Corelab
For the full year, Core reported $336 million in revenues, a record for the company. For the full year 2000 Core earned $0.58 per fully diluted share, a 29% increase over full year 1999 operating totals. Net income for the year reached $19,152,000, the second highest total in c ompany history.
Late demand
Corelab benefited from mid-to-late quarter demand increases for its reservoir optimization services and technologies related to reservoir description and production enhancement. This was especially the case from multinationals, large independents and national oil companies on crude oil developments outside of North America. Services provided on deepwater field development worldwide also remained in strong demand. Many of these reservoir optimization projects are long term and are continuing into the first quarter of 2001.
Demshur
David Demshur, president and CEO said “The long-awaited increase in international oil-related projects was finally evident in our revenue streams from mid-November on. This trend has continued into the first quarter of 2001, and we currently are projecting first quarter revenues at the high end or above current analysts’ estimates. The year 2001 will be another record performance for Core Laboratories.”
Nopec
Norwegian Nopec’s gross consolidated Revenues were NOK 817,7 million, up 32% from NOK 617,3 million in 1999. Earnings per share were NOK 8.85 (NOK 8,45 fully diluted) for 2000 compared to NOK 4.97 in 1999. EBITDA* from operations of NOK 622.6 million was 80% of Net Revenues, up 43% from last year (NOK 436.5 million) and pre-tax profit was NOK 330.4 million representing 43% of Net Revenues and an increase of 71% from NOK 193.1 million during 1999.
80-20
Gulf of Mexico sales were particularly strong during the fourth quarter, followed by Brazil, Europe, and Africa. Quarterly net revenues were split roughly 79%-21% between 2D and 3D respectively. For the full year 2000, geographic distribution of net revenues was approximately as follows: 45% Gulf of Mexico, 30% other Western Hemisphere (Brazil and Canada), 17% Europe, and 8% Africa & Asia/Pacific.
Hamilton
CEO Hank Hamilton said “The extraordinary data library sales achieved in the fourth quarter result from a combination of factors including previous oil company under-spending of 2000 budget funds, a realization that prospect inventories will now start to decline, preparation for upcoming licensing rounds, the excellent timing and placement of our newest projects, and a terrific effort from our marketing staff . We are very comfortable with the stated net book value of our library. The sales momentum we have established gives us great confidence in growing our Multi-Client investments.”
CGG
The CGG Group returned to profitability in the second half of 2000. Un-audited total revenues for the year 2000 are estimated at Euros 696.5 million (US$ 635.9 million) up 37% compared to 1999 (Euros 506.7 million or US$ 542.0 million). These figures reflect an upturn in the seismic services and equipment markets materialized for CGG in particular by a strong last quarter. CGG expects a net profit for the second half year 2000 in the range of Euros 10 million, marking the return to profitability of the Group after four consecutive semesters of losses due to the ‘harsh conditions’ of the seismic market. Excluding non recurring items, in particular the gain resulting from the sale of Flagship to Paradigm, this net result would have been at break even level.
Marine strong
The year has been characterized by the good performance of the Marine and multiclient activities in a market, which remained extremely competitive. Problems were encountered in land acquisition resulting, in particular, from low volumes and strong pressure on margins.
Petroleum Geo-Services
PGS annual revenue increased 15% over 1999, while fourth quarter revenue decreased 5%. Year-to-date operating profit margin (before unusual items) remained consistent with the comparable 1999 margin at 16%. Year-to-date and fourth quarter diluted earnings per share (before unusual items) were $0.38 and $0.01, respectively.
Charges
PGS recorded pre-tax charges totaling $365.8 million related to asset impairments, including the data library, and accrued loss contracts. The sale of the Spinnaker Exploration Company brought net proceeds of $150.5 million and a pre-tax gain of $54.7 million. The agreement with Halliburton to sell the Petrobank data management business is expected to close before the end of February, and will result in a gain of approximately $145 million.
Michaelsen
Chairman and CEO Reidar Michaelsen said “Going forward, we remain committed to, and expect to expand our market-share in the emerging reservoir characterization and monitoring business. Now with renewed focus, we will work to balance these commitments to improve our financial and operational performance.” PGS continues to expect that higher oil and gas prices will prompt greater oil and gas company spending on the application of enhanced production techniques - such as PGS’ PetroTrac suite of advanced seismic tools - to existing reservoirs. Higher prices, as well as declining oil company reserves, should lead to increased exploration [in areas where] PGS has focused its multi-client activity.
*EBITDA - Earnings before interest, tax, depreciation and amortization.
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