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Q2 2014 EARNINGS CALL – Spectrum Asa

Spectrum Asa · Aug 15, 2014 · 26 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. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 1
    2nd Quarter 2014 Results Unaudited August 15th 2014
  2. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 2
    Q2 2014 Highlights High interest for the ongoing Croatia offshore license round MC3D project in Brazil 70% complete by end of quarter Prefunding and vessel capacity secured for Brazil MC2D campaign
  3. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 3
    Q2 2014 Highlights Barents Sea Hoop survey integrating seismic and Induced Polarization completed in the quarter Seamless seismic Norway Africa MC2D campaign in Namibia and South Africa completed in the quarter
  4. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 4
    Q2 2014 Financial Highlights Q2 Gross revenues MUSD 64, up 106% from Q2-13 YTD Gross revenues MUSD 116, up 21% from YTD-13 Q2 Net revenues MUSD 45, up 52% from Q2-13 YTD Net revenues MUSD 83, down 8% from YTD-13 MUSD MUSD Net…
  5. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 5
    Q2 2014 Financial Highlights Q2 MC investment MUSD 38, up 7% from Q2-13 YTD MC investment MUSD 56, up 2% from YTD-13 Q2 MC prefunding was 67%, up 22% from Q2-13 YTD MC prefunding was 93%, up 45% from YTD-13
  6. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 6
    Q2 and YTD 2014 Multi-Client Revenue per Region Q2 Gross revenue MUSD 63 YTD 2014 Gross revenue MUSD 114 1 1 North and South 29 North and South 16 America America Africa Africa 42 EME EME 68 5 Asia and Pacific 16 Asia and…
  7. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 7
    Financials
  8. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 8
    Q2 2014 Income Statement Spectrum Group Quarter Quarter 6 months 6 months ended ended Change ended ended Change (USD 1000) 30.06.14 30.06.13 in % 30.06.14 30.06.13 in % Total operating revenue 64,158 31,138 106% 116,428 96,453 21%…
  9. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 9
    Multi-Client NBV & Investments Q2 2014 Multi-Client investments added: MUSD 38 150 116 125 108 112 111 93 79 87 86 100 60 57 62 MUSD 26 42 50 6 17 24 23 36 4 12 20 38 16 13 18 0 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4…
  10. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 10
    Rolling earnings/book value of MC library 1.6 1.4 1.2 1.0 0.8 EBITDA 4 quarter rolling / book value of MC library rolling 0.6 EBIT 4 quarter rolling / book value of MC library rolling 0.4 0.2 -
  11. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 11
    Investment per Vintage Net Book Value (NBV) as % of original investment per financial year vs. allowed Maximum NBV MUSD 90 85.1 80 72.7 100% 70 60 57.5 51.3 65% 50 60% 61% 40 30 44% 20 17.0 14.7 97% 22% 10 18% 21%…
  12. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 12
    Balance Sheet Key Figures SPECTRUM GROUP Assets 30.06.14 31.03.14 31.12.13 (USD 1000) (Unaudited) (Unaudited) (Audited) MC Library 125,366 110,604 112,400 Other Intangible Assets 19,716 19,552 19,996 Tangible Assets 5,067 5,420 4,713…
  13. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 13
    Q2 2014 Cash Flow Statement SPECTRUM GROUP Quarter Quarter 6 months 6 months 12 months Cashflow ended ended ended ended ended (USD 1000) 30.06.14 30.06.13 30.06.14 30.06.13 31.12.13 Cash flows from operating activities: Profit / (Loss)…
  14. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 14
    Operations
  15. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 15
    Q2 Operational Summary One 3D survey active throughout Q2 11,330 sq.km MC3D, Brazil Four 2D surveys active during Q2 2,700 km MC2D, Namibia 2,100 km MC2D, South Africa 5,000 km MC2D, Norway 10,000 km MC2D, Brazil Reprocessing…
  16. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 16
    Areas of High Interest Relevant Licensing activities Brazil - 13th round expected 2015 Namibia - open door Gabon - blocks awarded Croatia - 1st round ongoing Lebanon - 1st round delayed Norway - 23rd round in 2015
  17. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 17
    Brazil Amazonas MC3D Joint Spectrum CGG Multi-Client 3D 11,330 sqkm High prefunding level High-end BroadSeisTM Survey Total size of 11,330 sqkm 6,000 sqkm over open acreage Excellent imaging results Survey progress…
  18. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 18
    MC2D surveys completed in Q2 South Africa, Durban Basin, Phase 2 Project in partnership with CGG 2,100 km MC2D BroadSeisTM seismic (red lines) Complementing the 2013 acquisition of 4,800 km Supported by industry funding Namibia…
  19. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 19
    MC2D surveys completed in Q2 Barents sea, Hoop area Phase 2 5,350 km MC2D Broadband seismic (blue lines) Complementing the 2013 acquisition of 2,226 km Covering nominated 23rd round blocks Collaboration with ORG Geophysical to…
  20. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 20
    Ongoing MC2D projects Brazil, Sergipe-Alagoas basin, phase 1 8,130 km of reprocessed legacy data (black lines) 10,000 km of new MC2D long-offset data being acquired New data on trend with recent Petrobras deepwater light oil…
  21. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 21
    Mediterranean Croatia 1st offshore bid round ongoing Round launched 2nd April 2014, closing 3rd November 2014 14,700 km of new 2D long-offset data available Data confirmed numerous large undrilled structures More than 30 companies…
  22. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 22
    Other bid round updates Lebanon bid round update Progress on the round is pending a decision on two outstanding decrees (block delineation and productions sharing terms) Minister committee formed to reach consensus on outstanding…
  23. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 23
    Other bid round updates Gabon Block award negotiations concluded 7 Production sharing contracts signed with 6 companies Awarded blocks covered by Spectrum 2D data Diaman discovery
  24. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 24
    Outlook
  25. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 25
    Outlook Spectrum is well positioned for license rounds in 2014-2015 Gabon, Croatia, Brazil and Norway Lebanon license round is uncertain on timing The Foz do Amazonas MC3D project is important for Spectrums investment level in…
  26. Q2 2014 EARNINGS CALL – Spectrum Asa – slide 26
    Outlook Spectrum assumes overall seismic spending by oil companies in 2014 to be down compared to 2013 Spectrum sees continued interest in our core areas for H2-14 and expects growth in revenue for 2014 Spectrum expects total MC…

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