Annual Report 2011 - PGS

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Consolidated financial statements CONSOLIDATED FINANCIAL STATEMENTS PETROLEUM GEO-SERVICES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31, (In thousands of dollars) Note 2011 2010 Restated(1) ASSETS Current assets Cash and cash equivalents $ 424,734 $ 432,579 Restricted cash 12 4,605 4,773 Accounts receivable 14 220,765 225,301 Accrued revenues and other receivables 15 110,367 145,187 Available-for-sale investments 13 6,205 - Other current assets 17 104,876 98,432 Total current assets 871,552 906,272 Long-term assets Property and equipment 18 1,292,583 1,213,206 MultiClient library 19 334,135 310,843 Restricted cash 12 89,051 66,395 Deferred tax assets 10 177,923 210,766 Equity accounted investments 20 48,521 24,523 Available-for-sale investments 13 24,864 33,282 Other long-lived assets 21 23,987 27,245 Goodwill 22 139,852 139,852 Other intangible assets 23 134,711 102,594 Total long-term assets 2,265,627 2,128,706 Total assets 6 $ 3,137,179 $ 3,034,978 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term debt and current portion of long-term debt 24, 25 $ 183,011 $ - Current portion of finance lease obligations 27 96 - Accounts payable 61,733 95,486 Accrued expenses 28 266,003 244,938 Income taxes payable 10 21,298 43,994 Total current liabilities 532,141 384,418 Long-term liabilities Long-term debt 25 753,414 783,693 Long-term finance lease obligations 27 60 - Deferred tax liabilities 10 17,134 20,757 Other long-term liabilities 29 62,740 90,831 Total long-term liabilities 833,348 895,281 Shareholders' equity Paid-in capital Common stock; par value NOK 3; issued and outstanding 217,799,997 shares 31 96,490 96,490 Treasury shares, par value 31 (607) (240) Additional paid-in capital 508,217 503,111 Total paid-in capital 604,100 599,361 Accumulated earnings 1,187,705 1,166,848 Cumulative translation adjustment and other reserves (20,307) (10,942) Non-controlling interests 192 12 Total shareholders' equity 1,771,690 1,755,279 Total liabilities and shareholders' equity $ 3,137,179 $ 3,034,978 (1) See note 2 57 PGS ANNUAL REPORT 2011 70 PGS Annual Report 2011
Consolidated financial statements CONSOLIDATED FINANCIAL STATEMENTS PETROLUEM GEO-SERVICES CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER’S EQUITY Attributable to equity holders of PGS ASA Cumulative Acc- translation Treasury Additional umulated adjustm. Non- Share- Common stock shares paid-in earnings and other controlling holders’ (In thousands of dollars, except for share data) Number Par value Par value capital (deficit) reserves Total interests equity Balance at January 1, 2010 197,999,999 $ 86,583 $ - $ 237,542 $ 1,147,551 $ (23,445) $1,448,231 $ 805 $ 1,449,036 Effect of policy change (note 36) - - - - 39,884 - 39,884 - 39,884 Restated balance at January 1, 2010 197,999,999 $ 86,583 $ - $ 237,542 $ 1,187,435 $ (23,445) $1,488,115 $ 805 $1,488,920 Total comprehensive income - - - - (14,020) 12,503 (1,517) 67 (1,450) Share issue (19,799,998 shares) (1) 19,799,998 9,907 - 260,215 - - 270,122 - 270,122 Dividend to non-controlling interests - - - - - - - (860) (860) Acquired treasury shares - (420) - (8,804) - (9,224) - (9,224) Exercise employee share options - - 180 - 2,237 - 2,417 - 2,417 Employee share options - - - 5,354 - - 5,354 - 5,354 Restated balance at December 31, 2010 217,799,997 $ 96,490 $ (240) $ 503,111 $1,166,848 $ (10,942) $1,755,267 $ 12 $ 1,755,279 Total comprehensive income - - - - 33,691 (9,365) 24,326 1,367 25,693 Dividends to non-controlling interes - - - - - - - (1,217) (1,217) Capital increase, non-controlling interests - - - - - - - 30 30 Acquired treasury shares - - (673) - (16,731) - (17,404) - (17,404) Exercise employee share options - - 306 - 3,897 - 4,203 - 4,203 Employee share options - - - 5,106 - - 5,106 - 5,106 Balance at December 31, 2011 217,799,997 $ 96,490 $ (607) $ 508,217 $ 1,187,705 $ (20,307) $1,771,498 $ 192 $ 1,771,690 (1) Transaction costs amounting to $4.0 million are recognized against "Additional paid-in capital" net of related income tax benefits of $1.5 million. The components of other comprehensive income, recognized in cumulative translation adjustments and other reserves are as follows: Cumulative Net foreign Net translation currency unrealised Net gain (loss) adjustments translation gain (loss) cash flow hedges and other (In thousands of dollars) adjustments investments Interest rate Exchange rate reserves Balance at January 1, 2010 $ (1,276) $ 44 $ (22,213) $ - $ (23,445) Year ended December 31, 2010: Revaluation of cash flow hedges - - 2,701 - 2,701 Deferred tax on cash flow hedges - - (732) - (732) Revaluation of shares available-for-sale - 11,946 - - 11,946 Other (1,412) - - - (1,412) Balance at December 31, 2010 $ (2,688) $ 11,990 $ (20,244) $ - $ (10,942) Year ended December 31, 2011: Revaluation of cash flow hedges - - 2,582 - 2,582 Deferred tax on cash flow hedges - - (723) - (723) Revaluation of shares available-for-sale - (12,822) - - (12,822) Other 1,356 242 - - 1,598 Balance at December 31, 2011 $ (1,332) $ (590) $ (18,385) $ - $ (20,307) PGS ANNUAL REPORT 2011 58 PGS Annual Report 2011 71
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Operations Annual Report 2011 www.p
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Key Financial Figures Key Financial
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MultiClient revenues of USD 502 mil
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Operations Main Offices oSlo Petrol
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To optimize profitability and cash
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Letter from the CEO contributes to
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Introduction to business units tran
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PGS Annual Report 2011 15
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Marine Contract provides more detai
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Statements of Operations - PGS ASA
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Statements of operations - PGS ASA
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Auditor’s report PGS Annual Repor
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Annual Report 2011 - PGS

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