PGS Q2 2012 Earnings Update

Excellent Performance in All Units: Numbers and Guidance Increased
PGS will present second quarter results on July 26, 2012. The Company expects to report results which are significantly better than current market expectations, driven by excellent performance in all units.
PGS has not provided any specific earnings guidance for Q2 2012. However, based on preliminary consolidated numbers, the Company observes that Q2 2012 Revenues, EBITDA, EBIT and Pretax profit (“PTP”) are expected to be significantly higher than analyst estimates.
Total revenues for Q2 2012 are expected to exceed $395 million. EBITDA is expected to exceed $230 million, EBIT is expected to exceed $75 million, and Pretax profit is expected to exceed $55 million.
In USD million 2nd quarter
2012 2011
Revenues To exceed 395 327
EBITDA To exceed 230 164
EBIT To exceed 75 49
PTP To exceed 55 30
Consolidated tax provision for Q2 2012 has not yet been completed, but the Company expects the reported tax expense to be approximately 30% of Pretax profit.
The Company currently expects full year 2012 EBITDA to exceed $750 million, up from the previous guidance of approximately $700 million.
The Company provides this information based on preliminary consolidated Q2 2012 numbers. The Company has not completed all review and control procedures relating to its quarterly reporting, and significant evaluations have not yet been concluded, including tax provision. The estimates provided in this release are therefore subject to change and the Q2 2012 financial statements finally approved and released by the Company may deviate materially from the information herein.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
Bård Stenberg, Investor Relations Manager
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35