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-PGS forecasts EBITDA growth in 2012.

NORDIC BUSINESS REPORT-December 16, 2011--PGS forecasts EBITDA growth in 2012(C)2011 M2 COMMUNICATIONS http://www.m2.com

16 December 2011 - Norwegian seismic surveyor Petroleum Geo-Services ASA (OSL:PGS) said today it expects its EBITDA to rise to between USD650m and USD700m, corresponding to a marine contract EBIT margin of 10-15% in 2012.

EBITDA in 2011 are expected to be slightly below USD525m, the company said in presentation materials, published ahead of its investor day today.

Cash investments in the multi-client division will be between USD300m and USD325m and the prefunding level will be above 100% in 2012.

Capital expenditure next year is forecast at between USD350m and USD400m, of which some USD200m is earmarked for newbuildings.

PGS said that it had weak utilisation and weaker productivity in the fourth quarter of 2011. The market for 6-streamer vessels is currently tough, it added. The weak results from contract seismic are partially offset by solid multi-client revenues.

(EUR1 = USD1.3)

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Title Annotation:Petroleum Geo-Services ASA; Earnings Before Interest, Taxes, Depreciation and Amortization
Publication:Nordic Business Report
Article Type:Brief article
Geographic Code:4EXNO
Date:Dec 16, 2011
Words:170
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