* Q4 EBITDA falls 49 pct to $146 mln, tops consensus
* Reaffirms 2010 financial targets, sees some H2 risks
(Adds details, quotes)
OSLO, Feb 22 Norwegian seismic surveyor
Petroleum Geo-Services (PGS.OL) posted roughly in-line fourth
quarter results on Monday and said it saw increasing bid
activity for what is set to be a tough 2010.
PGS, which helps oil companies to find oil and gas reserves
by scanning the seabed, maintained its guidance for 2010 which
called for a drop in adjusted core profit (EBITDA) to around
$450 million from some $691 million in 2009.
Adjusted earnings before interest, tax, depreciation and
amortisation fell to $146 million in October-December from $241
million a year earlier, but beat a $130 million average forecast
from a Reuters poll of 15 analysts. PGS's net earnings and
operating profit fell short of consensus.
"We currently see increased interest in pre-funding
commitments in the Gulf of Mexico and Europe, and an increase in
bid activity," Chief Executive Jon Erik Reinhardsen said in a
PGS repeated views that its 2010 capex and 2010 multi-client
cash investments both stood at some $175 million.
"The primary risks relating to the full year guidance are
contract market demand in second half of the year, operational
downtime events and multi-client sales," PGS said.
"The guidance could also be impacted if the company makes
significant changes to investment plans," it added, without
providing any details.
(Reporting by Wojciech Moskwa; Editing by Rupert Winchester)