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Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS)

Petroleum Geo Services (PGS) · Jul 28, 2011 · 32 slides

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Slides

  1. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 1
    Unaudited Second Quarter and First Half 2011 Results P t l Petroleum Geo-Services G S i ASA Oslo July 28, 2011
  2. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 2
    Cautionary Statement This presentation contains forward looking information Forward looking information is based on management assumptions and analyses Actual experience may differ, and those differences may be material Forward…
  3. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 3
    Record MultiClient sales driven by GeoStreamer Q2 financial performance: Record MultiClient sales of USD 159.3 million Revenues of USD 326.6 million EBITDA of USD 163.6 million EBIT of USD 49.0 million Successful launch of…
  4. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 4
    Financial Summary Revenues EBITDA 400 200 364 327 163 164 296 150 136 300 259 242 USD million USD million 215 99 200 100 76 73 100 50 - - Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11…
  5. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 5
    Good Visibility and Momentum 700 600 Order book of USD 579 million Visibility of approximately 6 500 months 400 on USD millio 300 Strong GeoStreamer momentum continues 200 100 Significant opportunity basket 0…
  6. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 6
    Seismic Market Trends MultiClient Increased demand globally North Sea trending towards more MultiClient MultiClient increase is a leading indicator for Marine Contract (need for more/new data) Marine Contract Continued increase in…
  7. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 7
    P t l Petroleum Geo-Services G S i ASA Petroleum Geo Geo-Services Services ASA Financials Unaudited Second Quarter and First Half 2011 Results
  8. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 8
    Consolidated Statements of Operations Summary Quarter ended June 30 Six months ended June 30 USD million (except per share data) 2011 2010 % change 2011 2010 % change Revenues 326.6 214.9 52 % 568.8 474.3 20 % EBITDA* 163.6 76.3…
  9. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 9
    Q2 Highlights Contract revenues MultiClient revenues 200 181 80 % 180 350 % 180 166 70 % 160 159 300 % 160 155 60 % 140 138 250 % 140 127 69 6 69.6 120 50 % 73.7 USD million 120 USD million 100 200 % 100 40 % 80…
  10. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 10
    MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined Pre-funding revenues driven by 160 GeoStreamer MultiClient projects 140 in the North Sea and the Australian Aurora MC3D 120 100 on St Strong…
  11. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 11
    Vessel Utilization Seismic Streamer 3D Fleet Activity in Streamer Months 100 % 90 % 80 % 70 % Standby 60 % Yard 50 % Steaming 40 % MultiClient 30 % Contract 20 % 10 % 0% Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 82%…
  12. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 12
    Key Operational Figures 2011 2010 USD million Q2 Q1 Q4 Q3 Q2 Q1 Contract revenues 138.1 158.6 180.6 166.3 126.8 155.4 MultiClient Pre-funding 89.7 34.3 76.4 53.5 34.0 34.3 MultiClient Late sales 69.6 18.0 73.7 50.6 25.8 42.2 Data…
  13. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 13
    Group Cost* Development 250 225* 231* Increasing impact of 212* 215* high fuel price and a 200 190* 199* weaker USD compared to Q1 150 USD million n Project variable cost 100 increased after Q1 low 50 Capitalization…
  14. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 14
    Consolidated Statements of Cash Flows Summary Quarter ended June 30 Six months ended June 30 USD million 2011 2010 2011 2010 Cash provided by operating act. 99.2 68.6 180.3 184.2 Investment in MultiClient library (68.4) (51.7)…
  15. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 15
    Consolidated Statements of Financial Position - Key Figures Quarter ended June 30 December 31 USD million 2011 2010 2010 Total assets 2 981 981.8 8 2 728 728.6 6 3 038 038.0 0 MultiClient Library 344.4 349.9 310.8…
  16. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 16
    P t l Petroleum Geo-Services G S i ASA Petroleum et o eu Geo Geo-Services Se ces ASA S PGS going forward
