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Q4 2010 EARNINGS CALL – Spectrum Asa

Spectrum Asa · Feb 17, 2011 · 33 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. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 1
    Presentation of Unaudited 4th Quarter 2010 Results February 2011
  2. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 2
    Q4 2010 Highlights New CEO in place from 1 December with a mandate to grow the company Best ever quarter for MC with sales of US9.77m Highest quarterly revenue ever achieved of US14.96m All business segments achieved revenue…
  3. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 3
    Qtr 4 2010 Financial Highlights Revenue of US14.96 m, EBITDA of US(7.08) m, EBIT of US(9.56) m Operating costs of US22.04m (including revenue share to third parties and one-off costs) Adjusted EBITDA of US2.43m before one-off…
  4. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 4
    Q4 2010 Income Statement - unaudited (000s) Q4 10 Q4 09 Change Revenue 14,960 9,502 5,458 Operating expenses (12,526) (5,550) (6,976) One-off adjustments (9,509) - (9,509) EBITDA (7,075) 3,952 (11,027) EBITDA before one-off…
  5. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 5
    Q4 2010 Cash Flow Statement (000s) Q4 10 Q4 09 Receipts from revenue 12,632 3,124 Operational costs paid (7,401) (4,421) Change in Work in Progress (1,919) 413 Net Operational Cash Flow from operations 3,312 (884) Investment in…
  6. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 6
    2010 Annual Financial Highlights Revenue of US38.51m, EBITDA of US(2.92)m, EBIT of US(12.08)m Operating costs of US41.42m (including revenue share to third parties and one-off costs) Adjusted EBITDA after one-off adjustments US6.59m…
  7. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 7
    2010 Annual Income Statement - unaudited (000s) 2010 2009 Change Revenue 38,506 43,390 (4,884) Operating expenses (31,914) (31,688) (226) One-off adjustments (9,509) - (9,509) EBITDA (2,917) 11,702 (14,619) EBITDA before…
  8. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 8
    2010 Annual Cash Flow Statement (000s) 2010 2009 Receipts from revenue 35,546 44,575 Operational costs paid (25,738) (18,761) Gain on Acquisition loan repayment - (15,673) Change in Work in Progress 306 1,532 Net Operational Cash…
  9. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 9
    Balance Sheet Key Figures (000s) Assets Q4 10 Dec 09 (audited) MC Library 19,958 11,173 Other Intangible Assets 11,819 11,554 Tangible Assets 3,172 2,108 Financial Assets 1,559 1,379 Cash and Equivalents 10,792 5,837…
  10. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 10
    Multi Client NBV & Investments (000s) 25,000 22,718 20,530 20,000 19,328 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 2,145 1,745 158 290 355 0 Q3 08 Q4…
  11. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 11
    Revenue per segment (000s) 18,000 16,000 2,058 14,000 516 335 3,201 3,985 12,000 4,808 1,640 5,856 3,103 6,124 10,000 3,579 815 4,850 3,680 8,000 101 1,870 3,689 187 6,000 5,329 9,772 3,514 6,615 8,107 3,679 4,000…
  12. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 12
    Segmental Analysis (000s) Q4 10 Q4 09 2010 2009 Gross Revenue Multi-Client 9,774 8,107 22,792 22,083 Seismic Data Processing 3,257 1,492 11,384 13,761 Marine Acquisition 3,869 3,006 14,631 21,167 16,900 12,605 48,809 56,412…
  13. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 13
    Review of Business Segments
  14. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 14
    MULTI CLIENT
  15. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 15
    Multi Client Q4 Highlights Highest ever revenue of US9.77m in quarter Pre funding secured on 5 reprocessing projects in 2010 Annual MC investment of US15.68m Lower than expected investment as signature of new acquisition projects…
  16. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 16
    Multi Client Revenue (000s) 12,000 10,000 1,312 8,000 6,000 5,034 4,849 8,462 4,000 2,359 4,223 5,329 2,000 3,689 3,514 639 3,073 2,727 1,766 1,359 1,713 0 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4…
  17. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 17
    Areas of 2010 Multi Client Investment Big Wave Phases I, II & IV US East Coast Trinidad & Tobago Deep Water Adriatic Sea Madagascar Andaman Islands North West Shelf Australia East Greenland East Mediterranean
  18. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 18
    DATA PROCESSING
  19. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 19
    Data Processing Q4 Highlights External revenue of US1.20m, up 107% compared to Q4-09 Annual revenue of US4.18m, up 5.5% compared to 2009 (like for like basis) Improved cost efficiency and performance gave a EBITDA positive result…
  20. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 20
    Data Processing Revenue (000s) 6,000 5,000 4,000 3,160 3,000 1,922 3,236 2,248 2,056 2,000 516 903 325 1,640 1,257 559 1,000 912 335 1,470 1,354 1,039 1,000 1,033 1,201 950 716 580 0 Q4 08 Q1 09 Q2 09 Q3 09…
  21. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 21
    MARINE ACQUISITION
  22. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 22
    Marine Acquisition Q4 Highlights GGS Atlantic offshore Trinidad 3D Revenue US3.87m Operationally challenging environment Onerous contract provision for bare boat charter US8.60m EBITDA loss of US10.31m
  23. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 23
    Marine Acquisition Revenue (000s) 7,000 6,000 5,000 2,298 4,000 613 3,000 6,124 5,297 4,808 2,000 2,191 3,985 3,579 3,679 3,680 2,602 1,000 815 0 101 186 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4…
  24. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 24
    Business Outlook
  25. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 25
    Strategy of Spectrum What we have: Organization and business infrastructure in place with regional offices strategically located for future growth 200 people employed 460.000 2D km in all major sedimentary basins 33.000 sq.km.…
  26. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 26
    The Platform For Growth Offices Oslo London Houston Perth Cairo Beijing Singapore Jakarta Spectrum employs around 200 people worldwide
  27. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 27
    Strategy of Spectrum Where we go: Our goal is to develop Spectrum to become a major player in the marine seismic multi- client business Focused MC investments in geographical areas with high potential for multi-client including:…
  28. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 28
    Strategy of Spectrum How we get there: Invest US 30 million in new multi client surveys 2011 with an average of 50% prefunding Spectrum will not operate own vessels, but rather buy acquisition services from third party…
  29. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 29
    MC investments in 2011 2D & 3D multi-client seismic significant increase in investment 35 30 25 20 m's 15 10 5 0 2008 2009 2010 2011
  30. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 30
    Strategy of Spectrum How we get there: Expand the organization at all levels Active recruitment campaign ongoing with competitive compensation including equity options for key personnel in a growing MC organization Establish…
  31. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 31
    Strategy of Spectrum How we get there: MC library is our showroom for DP technology Majority of capacity will be utilized for internal MC processing and Data processing will support the MultiClient growth Leader in terms of…
  32. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 32
    Activities 2011 in Spectrum What is the next step: Identify new acquisition projects for 2D and 3D 2D library is the platform for MC3D in terms of prefunding, location and design Actively use the 2D database to locate new 3D…
  33. Q4 2010 EARNINGS CALL – Spectrum Asa – slide 33
    Outlook What can we expect: Spectrum will be a fast growing MultiClient company Spectrum will consider M&A opportunities in a opportunistic approach Spectrum embarks on the new growth strategy

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