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Q3 2010 EARNINGS CALL – Spectrum Asa

Spectrum Asa · Nov 19, 2010 · 36 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 1
    November2010 Presentation of Unaudited 3rd Quarter 2010 Results
  2. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 2
    Rune Eng will take over as CEO for Spectrum from 1 December 2010. The current CEO, David Rowlands will continue in a senior position in the company. This Q3 earnings release presentation will be done with CEO David Rowlands and the CFO…
  3. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 3
    Qtr 3 2010 Highlights Revenue of US 10.56m, EBITDA of US 2.09m, EBIT loss of US (1.54m) Operating costs of US 8.48m, approx US1.0m above expectations due to GGS Atlantic Multi Client revenue of US 5.94m (09 US 6.61m) Early US…
  4. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 4
    Revenue per segment (000s) 16,000 14,000 157 516 335 3,201 12,000 1,640 4,808 5,856 3,103 6,751 6,124 10,000 3,579 815 4,850 3,680 8,000 101 1,870 3,689 187 6,000 5,329 3,514 5,012 6,615 8,107 3,679 4,000 5,936…
  5. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 5
    Qtr 3 Earnings Summary Balance Sheet Unrestricted cash balance of US10.33m Book value of MC library increased by net US0.52m investment of US3.58m amortisation of US 3.06m Book equity = US46.47m or US1.75 per share. Shares…
  6. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 6
    Amortization as % Revenue and NBV 80.0% 70% 70.0% 60.0% 52% 50.0% 47% 46% 44% 41% 40% 40.0% 36% 34% 32% 29% 30.0% 20.0% 16% 14% 14% 10% 11% 11% 10.0% 5% 0.0% Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 %…
  7. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 7
    Multi Client NBV & Investments (000s) 25,000 22,718 20,530 20,000 18,733 15,000 12,803 12,786 12,317 11,722 11,173 9,986 10,000 8,138 5,670 5,000 4,395 3,650 2,700 1,745 158 290 355 0 Q3 08 Q4 08 Q1 09 Q2 09…
  8. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 8
    Qtr 3 2010 Earnings Summary Cash Flow Operational cash flow of US1.82m Net cash outflow of US2.51m Invested US4.3m Multi Client US3.58m Tangible Assets US0.75m Cash inflow relating to Pre funding for Big Wave Phase 4 due after…
  9. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 9
    Consolidated Income Statement - unaudited (000s) Q3 10 Q3 09 YTD 10 YTD 09 Revenue 10,565 8,080 23,546 33,451 Operating expenses (8,477) (4,821) (19,388) (25,262) EBITDA 2,088 3,259 4,158 8,189 Depreciation / amortisation (3,633)…
  10. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 10
    Consolidated Balance Sheet Key Figures (000s) Assets Q3 10 Q3 09 Dec 09 (audited) MC Library 19,328 9,986 11,173 Other Intangible Assets 13,337 11,756 11,554 Tangible Assets 3,724 2,359 2,108 Financial Assets 1,486 1,428 1,379…
  11. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 11
    Cash Flow (000s) Q3 10 Q3 09 YTD 10 YTD 09 Receipts from revenue 7,892 14,829 21,914 41,014 Operational costs paid (7,859) (8,495) (18,290) (27,694) Gain on Acquisition loan repayment - 14,580 - 14,580 Change in Work in Progress…
  12. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 12
    Spectrum ASA Review of Business Segments Unaudited Q3 2010 Results
  13. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 13
    MULTI CLIENT
  14. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 14
    Multi Client Q3 Highlights Revenue of US5.94m is 56% of total Group revenue Further pre funding secured for 2 phases of Big Wave despite uncertainty following Macondo incident in US GoM Pre funding for Trinidad reprocessing project…
  15. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 15
    Multi Client Revenue (000s) 9,000 8,000 7,000 6,000 5,034 5,000 4,849 4,000 2,359 4,223 3,000 5,329 5,012 2,000 3,514 3,689 3,073 639 2,727 1,000 1,766 1,713 1,359 0 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3…
  16. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 16
    Multi-Client Projects Commenced in 2010 Spectrum Volume Status share 2D Library Trinidad Deep Water 100% 12,470km Time reprocessing completed Big Wave Phase 4 GoM 100% 12,000km Acquisition completed East Coast US 100% 19,000km…
  17. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 17
    Spectrum Multi-Client Current Projects East Greenland US East Adriatic Sea Coast Trinidad East Med Deep Water Big Wave Outer Shelf Phase 4 Revival Project Falklands Test Reprocessing Current Projects
  18. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 18
