||||||
10 | million | 100 | 115 | |||||||||||||||||||
10 | 89 | |||||||||||||||||||||
USD | 81 | |||||||||||||||||||||
63 | ||||||||||||||||||||||
-10 | -5 | -8 | 50 | 42 | 44 | |||||||||||||||||
-30 | -21 | |||||||||||||||||||||
-29 | ||||||||||||||||||||||
0 | ||||||||||||||||||||||
-50 | ||||||||||||||||||||||
*EBITDA, when used by the Company, means EBIT excluding other charges, impairment and loss on sale of non-current assets and depreciation and amortization, as defined in Appendix of the Q2 2022 earnings release published on July 21, 2022 | -5- |
**Excluding impairments and Other charges. |
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PGS ASA published this content on 21 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2022 05:13:01 UTC.