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Q1 2010 EARNINGS CALL – Spectrum Asa

Spectrum Asa · May 25, 2010 · 41 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. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 1
    May 2010 Presentation of Unaudited 1st Quarter 2010 Results
  2. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 2
    Qtr 1 2010 Highlights Finalised the acquisition of Australian Seismic Brokers and begin integration process GGS Atlantic completed 6,350 km proprietary contract offshore Colombia and mobilised to commence Spectrums Big Wave (Phase 4)…
  3. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 3
    Qtr 1 2010 Financial Highlights Private placement and subsequent repair issue of 7.5 million shares at NOK 13.50 raised US 17.3m after costs Sales revenue of US 6.7m (09:US 13.6m) Pre funding MC revenue (early sales) of US 0.6m and…
  4. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 4
    Revenue per segment (000s) 16,000 14,000 157 516 335 3,201 12,000 4,808 5,856 3,103 6,751 6,124 10,000 3,579 815 8,000 101 1,870 3,689 6,000 5,329 3,514 5,012 6,615 8,107 3,679 4,000 2,000 3,951 4,514 1,998 3,392…
  5. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 5
    500,000 1,000,000 1,500,000 2,500,000 2,000,000 0 Q1 2000 Q2 2000 Q3 2000 Q4 2000 Q1 2001 Q2 2001 Q3 Q1 Q4 Q2 Q3 2001 Q4 2001 Q1 2002 Q2 2002 Q3 2002 0 2 4 4 Q4 2002 Q1 2003 Q2 2003 Q3 2003 Q4…
  6. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 6
    Qtr 1 Earnings Summary Balance Sheet Unrestricted cash balance of US 21.2m Book value of MC library increased by net US 1.14m (investment of US 1.75m and amortisation of US 0.61m) Book equity = US 50.62m or US 1.89 per share.…
  7. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 7
    Amortization as % Revenue & NBV 80.0% 70% 70.0% 60.0% 50.0% 47% 46% 44% 41% 40% 40.0% 36% 32% 29% 30.0% 20.0% 14% 10% 11% 11% 10.0% 5% 0.0% Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 % Amortisation / Revenue %…
  8. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 8
    Multi Client NBV & Investments (000s) 25,000 22,718 20,530 20,000 15,000 12,803 12,786 11,722 11,173 9,986 10,000 5,313 5,000 4,395 2,756 1,745 158 290 355 0 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10…
  9. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 9
    Qtr 1 2010 Earnings Summary Cash Flow Operational cash flow positive by US 1.53m Invested US 3.86m Multi Client US 1.75m Fixed Assets US 0.67m ASB US 1.44m Cost control measures continue to preserve cash Capital raised of US 17.3m…
  10. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 10
    Consolidated Income Statement (000s) Q1 10 Q1 09 2009 (audited) Revenue 6,676 13,589 43,390 Operating expenses 6,241 11,279 31,688 EBITDA 435 2,310 11,702 Depreciation / amortisation 929 1,723 23,319 EBIT (494) 587 (11,617)…
  11. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 11
    Consolidated Balance Sheet Key Figures (000s) Assets Q1 10 Q1 09 Dec 09 (audited) MC Library 12,317 15,773 11,173 Other Intangible Assets 11,554 13,360 11,554 Tangible Assets 2,362 4,982 2,108 Financial Assets 2,815 1,683…
  12. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 12
    Consolidated Cash Flow Key Figures (000s) Q1 10 Q1 09 2009 (audited) Profit / (Loss) after tax (742) (922) 515 Depreciation & amortisation 926 1,723 23,318 Working Capital changes 1,365 (380) 3,050 Other cash flows from operations…
  13. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 13
    Spectrum ASA Review of Business Segments Unaudited Q1 2010 Results
  14. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 14
    MULTI CLIENT
  15. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 15
    Multi Client Q1 Highlights Secured pre-funding for Big Wave Phase 4, concluded acquisition plans utilising both the GGS Atlantic and the BGP Challenger Commenced integration of ASB data library 150,000 km of PSTM data from Australia…
  16. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 16
    Multi Client Revenue Gross (000s) 9,000 8,000 7,000 6,000 5,034 5,000 4,000 4,849 3,000 5,012 5,329 2,000 3,514 3,689 639 3,073 1,000 1,766 1,359 0 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Late Early
  17. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 17
    Multi-Client Projects 2010 Spectrum Volume Status share 2D Library Trinidad Deep Water 100% 12,470km Reprocessing in progress Big Wave Phase 4 GoM 100% 12,000km Acquisition commenced East Coast US 100% 19,000km Reprocessing in…
  18. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 18
    Multi-Client Projects 2009 Spectrum Volume Status share 2D Library Iceland 100% 5,600km Completed Q1 North West Australia 100% 15,800km Completed Q3 Andaman Island 100% 10,100km Reprocessing to be completed Q2 Big Wave, Phase 2 GoM…
  19. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 19
    Spectrum Multi-Client Current and New Projects US East Coast Big Wave Phase 2 Trinidad Deep Water Big Wave Outer Shelf Phase 4 Revival Project Falklands Test Reprocessing CURRENT NEW
  20. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 20
    Spectrum Multi-Client Projects in Progress Q1
  21. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 21
