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Q2 2010 EARNINGS CALL – Spectrum Asa

Spectrum Asa · Aug 20, 2010 · 37 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 2010 EARNINGS CALL – Spectrum Asa – slide 1
    August 2010 Presentation of Unaudited 2nd Quarter 2010 Results
  2. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 2
    Qtr 2 2010 Highlights Revenue of US 6.3m, EBITDA of US1.63m, EBIT of US(0.49m) Operating costs of US 4.67m in line with expectations Multi Client revenue of US 5.1m (09 US 3.7m) Early US2.3m (09 US Nil) Late US 2.8m (09 US 3.7m) MC…
  3. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 3
    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 4,851 8,000 101 1,870 3,689 186 6,000 5,329 3,514 5,012 6,615 8,107 3,679 4,000 5,086 2,000 4,514 1,998…
  4. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 4
    Qtr 2 Earnings Summary Balance Sheet Unrestricted cash balance of US 12.44m Book value of MC library increased by net US 6.10m (investment of US 7.82m and amortisation of US 1.72m) Book equity = US 47.956m or US 1.80 per share.…
  5. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 5
    Amortization as % Revenue & NBV 80.0% 70% 70.0% 60.0% 50.0% 47% 46% 44% 41% 40% 40.0% 36% 34% 32% 29% 30.0% 20.0% 14% 14% 10% 11% 11% 10.0% 5% 0.0% Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 % Amortisation /…
  6. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 6
    Multi Client NBV & Investments (000s) 22,718 20,530 20,000 15,000 12,803 12,786 12,639 11,722 11,173 9,986 10,000 7,822 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 Q2…
  7. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 7
    Qtr 2 2010 Earnings Summary Cash Flow Operational cash flow of US 1.5m Net cash outflow of US 8.78m Invested US 9.31m Multi Client US 7.83m Tangible Assets US 1.48m Cash inflow relating to Pre funding for Big Wave Phase 2 due after…
  8. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 8
    Consolidated Income Statement - unaudited (000s) Q2 10 Q2 09 H1 10 H1 09 Revenue 6,305 11,782 12,981 25,371 Operating expenses (4,670) (9,162) (10,911) (20,441) EBITDA 1,635 2,620 2,070 4,930 Depreciation / amortisation (2,121) (3,192)…
  9. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 9
    Consolidated Balance Sheet Key Figures (000s) Assets Q2 10 Q2 09 Dec 09 (audited) MC Library 18,733 12,786 11,173 Other Intangible Assets 13,337 15,236 11,554 Tangible Assets 3,489 4,838 2,108 Financial Assets 1,439 1,458…
  10. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 10
    Cash Flow (000s) Q2 10 Q2 09 Receipts from revenue 5,859 14,474 Operational costs paid (4,265) (7,340) Change in Work in Progress (88) (1,209) Net Operational Cash Flow from operations 1,506 5,925 Investment in Tangible Assets…
  11. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 11
    Segmental Reporting (000s) Q2 10 Q2 09 H1 10 H1 09 Seismic Data Processing 3,280 5,417 5,537 9,703 Multi-Client 5,086 3,689 7,084 7,203 Marine Acquisition 2,790 5,877 7,082 12,001 Gross Revenue 11,156 14,983 19,703 28,907…
  12. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 12
    Spectrum ASA Review of Business Segments Unaudited Q2 2010 Results
  13. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 13
    MULTI CLIENT
  14. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 14
    Multi Client Q2 Highlights Revenue from Multi Client sales is 81% of total Group revenue Late sales of US 2.73m is below management expectations PSDM processing of Big Wave Phase 2 and Andaman reprocessing project are completed in…
  15. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 15
    Multi Client Revenue Gross (000s) 9,000 8,000 7,000 6,000 5,034 5,000 4,849 4,000 2,359 3,000 5,329 5,012 2,000 3,514 3,689 3,073 639 2,727 1,000 1,766 1,359 0 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Late…
  16. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 16
    Spectrum ASA Kms Added to Multi Client Library (2000 2010) 250000 200000 150000 100000 50000 0 2000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Acquisition Reprocessing ASB Acq/Repro
  17. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 17
    Geographic Analysis of MC Library NBV 000s 524 483 1,317 438 EAME Far East / Australia Rest of World US GoM 15,971
  18. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 18
    Geographic Analysis of MC Library KMs 65,722 93,156 19,000 EAME Far East / Australia 60,360 Rest of World US GoM 204,447
