Annual Report 2011 - PGS

Notes to the consolidated financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Year ended December 31, 2009:
Elimination of
inter-segment
items
Total
continuing
operations
Discontinued
operations
Onshore
(In thousands of dollars) Marine Other
Revenues by service lines
Marine Contract 893,050 --- --- 893,050 190,404
MultiClient pre-funding 169,043 --- --- 169,043 1,595
MultiClient late sales 182,135 --- --- 182,135 2,625
Data Processing 90,158 --- --- 90,158 ---
Other 15,816 --- --- 15,816 ---
Total revenues 1,350,202 --- --- 1,350,202 194,624
Operating costs (a)(c) (652,263) (18,318) (548) (671,129) (175,997)
EBITDA(c) 697,939 (18,318) (548) 679,073 18,627
Impairments of long-lived assets (Note 7) (153,615) --- --- (153,615) ---
Depreciation and amortization (Note 7) (c) (137,639) (6,519) --- (144,158) (19,076)
Amortization of MultiClient library (Note 7) (c) (159,646) --- 21 (159,625) (3,626)
Operating profit (loss) 247,039 (24,837) (527) 221,675 (4,075)
Statements of financial position items and cash investments as of December 31, 2009:
Investment in associated companies 7,032 11 --- 7,043 ---
Total assets(c) 2,465,817 279,183 --- 2,745,000 224,292
Cash additions to long-lived assets (b) 429,473 3,414 --- 432,887 18,714
(a) Operating costs include cost of sales, expensed research and development costs, and selling, general and administrative costs.
(b) Consist of cash investments in MultiClient library, capital expenditures, capital expenditures on new-builds on charter and investments in other
intangible assets
(c) Restated, see note 2
Since the Company provides services worldwide to the oil and natural gas industry, a substantial portion of the property and
equipment is mobile, and the respective locations at the end of the period (as listed in the tables below, together with MultiClient
library) are not necessarily indicative of the earnings of the related property and equipment during the period. Assets of property
and equipment are based upon location of physical ownership. Goodwill is presented in the same geographic area as the
underlying acquired assets. The geographic classification of statements of operations amounts listed below is based upon
location of performance or, in the case of MultiClient seismic data sales, the area where the survey was physically conducted.
Revenues external customers Years ended December 31,
(In thousands of dollars) 2011 2010 2009
Americas (excluding Brazil) 185,126 177,732 144,129
Brazil 173,321 177,196 238,076
UK 102,150 73,088 156,286
Norway 169,851 151,813 194,990
Asia/Pacific 252,160 245,798 288,408
Africa 235,615 215,164 200,904
Middle East/Other 135,077 94,343 127,409
Total 1,253,300 1,135,134 1,350,202
Revenues, including inter-area Years ended December 31,
(In thousands of dollars) 2011 2010 2009
Americas (excluding Brazil) 186,993 182,924 144,129
Brazil 173,321 177,196 238,076
UK 115,600 80,998 164,167
Norway 173,910 152,500 195,398
Asia/Pacific 252,160 245,798 290,848
Africa 239,856 219,030 200,904
Middle East/Other 135,476 94,560 127,593
Elimination inter-area revenues (24,016) (17,872) (10,913)
Total 1,253,300 1,135,134 1,350,202
Total non-current assets (a) December 31,
(In thousands of dollars) 2011 2010(b)
Americas (excluding Brazil) 175,573 201,035
Brazil 36,268 12,494
UK 676,933 618,436
Norway 335,311 311,394
Asia/Pacific (excluding Singapore) 99,566 93,499
Singapore 564,875 501,376
Africa 37,988 31,290
Middle East/Other 23,288 21,494
Total 1,949,802 1,791,018
(a) Consists of Property and equipment, MultiClient library, Investment in associated companies, Goodwill and Other intangible assets.
(b) Restated, see note 2
In 2011, the Company’s two most significant customers accounted for 11.0% and 7.0% of the Company’s consolidated
revenues, compared to 12.7% and 7.5% in 2010 and 16.1% and 6.7% in 2009, respectively (excluding discontinued operations).
15 PGS ANNUAL REPORT 2011
86 PGS Annual Report 2011