Annual Report 2011 - PGS
Annual Report 2011 - PGS Annual Report 2011 - PGS
Notes to the consolidated financial statements Company Jurisdiction Shareholding and voting rights PGS Geophysical (Netherlands) B.V. Netherlands 100% PGS Technology (Sweden) AB Sweden 100% Natuna Ventures Pte. Ltd. Singapore 100% Applied Geophysical Services Corporation United States 100% PGS Onshore do Brazil Ltda. Brazil 100% PGS Onshore Servicos Ltda. Brazil 100% Arrow Seismic ASA Norway 100% Arrow Seismic Ltd. United Kingdom 100% Arrow Seismic Invest I Ltd. United Kingdom 100% Arrow Seismic Invest II Ltd. United Kingdom 100% Arrow Seismic Invest III Ltd. United Kingdom 100% Arrow Seismic Invest IV Ltd. United Kingdom 100% Arrow Seismic Invest V Ltd. United Kingdom 100% Arrow Seismic Invest VI Ltd. United Kingdom 100% Arrow Seismic Invest VII Ltd. United Kingdom 100% Petroleum Geological Services LLC Oman 100% PGS Falcon AS Norway 100% PGS Venture AS Norway 100% PGS Asia Pacific Labuan Ltd. Labuan 100% PGS Servicios de Mexico S.A. de C.V. Mexico 100% PGS Data Processing SA de CV Mexico 100% PGS Arabia Ltd. Saudi Arabia 49% Note 36 - Changes in accounting policies From January 1, 2011 the Company changed the policy for recognition of costs incurred in connection with major overhaul of vessels. The change in policy is applied for all reported periods, including periods prior to January 1, 2011. The change in accounting policies has no deferred tax impact. The following tables present the adjustments made for periods restated: Specification of restatement in the Consolidated statements of Operations Years ended December 31, (In thousands of dollars) 2010 2009 Operating profit as previously reported 57,798 233,262 Decrease in cost of sales 12,139 6,927 Increase in depreciation and amortization (18,552) (18,514) Restated operating profit 51,385 221,675 Specification of restatement in the Consolidated statements of Financial Position (In thousands of dollars) December 31, 2010 January 1, 2010 Property and equipment as previously reported 1,179,735 1,283,462 Capitalized major overhaul 33,471 39,885 Restated Property and equipment 1,213,206 1,323,347 Accumulated earnings as previously reported 1,133,377 1,147,550 Capitalized major overhaul 33,471 39,885 Restated Accumulated earnings 1,166,848 1,187,435 Earnings per share (EPS) Earnings per share, to ordinary equity holders of PGS ASA December 31, 2010 December 31, 2009 (In thousands of dollars) Basic Diluted Basic Diluted EPS as previously reported (0.04) (0.04) 0.88 0.88 Change due to restatement (0.03) (0.03) (0.06) (0.06) Restated EPS (0.07) (0.07) 0.82 0.82 Earnings per share from continuing operations, to ordinary equity holders of PGS ASA December 31, 2010 December 31, 2009 (In thousands of dollars) Basic Diluted Basic Diluted EPS as previously reported (0.08) (0.08) 0.92 0.92 Change due to restatement (0.03) (0.03) (0.06) (0.06) Restated EPS (0.11) (0.11) 0.86 0.86 49 PGS ANNUAL REPORT 2011 120 PGS Annual Report 2011
Statements of Operations – PGS ASA STATEMENTS OF OPERATIONS - PGS ASA PETROLEUM GEO-SERVICES ASA (Parent company unconsolidated financial statements) STATEMENTS OF OPERATIONS Years ended December 31, (In thousands of NOK) Note 2011 2010 2009 Revenue 2 117,280 125,401 125,913 Cost of sales 2 2,443 2,691 2,539 Depreciation and amortization 6 533 2,134 5,214 Selling, general and administrative costs 2 135,199 146,288 164,817 Total operating expenses 138,175 151,113 172,570 Operating loss (20,895) (25,712) (46,657) Interest expense, net 2, 3 (232,151) (307,753) (417,405) Impairment, net of reversal of impairment on shares in subsidiaries/ intercompany receivable 1, 7 6,809 (722,393) (75,582) Impairment of investments in associated companies 20 (106,091) - - Gain on sale of subsidiaries 7 6,842 176,454 - Other financial items, net 2, 4 1, 282,824 279,214 2,758,977 Income (loss) before income taxes 937,338 (600,190) 2,219,333 Provision (benefit) for income taxes 5 299,277 (84,620) 314,375 Net income (loss) 638,061 (515,570) 1,904,958 London, March 22, 2012 Board of Directors Petroleum Geo-Services ASA London, March 22, 2012 Board of Directors Francis Gugen Harald Norvik Petroleum Geo-Services ASA Annette Malm Justad Holly Van Deursen Chairperson Vice Chairperson Francis Gugen Chairperson Harald Norvik Vice Chairperson Carol Bell Holly Van Deursen Annette Carol Malm Bell Justad Daniel J. Daniel Piette J. Piette Ingar Ingar Skaug Skaug Jon Erik Jon Erik Reinhardsen Chief Executive Officer Chief Executive Officer PGS ANNUAL REPORT 2011 56 PGS Annual Report 2011 121
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Statements of Operations – <strong>PGS</strong> ASA<br />
STATEMENTS OF OPERATIONS - <strong>PGS</strong> ASA<br />
PETROLEUM GEO-SERVICES ASA<br />
(Parent company unconsolidated financial statements)<br />
STATEMENTS OF OPERATIONS<br />
Years ended December 31,<br />
(In thousands of NOK) Note <strong>2011</strong> 2010 2009<br />
Revenue 2 117,280 125,401 125,913<br />
Cost of sales 2 2,443 2,691 2,539<br />
Depreciation and amortization 6 533 2,134 5,214<br />
Selling, general and administrative costs 2 135,199 146,288 164,817<br />
Total operating expenses 138,175 151,113 172,570<br />
Operating loss (20,895) (25,712) (46,657)<br />
Interest expense, net 2, 3 (232,151) (307,753) (417,405)<br />
Impairment, net of reversal of impairment on shares in subsidiaries/<br />
intercompany receivable 1, 7 6,809 (722,393) (75,582)<br />
Impairment of investments in associated companies 20 (106,091) - -<br />
Gain on sale of subsidiaries 7 6,842 176,454 -<br />
Other financial items, net 2, 4 1, 282,824 279,214 2,758,977<br />
Income (loss) before income taxes 937,338 (600,190) 2,219,333<br />
Provision (benefit) for income taxes 5 299,277 (84,620) 314,375<br />
Net income (loss) 638,061 (515,570) 1,904,958<br />
London, March 22, 2012<br />
Board of Directors<br />
Petroleum Geo-Services ASA<br />
London, March 22, 2012<br />
Board of Directors<br />
Francis Gugen Harald Norvik<br />
Petroleum Geo-Services ASA<br />
Annette Malm Justad Holly Van Deursen<br />
Chairperson Vice Chairperson<br />
Francis Gugen<br />
Chairperson<br />
Harald Norvik<br />
Vice Chairperson<br />
Carol Bell<br />
Holly Van Deursen<br />
Annette Carol Malm Bell Justad Daniel J. Daniel Piette J. Piette Ingar Ingar Skaug Skaug Jon Erik Jon Erik Reinhardsen<br />
Chief Executive Officer<br />
Chief Executive Officer<br />
<strong>PGS</strong> ANNUAL REPORT <strong>2011</strong> 56<br />
<strong>PGS</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong> 121
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