PGS - Classification of Pertra in Financial Statements
May 23 2005 - 3:56AM
PR Newswire (US)
PGS - Classification of Pertra in Financial Statements OSLO,
Norway, May 23 /PRNewswire-FirstCall/ -- Petroleum Geo-Services ASA
("PGS" or the "Company") (NYSE:PGS)(OSE:PGS) announced today that
as a consequence of a recent interpretation by the Emerging Issues
Task Force, "Applying the Conditions in Paragraph 42 of FASB
Statement No. 144 in Determining Whether to Report Discontinued
Operations" (EITF No. 03-13), under U.S. GAAP, the Company will not
classify Pertra as discontinued operations in its consolidated
financial statements. Therefore, revenues and expenses relating to
Pertra, which was sold March 1, 2005, will be included in
consolidated revenues and expenses through February 2005. Also, the
gain from sale of Pertra will be reported on a separate line and
will be included in consolidated operating profit. Pertra revenues
of $27.6 million and an operating loss of $1.5 million (after
considering the offsetting effect of eliminating inter-segment
lease of Petrojarl Varg) will be included in PGS' consolidated
financial statements for first quarter 2005. The gain from the sale
of Pertra amounts to $150.3 million (including a $ 2.5 million
option premium) and, as noted above, will be reflected as a
separate line item in consolidated operating profit. As previously
reported, PGS will release its 2005 first quarter financial results
on Tuesday, May 24, 2005. The results will be released at
approximately 8:00 a.m. Central European Time (CET). A presentation
has been scheduled the same day at 9:00 am (CET) at PGS'
Headquarters at Lysaker Norway. A web cast and conference call have
also been scheduled the same day at 2:00 p.m. CET (8:00 a.m. ET),
to discuss PGS' first quarter results. The contact details for this
service are detailed below. As previously announced, the release
and the slide presentation will be based on U.S. GAAP. To
participate on the simulcast of the conference call over the
Internet, please visit PGS' web site, http://www.pgs.com/, at least
15 minutes early, to register and to download and install any
necessary audio software. Alternatively, to access the live
broadcast of the conference call by telephone, please dial-in at
the number provided below, corresponding to your location: Location
Dial-In Number U.S. and Canada (Toll-Free): +1 866-238-0638 **
International (Toll-Free): +00 800 4363 7976 International (Toll):
+1 703-639-1157 ** Participants dialing in from Finland (990),
Australia (0011), Hong Kong (001), Japan (001), Korea (002),
Singapore (001), or Thailand (001) should use the designated
International Access Code (+) specified here in place of (00). The
telephone will be open for questions at the conclusion of
management's remarks. **** Petroleum Geo-Services is a
technologically focused oilfield service company principally
involved in geophysical and floating production services. PGS
provides a broad range of seismic and reservoir services, including
acquisition, processing, interpretation, and field evaluation. PGS
owns and operates four floating production, storage and offloading
units (FPSOs). PGS operates on a worldwide basis with headquarters
at Lysaker, Norway. For more information on Petroleum Geo-Services
visit http://www.pgs.com/. **** The information included herein
contains certain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements are based on
various assumptions made by the Company which are beyond its
control and are subject to certain additional risks and
uncertainties as disclosed by the Company in its filings with the
Securities and Exchange Commission including the Company's most
recent Annual Report on Form 20- F for the year ended December 31,
2004. As a result of these factors, actual events may differ
materially from those indicated in or implied by such
forward-looking statements. FOR DETAILS, CONTACT: Ola Bosterud Sam
R. Morrow Christopher Mollerlokken Phone: +47 6752 6400 US Investor
Services, Renee Sixkiller, Phone: +1 281 509 8548 DATASOURCE:
Petroleum Geo-Services ASA CONTACT: Ola Bosterud, Sam R. Morrow, or
Christopher Mollerlokken, +47-6752-6400, all of Petroleum
Geo-Services ASA, or US Investor Services: Renee Sixkiller,
+1-281-509-8548 Web site: http://www.pgs.com/
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