  17. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 17
    Streamer Operations July 2011 Harrier Explorer (2D) (Barents Sea) Ramform Viking Ramform Challenger Ramform Vanguard (Greenland) PGS Apollo A ll Atlantic Explorer (North Sea) Pacific Explorer (Sakhalin) Sanco Spirit (2D)…
  18. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 18
    MultiClient Status Strong second quarter fueled by significant GeoStreamer activity level in Europe and with generally good performance in all regions One of the strongest North Sea seasons to date, in terms of MultiClient revenues,…
  19. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 19
    GeoStreamer; First Survey in Area of Dividing Line Norway/Russia 2D GeoStreamer vessel Harrier Explorer p conducts the first systematic seismic survey in the area of the dividing line between Norway and Russia Survey size of…
  20. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 20
    On Track Towards Full GeoStreamer Deployment Current GeoStreamer operations Planned GeoStreamer rollout 3D Additional 3D vessels Atlantic Explorer (6 streamers*) Ramform Vanguard (12 Ramform Challenger streamers*) scheduled for…
  21. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 21
    GeoStreamer GS A Second Layer of Differentiation Source Receiver Source Receiver Source Receiver A step change in bringing higher resolution and better seismic images to clients -21-
  22. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 22
    Conventional vs. GeoStreamer GS Conventional GeoStreamer GS GeoStreamer GS - The only ghost free acquisition solution Data samples are from the North Sea -22-
  23. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 23
    Continuously Ahead of Competition 1992 - 1996 1998 - 1999 2007 - 2009 2012 - 2014 Competition 4 6 streamers 6 8 streamers 8 - 12 streamers 10 10- -14 14streamers streamers PGS 8 & 12 streamers 16 - 18 streamers 22…
  24. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 24
    Favorably Positioned on the Industry Cost Curve Excluding GeoStreamer productivity effect eamer per day ative cash cost effficiency per stre Rela PGS Ramform vessels Other PGS vessels Decommissioned vessels PGS fleet fl t…
  25. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 25
    Market Activity Seasonally low bid activity 3 500 3 000 2 500 Significant bid opportunities in West Africa and Brazil on USD millio 2 000 1 500 1 000 Strong GeoStreamer interest 500 - GoM upside potential…
  26. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 26
    Growth in Capacity Increase Tapering Off 700 600 500 of Streamers s 400 Expected capacity increases 300 9% increase in 2011 200 9% increase in 2012 100 4% increase in 2013 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1…
  27. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 27
    Ramforms Have the Lead in a Growing HD3D Segment HD3D has grown significantly over the 70 last 8 years Both in absolute size and in share of 60 total activity 50 In 2011, HD3D accounts for around 40% off ttotal t l market k t…
  28. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 28
    Perspectives 2011 Increased utilization in H2 2011 compared to H1 2011 due to less yard 2011 increase in technology spending caused by targeted R&D 2011 industry wide cost increase due to increased fuel cost and a weaker USD…
  29. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 29
    Full Year 2011 Guidance EBITDA of approximately USD 500 million CAPEX, including new builds, of approximately USD 260 270 million 260-270 illi MultiClient cash investment in the range of USD 180- 200 million Potential for…
  30. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 30
    Unaudited Second Quarter and First Half 2011 Results P t l Petroleum Geo-Services G S i ASA Oslo July 28, 2011
  31. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 31
    Main Yard Stays for 3D Vessels Next 6 Months Vessel When Expected Type of Yard Duration Stay Ramform Explorer Scheduled July Approximately 7 Engine overhaul, 2011 days regular maintenance including repair of galley floor.…
  32. Q2 2011 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 32
    Robust Financing with good Maturity Profile Long term Interest Bearing Balance as of Total Credit Financial Covenants Debt June 30, 2011 Line USD 600 million Term Loan (TLB), USD 470.5 Incurrence test: total leverage Libor + 175…

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