PGS: Q4-17 MC Revenues ~ $170 Million – EBITDA > $100M
Based on a preliminary review of Q4 sales, Petroleum Geo-Services ASA expects to report total MultiClient revenues of approximately $170 million in Q4 2017, which should result in a consolidated EBITDA in excess of $100 million.
The Company has seen good sales from its global MultiClient library across regions, in particular from its existing library in Brazil and recent and ongoing surveys in Malaysia.
EBITDA as used by the Company excludes depreciation, amortization, impairment charges and other charges (such as restructuring cost and changes in provision for onerous customer contracts). Reference is made to the definitions of EBITDA and other alternative performance measures in the Company’s annual and quarterly reports. The completion of the Company’s year-end financial reporting and review procedures could result in impairments, changes to provisions or changes compared to earlier estimates of restructuring cost.
The Company provides this information based on a preliminary summary of sales. The Company has not completed its financial reporting and related consolidation, review and control procedures, including the 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 2017 financial statements finally approved and released by the Company may deviate materially from the information herein.