PGS Onshore revenues and operating profit are expected to be significantly above 2005 levels.
For PGS Production the following guidance was given:
- Oil production expected to decline for FPSO Petrojarl Foinaven producing the Foinaven field and FPSO Petrojarl I producing the Glitne field in 2006 versus 2005
- Potential for improved output for FPSO Petrojarl Varg producing the Varg field in 2006 versus 2005
- FPSO Ramform Banff producing the Banff field is expected to continue at the minimum day rate
As an update on the refinancing and exploration of a possible separation of the Company, PGS President and CEO, Svein Rennemo stated the following:
"Our refinancing process is on track and, as disclosed last week, as of the consent solicitation deadline on November 30, 2005 tenders and consents representing approximately 99 percent of the $745.9 million aggregate principal amount of our outstanding 10% Senior Notes due 2010 had been received.
We have started the process of exploring separation possibilities as announced and will come back with information to the market when appropriate. The strong market outlook for both our Geophysical and Production businesses underlines the potential in fully exploiting the growth capability and opportunities within each one of them independently of the other. We believe that direct access to the capital markets for both Geophysical and Production would allow us to capture more opportunities."
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