March 18, 2015: London, United Kingdom. The Board of Directors of Petroleum Geo-Services ASA ('PGS' or the 'Company') has on March 18, 2015 approved the 2014 annual financial statements prepared in accordance with International Financial Reporting Standards ("IFRS").
The Company reported its IFRS unaudited fourth quarter and preliminary full year 2014 results on February 12, 2015. Compared to the preliminary results, the Company recorded USD 8.1 million of additional deferred tax expense, causing reported net income for 2014 and net deferred tax assets in the balance sheet to be reduced with the same amount. There were no other changes to the consolidated financial statements compared to those presented in the February earnings release.
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Petroleum Geo-Services ("PGS" or "the Company") is a focused Marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company's MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway.
For more information on Petroleum Geo-Services visit www.pgs.com.
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The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. 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. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2013. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.