    WESTERN HEMISPHERE Big Wave Phase 2 + Well Tie Survey 12,000km + 2,000km Well Tie Acquisition Completed Dec 2009 PSTM processing completed PSDM processing to be completed May 2010 Aggressive 360 marketing campaign commenced Q2 & Q3
  22. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 22
    Big Wave Phase 4 12,000 km 2D infill programme of Big Wave Phases 1 and 2 - One line in each direction over OCS lease blocks Satisfactory pre commitment secured Survey being acquired by GGS Atlantic and BGP Challenger…
  23. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 23
  24. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 24
    Eastern GoM Political Change OBAMA administration expands exploration in the US Outer Continental Shelf Statement by secretary of the Interior (Ken Salazar) on 31st March The new OBAMA administration strategy is for expanded development…
  25. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 25
    BIG WAVE PROGRAMME WITHIN THE AREA TO BE OPENED FOR EXPLORATION 125 MILE LIMIT
  26. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 26
    MEEI / TTDAA Reprocessing Project 12,470 km 2D PSTM in Trinidad & Tobago Deep Atlantic Reprocessing scheduled to be completed in July Deep Water Bid round expected to be announced at end July Bid round will be open for 4 months…
  27. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 27
    US East Coast Reprocessing 19,000 km 2D PSTM (min) Reprocessing 1970s vintage data Completion scheduled Q3 2010 Part of OBAMA administration strategy to expand development on the US outer continental shelf Expected good level…
  28. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 28
    Falklands Reprocessing Rockhopper announce Sea Lion discovery in Block 14/16 - 2 (North Falklands Basin) Spectrum acquired 11,000km in North Falklands basin in 1994/1995 Current plan to reprocess 6,000km of 1994/95 data pending…
  29. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 29
    EASTERN HEMISPHERE Outer Shelf Reprocessing - Australia Over 7,700 km of regional reprocessing Reprocessing to be completed Aug 2010 Exploration blocks released May 2010 (pink) Bids for exploration blocks close March 2011…
  30. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 30
    Revival Reprocessing Project 36,000 km of regional reprocessing commenced March 2009 Reprocessing undertaken in Jakarta will be completed June 2010 Project inherited from acquisition of ASB Coverage for 2010 acreage release…
  31. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 31
    ASB Integration Acquired 31 Mar 10 for initial US1.45m Deferred consideration of US 0.51m based on future net revenue targets being achieved Renamed Spectrum ASB Spectrum increases library by 150,000 km of PSTM data Majority of…
  32. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 32
    DATA PROCESSING
  33. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 33
    Data Processing Q1 Highlights Excluding OBP total revenue highest level since group formation Data Processing external revenue of US1.0m (09 = US0.72m excl. OBP) Market is difficult but improving. No of bids increasing at end of Q1…
  34. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 34
    Data Processing Revenue Gross (000s) 6,000 5,000 4,000 3,160 3,000 1,922 3,236 0 2,000 1,477 516 903 325 1,257 0 559 1,000 157 912 335 1,470 1,354 861 1,039 1,000 716 580 0 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4…
  35. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 35
    MARINE ACQUISITION
  36. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 36
    Offshore Acquisition Q1 Highlights GGS Atlantic continues proprietary project offshore Colombia with completion 2nd half March. Total volume of data offshore Colombia increased to 6,300km External revenue of US3.68m in Q1 GGS…
  37. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 37
    GGS Atlantic 3D Upgrade Spectrum awarded 3D acquisition project offshore Trinidad GGS Atlantic to undergo technical upgrades in Florida during May (estimated 15 days) Upgrades facilitate small footprint 3D acquisition utilising dual…
  38. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 38
    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 1,000 815 0 101 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 External…
  39. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 39
    Subsequent Events GGS Atlantic commences Big Wave Phase 4 in early April and is replaced by BGP Challenger 1st half of May Management approval to commence MC reprocessing project in Australia Outer Shelf Engine failure brings…
  40. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 40
    Summary of 2010 Corporate Activity Successful completion of private placement of 6 m shares at NOK 13.50 Successful completion of subsequent offering (repair issue) of 1.5 m shares at NOK 13.50 Acquisition of 100% of the issued…
  41. Q1 2010 EARNINGS CALL – Spectrum Asa – slide 41
    Future Prospects Addition of MC data to library with Madagascar, Andaman, Outer Shelf, Revival project Big Wave Phases 2 & 4 together with ASB data Aggressive integration of ASB in to Spectrum Far East library Continue to grow MC…

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