    Data added to Library 2009 - 2010 40000 Revival NW Australia 35000 30000 25000 US East Coast 20000 Big Wave Phase2 NW Australia Andaman Big Wave 15000 Trinidad Adriatic Sea Phase 4 East Australia 10000 Greenland…
  19. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 19
    Geographic Analysis of MC 2D Library KMs 37,024 93,856 EAME 44,428 Far East / Australia 65,722 EGoM Americas 204,447 Rest of World
  20. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 20
    Multi Client 2010 Investment MC investment guidance of US17-20m at beginning of year Current expectation approximately US15m Lower than expected investment as signature of new acquisition projects delayed Frontier countries are…
  21. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 21
    Multi Client Project Cycle Life cycle of MC project development ranges from 6 months to 4 years
  22. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 22
    New Project East Greenland 7,800km regional grid Reprocessing of 1980 vintage data scheduled for completion by end 2010 Only deep seismic data available in study area Licensing rounds scheduled 2012 and 2013 Interest from…
  23. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 23
    Australia NW Shelf Spectrum acquired NW Australia seismic database in Q1, 2010 Database includes regional and basin specific packages More than 150,000 km of 2D PSTM data 30,400 sq km 3D data set
  24. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 24
    NW Shelf Basin Specific 2D Data Packages
  25. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 25
    Carnarvon Basin 3D Mega Merge 30,400 sq km 3D merge consisting of 30 surveys covering Australias premier hydrocarbon province. All surveys carefully balanced, merged and phase matched 30,400 sq km of 3D regional seismic data 30 x…
  26. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 26
    New Project Adriatic Sea 9,000km reconnaissance grid No previous or current competing MC data Grid covers licensed (25%) and unlicensed (75%) acreage Ties existing discoveries and excellent prospects Target companies include…
  27. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 27
    New Project East Mediterranean Reprocessing Reprocessing of 12,300km of seismic acquired in 2000 Data acquired in partnership with Fugro Significant ongoing sales and level of interest 2 world class gas discoveries in 2009 Spectrum…
  28. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 28
    DATA PROCESSING
  29. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 29
    Data Processing Q3 Highlights External revenue of US1.0m is consistent with Q1and Q2 Contract market continues to be challenging and bidding activity is inconsistent geographically Internal revenue on behalf of Multi Client division…
  30. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 30
    Data Processing Revenue Gross (000s) 6,000 5,000 4,000 3,160 3,000 1,922 3,236 2,248 2,000 1,477 516 903 325 1,640 1,257 559 1,000 157 912 335 1,470 1,354 861 1,039 1,000 1,033 950 716 580 0 Q3 08 Q4 08 Q1…
  31. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 31
    MARINE ACQUISITION
  32. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 32
    Marine Acquisition Q3 Highlights GGS Atlantic commenced acquisition of proprietary 3D project offshore Trinidad, early Q3 3D project followed by small 2D volume in same concession Revenue of US3.7m for quarter from Trinidad combined…
  33. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 33
    Marine Acquisition Revenue Gross (000s) 8,000 7,000 6,000 5,000 2,298 4,000 613 6,751 3,000 6,124 5,297 4,808 2,000 2,191 3,579 3,679 3,680 2,602 1,000 815 0 101 186 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3…
  34. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 34
    Subsequent Events GGS Atlantic commences acquisition of 2nd proprietary 3D project offshore Trinidad MC reprocessing projects from East Greenland and Adriatic commence Spectrum awarded 2D acquisition project offshore Bahamas Rune Eng…
  35. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 35
    Future Prospects Uncertainty prevails for operations in US GoM Addition of data to MC library of projects from Trinidad, Australia and Eastern GoM (Big Wave Phase 4) should drive late sales Bid rounds ongoing in Trinidad and India…
  36. Q3 2010 EARNINGS CALL – Spectrum Asa – slide 36
    United Kingdom United States Egypt Spectrum Geo Ltd Spectrum Geo Inc Spectrum-Geopex Spectrum House 16225 Park Ten Place Nasr City Public Free Zone 56 Goldsworth Road, Suite 300 Block 1-A Woking, Surrey, GU21 6LE Houston, Texas 77084…

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