With strong Multiclient sale in West Africa and Brazil, and an overall robust performance by the group, PGS has announced its best quarter ever with an increase in revenues and earnings before interest and tax (“EBIT”) of 15% and 12% respectively from previous records.
The order book increased in the third quarter of 2008 to $ 1,193 million.
MultiClient late sales were $48.2 million in the third quarter of 2008 compared to $47.7 million in the third quarter of 2007, an increase of $0.5 million, or 1%, primarily reflecting increased sales in Brazil and West Africa, offset by lower sales in Gulf of Mexico and Europe. Record order book: Order book at the end of the third quarter of 2008 was $933 million for Marine and $260 million for Onshore, up a total of 1000 from Q2 2008.
Overall the Norweigian geophysical acquisition and processing company had revenues of $534.3 million, up $95.2 million (22%) from Q3 2007 and $69.2 million from previous record set in Q2 2008. EBIT of $187.8 million, up $20.4 million (12%) compared to the record set in third quarter of 2007.
“We delivered the strongest quarterly operating profit ever. Our order book of approximately $1.2 billion, combined with our sound profitability and competitive operations, provide a strong platform going forward. In addition, we have robust financing in place with very attractive terms and mainly fixed interest rates”, commented Jon Erik Reinhardsen, President and Chief Executive Officer of PGS.