Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: russwinter who wrote (7816)	2/15/2002 9:28:00 AM
From: isopatch	Read Replies (4) of 36161

PGO "accounting changes". Restates 3 yrs of earnings!!! Don't know if anyone here is long this one. But worth watching the price action today. Iso biz.yahoo.com <Thursday February 14, 8:36 am Eastern Time Petroleum Geo-Services sees results hurt by restatement HOUSTON/OSLO, Feb 14 (Reuters) - Petroleum Geo-Services ASA (NYSE:PGO - news) on Thursday said it would restate results for 1998, 1999 and 2000 to reflect changed accounting practices, and that it expected fourth-quarter results to be negatively impacted by the change. The company said it expects to post fourth quarter revenues of $305 million when it reports in late February, including about $70 million for multi-client sales but excluding about $20 million in seismic data sales. Analysts polled by market research firm Thomson Financial/First Call expect Petroleum Geo-Services to earn between 20 cents and 24 cents in the fourth quarter, with the consensus of 22 cents. Petroleum Geo-Services said the restatements stemmed changing the way it accounted for hedging its tax liability between U.S. dollars and Norwegian kronor, as well as the way it booked revenues from its seismic work. The restatements will cut $23.2 million from earnings in 1998, 1990 and 2000. In the first nine months of 2001, it will add $19.2 million to earnings.>

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