Annual Report 2011 - PGS

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Notes to the consolidated financial statements NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 11 - Earnings Per Share Earnings per share, to ordinary equity holders of PGS ASA, were calculated as follows: Years ended December 31, (In thousands of dollars) 2011 2010 2009 Restated(c) Restated(c) Net income (loss) from continuing operations 34,469 (22,501) 164,580 Net income (loss) from discontinued operations 589 8,548 (8,248) Non-controlling interests (1,367) (67) (2,094) Net income (loss) to equity holders of PGS ASA 33,691 (14,020) 154,238 Effect of interest on convertible notes, net of tax --- --- --- Net income (loss) for the purpose of diluted earnings per share 33,691 (14,020) 154,238 Earnings per share - Basic $ 0.16 $ (0.07) $ 0.82 - Diluted $ 0.15 $ (0.07) $ 0.82 Earnings per share from continuing operations - Basic $ 0.15 $ (0.11) $ 0.86 - Diluted $ 0.15 $ (0.11) $ 0.86 Earnings per share from discontinued operations - Basic $ 0.01 $ 0.04 $ (0.04) - Diluted $ 0.00 $ 0.04 $ (0.04) Weighted average basic shares outstanding (a) 217,238,666 200,052,867 189,061,076 Dilutive potential shares (b) 879,061 --- 499 Weighted average diluted shares outstanding 218,117,727 200,052,867 189,061,575 (a) Weighted average basic shares outstanding for all the years have been reduced by the average numbers of treasury shares owned by the Company during the period (see Note 31). (b) For the years ended December 31, 2011, 2010 and 2009, respectively, share options equivalent to 6,358,530, 7,679,975 and 7,480,708 shares, were excluded from the calculation of diluted earnings per share as they were anti-dilutive. In addition 8.0 million, 8.8 million and 8.8 million shares related to the convertible notes (see Note 25) were excluded from the calculation for the years ended December 31, 2011, 2010 and 2009, respectively, due to the anti-dilutive effect. (c) See note 2. Note 12 - Restricted Cash Restricted cash consists of the following: December 31, (In thousands of dollars) 2011 2010 Current Restricted payroll withholding taxes 3,777 3,887 Restricted under contracts (guarantees) 353 356 Restricted for health insurance 203 204 Deposits 192 217 Bid/performance bonds 39 65 Other 41 44 Total restricted cash, current 4,605 4,773 Long-term Deposit ISS dispute (Note 27) 89,051 66,395 Total current and long-term 93,656 71,168 19 PGS ANNUAL REPORT 2011 90 PGS Annual Report 2011
Notes to the consolidated financial statements NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 13 - Available-For-Sale Investments The components of available-for-sale investments contain of shares available-for-sale and debt instruments available-for-sale. Shares available-for-sale are summarized as follows: (In thousands of dollars) 2011 2010 Balance as of January 1, 33,282 12,043 Investment, cash --- 15,354 Investment, non cash (a) 16,455 4,137 Gain on investments 162 711 Unrealized gain (loss) recognized in the consolidated statement of comprehensive income (11,404) 12,438 Reclassified (gain) loss to consolidated statement of operations (1,418) (492) Sale of shares (19,731) (9,167) Impairments (9,567) (1,742) Balance as of December 31, 7,779 33,282 (a) Shares received in exchange for providing acquisition services and licenses. Fair value of shares available-for-sale is as follows: December 31, 2011 December 31, 2010 (In thousands of dollars) Fair value Ownership Fair value Ownership Current San Leon Energy Plc 2,727 1.8% --- --- Providence Resources Plc 2,206 1.4% --- --- Ithaca Energy Inc 1,272 0.2% --- --- Total current 6,205 --- Long-term Cove Energy Plc --- --- 11,149 1.5% San Leon Energy Plc --- --- 3,540 1.2% Providence Resources Plc --- --- 4,639 3.6% Ithaca Energy Inc --- --- 8,649 1.3% Northern Petroleum Plc --- --- 3,652 2.4% Other 1,574 --- 1,653 --- Total long-term 1,574 33,282 Total 7,779 33,282 Mainly all shares available-for-sale are listed shares (AIM list at London Stock Exchanges) and the fair value is based on quoted prices at end of the relevant years. Debt instruments available-for-sale are summarized as follows: (In thousands of dollars) 2011 2010 Balance as of January 1, --- --- Investment, non-cash 30,812 --- Fair value adjustment at initiation (7,522) --- Balance as of December 31, 23,290 --- In February 2011 SeaBird Exploration PLC issued a convertible loan of $42.9 million directed towards the Company. In December 2011 the instrument was partially repaid and partially restructured as a Senior Secured Bond (Coupon rate 6%) with a nominal value of $31.7 million. A loss of $7.5 million was recognized in the consolidated statement of operations in 2011 as the fair value of the new bond was lower than the nominal value. Fair value of debt instruments available-for-sale are summarized as follows: December 31, (In thousands of dollars) 2011 2010 Long-term SeaBird Exploration Plc. Bonds 23,290 --- Total 23,290 --- PGS ANNUAL REPORT 2011 20 PGS Annual Report 2011 91
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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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Marine Contract OptoSeis: Enhancing
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MultiClient The MultiClient data li
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MultiClient Operations Angola: Mapp
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Operations PGS Annual Report 2011 2
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Operations in 2011. The performance
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Operations Ramform’s Sustainable
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Operations Data Processing and Tech
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Data Processing and Technology seis
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Corporate Responsibility: PGS’ De
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Annual Report 2011 - PGS

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