Annual Report 2011 - PGS
Annual Report 2011 - PGS
Annual Report 2011 - PGS
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Notes to the consolidated financial statements<br />
Company<br />
Jurisdiction<br />
Shareholding and<br />
voting rights<br />
<strong>PGS</strong> Geophysical (Netherlands) B.V. Netherlands 100%<br />
<strong>PGS</strong> Technology (Sweden) AB Sweden 100%<br />
Natuna Ventures Pte. Ltd. Singapore 100%<br />
Applied Geophysical Services Corporation United States 100%<br />
<strong>PGS</strong> Onshore do Brazil Ltda. Brazil 100%<br />
<strong>PGS</strong> Onshore Servicos Ltda. Brazil 100%<br />
Arrow Seismic ASA Norway 100%<br />
Arrow Seismic Ltd. United Kingdom 100%<br />
Arrow Seismic Invest I Ltd. United Kingdom 100%<br />
Arrow Seismic Invest II Ltd. United Kingdom 100%<br />
Arrow Seismic Invest III Ltd. United Kingdom 100%<br />
Arrow Seismic Invest IV Ltd. United Kingdom 100%<br />
Arrow Seismic Invest V Ltd. United Kingdom 100%<br />
Arrow Seismic Invest VI Ltd. United Kingdom 100%<br />
Arrow Seismic Invest VII Ltd. United Kingdom 100%<br />
Petroleum Geological Services LLC Oman 100%<br />
<strong>PGS</strong> Falcon AS Norway 100%<br />
<strong>PGS</strong> Venture AS Norway 100%<br />
<strong>PGS</strong> Asia Pacific Labuan Ltd. Labuan 100%<br />
<strong>PGS</strong> Servicios de Mexico S.A. de C.V. Mexico 100%<br />
<strong>PGS</strong> Data Processing SA de CV Mexico 100%<br />
<strong>PGS</strong> Arabia Ltd. Saudi Arabia 49%<br />
Note 36 - Changes in accounting policies<br />
From January 1, <strong>2011</strong> the Company changed the policy for recognition of costs incurred in connection with major overhaul of<br />
vessels. The change in policy is applied for all reported periods, including periods prior to January 1, <strong>2011</strong>. The change in<br />
accounting policies has no deferred tax impact.<br />
The following tables present the adjustments made for periods restated:<br />
Specification of restatement in the Consolidated statements of Operations Years ended December 31,<br />
(In thousands of dollars) 2010 2009<br />
Operating profit as previously reported 57,798 233,262<br />
Decrease in cost of sales 12,139 6,927<br />
Increase in depreciation and amortization (18,552) (18,514)<br />
Restated operating profit 51,385 221,675<br />
Specification of restatement in the Consolidated statements of Financial Position<br />
(In thousands of dollars) December 31, 2010 January 1, 2010<br />
Property and equipment as previously reported 1,179,735 1,283,462<br />
Capitalized major overhaul 33,471 39,885<br />
Restated Property and equipment 1,213,206 1,323,347<br />
Accumulated earnings as previously reported 1,133,377 1,147,550<br />
Capitalized major overhaul 33,471 39,885<br />
Restated Accumulated earnings 1,166,848 1,187,435<br />
Earnings per share (EPS)<br />
Earnings per share, to ordinary equity holders of <strong>PGS</strong> ASA December 31, 2010 December 31, 2009<br />
(In thousands of dollars) Basic Diluted Basic Diluted<br />
EPS as previously reported (0.04) (0.04) 0.88 0.88<br />
Change due to restatement (0.03) (0.03) (0.06) (0.06)<br />
Restated EPS (0.07) (0.07) 0.82 0.82<br />
Earnings per share from continuing operations, to<br />
ordinary equity holders of <strong>PGS</strong> ASA December 31, 2010 December 31, 2009<br />
(In thousands of dollars) Basic Diluted Basic Diluted<br />
EPS as previously reported (0.08) (0.08) 0.92 0.92<br />
Change due to restatement (0.03) (0.03) (0.06) (0.06)<br />
Restated EPS (0.11) (0.11) 0.86 0.86<br />
49 <strong>PGS</strong> ANNUAL REPORT <strong>2011</strong><br />
120 <strong>PGS</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong>
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