Petroleum Geo-Services ASA: SWOT Analysis & Company Profile by BusinessReview

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Business Review’s Petroleum Geo-Services ASA contains a company overview, key facts, locations and subsidiaries, news and events as well as a SWOT analysis of the company.

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									Petroleum Geo-Services ASA

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Petroleum Geo-Services ASA: SWOT
Analysis & Company Profile


Reference code: BRGE079CP10-Q4

Published: Sep 2010




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Petroleum Geo-Services ASA - SWOT Profile                                           Page 1
Petroleum Geo-Services ASA

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Petroleum Geo-Services ASA - Company Overview

Petroleum Geo-Services AS (PGS) is a geophysical services company. The company is engaged in providing a range of
geophysical and reservoir services, which includes seismic and electromagnetic data acquisition, processing and
interpretation, and field evaluation services to its customers globally. The company helps its clients in finding oil and gas
reserves - both offshore and onshore, across the world. It operates through three business units, namely, Marine, Data
Processing and Technology, and Onshore, across 30 countries. PGS has its regional centers in London, Houston, and
Singapore. The company is headquartered in Oslo, Norway.


Financial Performance

The company reported revenue of USD 1,350.2 million during the fiscal year ended 2009. The company's revenue
declined at a compounded rate of 5.75% during the period, 2007-2009, with a year-on-year decline of 18.04% over fiscal
year 2008. During the fiscal year 2009, its operating margin was 17.28% as against the operating margin of 32.19% in
fiscal year 2008. During the fiscal year 2009, the company registered a net margin of 12.28% as against the net margin of
25.34% in the fiscal year 2008.




Petroleum Geo-Services ASA - Key Facts

Petroleum Geo-Services ASA, Key Facts

                                  NO-1325 Lysaker, Lysaker, ,
                                                                    Ticker Symbol, Stock
Corporate Address:                                                                                PGS (Oslo Stock Exchange)
                                  1326, Norway                      Exchange



Telephone                         + 47 67 526400                    No. of Employees              2,100



Fax                               + 47 67 526464                    Financial Year End            December



URL                               www.pgs.com                       Revenue (in USD Million)      1,350.20



Industry                          Energy and Utilities


                                  Australia, Singapore, Cyprus, Norway, Russian Federation, Angola, Cote d'Ivoire, Egypt, Kenya,
Locations                         Lebanon, Nigeria, Sao Tome and Principe, South Africa, Tunisia, United States, Brazil, Colombia,
                                  Guyana, Honduras, Trinidad and Tobago
Source: Annual Report, Company Website, Primary and Secondary Research




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Petroleum Geo-Services ASA - Business Description

Petroleum Geo-Services ASA (PGS) is an oilfield services company. It offers a wide set of geophysical and reservoir
services, which includes seismic data acquisition, processing and interpretation, and field evaluation services to the oil
and gas industry worldwide. The geophysical data of the company is used to find oil and natural gas and also to find the
size and structure of oil and natural gas reservoirs.

The company operates its business under two business units, namely, Marine, and Onshore. However, in Dec 2009, the
company entered into an agreement to sell the onshore division of the company.

The company's Marine business unit is into acquiring, processing, marketing, and selling of seismic data across the globe.
The data is used by various oil and gas companies to explore hydrocarbon accumulations, to develop new oil and gas
fields, and to manage the producing fields. Marine consists of streamer seismic data acquisition, marine Multi Client
library, data processing, technology and reservoir consulting. The marine streamer fleet comprises six ramform vessels
for towing more than 22 streamers, five classic streamer vessels for towing four to eight streamers and 2-2D/source
vessels. In October 2009, PGS started the deployment of its new Wide Azimuth technology on Crystal III. The Marine
segment is operated from Lysaker, Norway.
The company’s, Data Processing &Technology activities are included in the financial reporting of PGS’ Marine
businesssegment. The Data Processing and Technology (DP&T) business unit is into data processing business and
reservoir-related consulting activities through acquisitions in the fields of electro-magnetic surveying and specialist depth
imaging. PGS further divides its business unit into four sub-groups, Data processing, Geoscience & Engineering,
Reservoir Services, and Commercialization and New Ventures. Data processing provides seismic data processing
services to E&P customers all over the world. Geoscience & Engineering carries out the R&D activity of the company,
supporting image development, processing, streamer and EM research. Reservoir Services is a team of subsurface
technical and commercial interpretation experts integral to PGS MultiClient and MegaSurveys.

The Onshore business unit of the company was engaged in seismic acquisition operations on land, in shallow water as
well as in transition zone environments, including an onshore multi-client library. Onshore business segment consisted of
all seismic operations on land, in shallow water and transition zones, including onshore MultiClient library The core
regions of the Onshore business unit includes North America, Latin America, and the Eastern Hemisphere. The sub-group
Commercialization & New Ventures was engaged in strengthening the company's innovation value chain. In October
2009, PGS commenced the processing of a new 3,500 kilometers GeoStreamer infill grid, offshore Cote d’Ivoirem, which
supplements 6,500 kilometers of library data.

For the year 2009, the Marine segment of the company contributed USD 1,349,702 to the total revenues of the company.
Under the marine segment, the company generated 66.17% of revenues from Contract, 12.52% from MultiClient pre-
funding, 13.46% from MultiClient late sales, and 6.68% from Data Processing and rest from other sub segments.

During the year 2009, the company generated USD 194,624 of its revenues from its discontinued onshore business unit.
Onshore segment was operated from Houston, Texas.

During the year 2009, Americas (excluding Brazil), Brazil, UK, Norway, Asia/Pacific, Africa and Middle East and Others
contributed to 10.7%, 17.6%, 11.6%, 14.4%, 21.4%,14.9% and 9.44% to the total revenues of the company respectively.

Recently, the company was awarded the Stockman Prize for Best IR Activities. Arrow Seismic Invest II Ltd, the company’s
subsidiary received a ruling in favor regarding termination the shipbuilding contract for New Build number 532 and earned
EUR 39 658 000, with the addition of interest and full legal costs. The company plans to the restructure its business units
through the sale of Onshore division into : Marine Contract, MultiClient, Data Processing & Technology, New Ventures
and Operations. Recently, PGS named its new 3D seismic vessel, the 10-streamer PGS Apollo. The vessel offers a
powerful and efficient 3D platform. The company entered into an agreement with Petrobras to perform fiber-optic
permanent seismic reservoir monitoring in Brazil's deepwater jubarte field.




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Petroleum Geo-Services ASA - SWOT Profile                                                                           Page 3
Petroleum Geo-Services ASA

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Petroleum Geo-Services ASA - Major Products and Services

PGS provides seismic services and products for the petroleum industry. The company's key services include the
following:

Petroleum Geo-Services ASA, Major Products and Services
Services:

Seismic and Electromagnetic Services

Oilfield Services

Geophysical Services

Reservoir Services

Brands:

GeoStreamer

HD3D
Source: Annual Report, Company Website, Primary and Secondary Research




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Petroleum Geo-Services ASA

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Petroleum Geo-Services ASA - History

Petroleum Geo-Services ASA, History

    Year                  Event type                                                  Description


                                          
								
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