  19. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 19
    Geographic Analysis of MC Revenue Q3 08 Q2 10 (cumulative) 9,179 EAME 15,345 Far East / Australia Rest of World 1,857 US GoM - Late sales 3,949 GoM - Early sales 1,894 8,383
  20. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 20
    MC Cashflow (sales) and Investment since 2000 Financial Analysis up to June 10 Investment of US 73.5m Sales of US 122m Sale/Investment ratio = 1.66 Adjusted for Big Wave Sales/Investment ratio = 2.27 Note: Big Wave is a recent MC…
  21. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 21
    Expansion of Multi Client Team 25 20 15 10 5 0 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Acquisition of ASB increased headcount by 6
  22. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 22
    Multi Client Project Cycle Life cycle of MC project development ranges from 6 months to 4 years
  23. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 23
    Multi-Client Projects 2010 Pre Volume Status funding 2D Library Trinidad Deep Water - PSTM Yes 12,470km Reprocessing completed Q3 Big Wave Phase 4 GoM Yes 12,000km Acquisition completed Q3 East Coast US Yes 19,000km Reprocessing in…
  24. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 24
    Data added to Library 2009 - 2010 40000 Revival NW Australia 35000 30000 25000 US East Kms Coast 20000 Big Wave Big Wave NW Australia Phase 2 Andaman Trinidad Phase 4 15000 Australia Outer Shelf 10000 Iceland…
  25. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 25
    Eastern GoM Status Initiatives from OBAMA administration (March) to expand exploration in US waters still stand The BP Macondo incident resulted in cancellation of August western GoM lease sale and a moratoria on drilling US energy…
  26. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 26
    BIG WAVE PROGRAMME WITHIN THE AREA TO BE OPENED FOR EXPLORATION 125 MILE LIMIT
  27. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 27
    Trinidad Deep Water Reprocessing Project 12,470 km 2D PSTM in Trinidad & Tobago Deep Atlantic PSTM Reprocessing completed in July Deep Water Bid round expected to be announced in September Bid round will be open for 4 months…
  28. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 28
    DATA PROCESSING
  29. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 29
    Data Processing Q2 Highlights External revenue of US 1.03m is consistent with Q1 (1.0m) Contract market continues to be difficult but showing improvement Internal revenue for Multi Client division dramatically increased to US…
  30. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 30
    Data Processing Revenue Gross (000s) 6,000 5,000 4,000 3,160 0 3,000 1,922 3,236 0 2,247 2,000 1,477 516 903 325 1,257 0 559 1,000 912 157 335 1,470 1,354 861 1,039 1,000 1,033 716 580 0 Q3 08 Q4 08 Q1 09 Q2…
  31. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 31
    MARINE ACQUISITION
  32. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 32
    Marine Acquisition Q2 Highlights GGS Atlantic commenced acquisition of Big Wave Phase4 in early Q2 45 Days spent acquiring Big Wave Phase4, 3,806 km acquired The planned upgrade to 3D capability was undertaken in Florida in May/June.…
  33. Q2 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 2,604 1,000 815 0 101 186 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 External…
  34. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 34
    Subsequent Events GGS Atlantic commences acquisition of proprietary 3D project offshore Trinidad BGP Challenger concludes acquisition of Big Wave Phase 4 Processing underway with delivery scheduled for Q4, 2010 Richie Miller…
  35. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 35
    Summary of 2010 Corporate Activity Successful completion of private placement and subsequent share offering issuing 7.5m shares at NOK 13.50 during Q1 raising US17.3m(net) Acquisition of 100% of the issued share capital of…
  36. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 36
    Future Prospects Short term uncertainty prevails for oil and gas operations in GoM Addition of data to MC library of projects from Andaman, Trinidad, Madagascar, Australia and eastern GoM (Big Wave Phase 2) should drive late sales Bid…
  37. Q2 2010 EARNINGS CALL – Spectrum Asa – slide 37
    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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