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Q3 2011 RESULTS – Petroleum Geo Services (PGS)

Petroleum Geo Services (PGS) · Oct 28, 2011 · 35 slides

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Slides

  1. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 1
    Unaudited Third Quarter 2011 Results P t l Petroleum Geo-Services G S i ASA Oslo October 28, 2011
  2. Q3 2011 RESULTS – 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. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 3
    MultiClient Drives Performance Q3 financial performance: EBITDA of USD 153.2 million Cash flow from operations of USD 149.6 million Strong MultiClient sales of USD 144.2 million Marine contract EBIT margin of 4% External Data…
  4. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 4
    Financial Summary Revenues EBITDA 400 200 364 340 163 164 327 153 296 150 300 136 259 242 USD million USD million 215 99 200 100 76 73 100 50 - - Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q1 10 Q2 10 Q3 10 Q4…
  5. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 5
    Reasonable Visibility 700 Order book of USD 501 600 million 500 North Sea season coming to 400 an e a end d USD million 300 Strong GeoStreamer 200 momentum continues 100 Flat prices for the general 0 market Marine…
  6. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 6
    PGS and the Seismic Market Steady increase in total market demand year on year Healthy growth in MultiClient and Data Processing Bidding for 2012 North Sea season has started, too early to see any directional change in price…
  7. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 7
    P t l Petroleum Geo-Services G S i ASA Petroleum Geo Geo-Services Services ASA Financials Unaudited Third Quarter 2011 Results
  8. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 8
    Consolidated Statement of Operations Summary Quarter ended September p 30 Nine months ended September p 30 USD million (except per share data) 2011 2010 % change 2011 2010 % change Revenues 339.9 296.4 15 % 908.7 770.7 18 %…
  9. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 9
    Financial Items and Non Cash Tax Expense Reducing Q3 EPS Significant financial items impacting Q3 2011 - USD 7.4 million gain from sale of shares - USD 10.3 million currency loss, including translation of deposit account for ISS…
  10. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 10
    Q3 2011 Highlights Contract revenues MultiClient revenues 200 181 80 % 180 350 % 180 166 165 160 159 70 % 300 % 155 160 140 138 60 % 250 % 250 % 140 127 120 69.6 73.7 USD million USD million 120 50 % 100 83.0 200 % 100…
  11. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 11
    MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined Strong late sales driven by 160 increased interest for Gulf of Mexico 140 Europe and Brazil also performed 120 well 100 USD million Pre-funding…
  12. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 12
    Vessel Utilization Seismic Streamer 3D Fleet Activity in Streamer Months 100 % 90 % 80 % Standby 70 % Yard 60 % Steaming 50 % MultiClient 40 % Contract 30 % 20 % 10 % 0% Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q2…
  13. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 13
    Key Operational Figures 2011 2010 USD million Q3 Q2 Q1 Q4 Q3 Q2 Q1 Contract revenues 164.9 138.1 158.6 180.6 166.3 126.8 155.4 MultiClient Pre-funding 61.1 89.7 34.3 76.4 53.5 34.0 34.3 MultiClient Late sales 83.0 69.6 18.0 73.7…
  14. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 14
    Group Cost* Development 250 248* Growth in processing and 231* 225* R&D from Q2 212* 215* 199* 200 190* Higher project variable cost relating to support 150 vessels crew boats vessels, boats, USD million helicopter and…
  15. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 15
    Consolidated Statement of Cash Flows Summary Quarter ended September 30 Nine months ended September 30 USD million 2011 2010 2011 2010 Cash provided by operating act. 149.6 65.9 329.9 250.1 Investment in MultiClient library (61.5)…
  16. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 16
    Strong Balance Sheet Position - Key Figures Quarter ended September 30 December 31 USD million 2011 2010 2010 Total assets 2 907.6 2 690.2 3 035.0 MultiClient Library 350.6 355.5 310.8 Shareholders' equity 1 757.9 1 435.1 1 755.3…
  17. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 17
    P t l Petroleum Geo-Services G S i ASA Petroleum et o eu Geo Geo-Services Se ces ASA S Operational Update and Market Comments
  18. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 18
    Streamer Operations Mid October 2011 Ramform Challenger (Greenland) Ramform Vanguard Atlantic Explorer p (North Sea) Sanco Spirit (2D) Pacific Explorer (Canada) (Sakhalin) Ramform Viking (Steaming to Namibia) PGS…
  19. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 19
    The North Sea Increasing MultiClient Focus Contract/MultiClient split in the North Sea* MultiClient had 100% 100 % GeoStreamer allocated in Q3 90 % 2011 80 % Significant increase in North 70 % Sea MultiClient activity 60 % Bodes…
  20. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 20
    Other Attractive MultiClient Opportunities Opportunities in relation to license rounds in Eastern Mediterranean Significant pipeline of MultiClient opportunities in West Africa Crystal C t l IV iin G Gulf lf off Mexico M i…
  21. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 21
    Q3 Marine Contract 29% of Contract capacity was GeoStreamer in Q3 Only O l one vessell used d ffor contract t t ini th the N North th S Sea Conventional, solid streamer Northernmost 3D surveyy ever offshore Greenland 4th…
  22. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 22
    GeoStreamer Expanding the Weather Window Survey Offshore Greenland Completed Just in Time October 17th Increasing challenges related to temperature impacting equipment and personnel October 18th Sea water temperature was…
  23. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 23
    On Track Towards Full GeoStreamer Deployment Current GeoStreamer operations Planned GeoStreamer rollout 3D Additional 3D vessels Atlantic Explorer Ramform Vanguard Ramform Challenger scheduled for GeoStreamer Ramform Valiant upgrade…
  24. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 24
    GeoStreamer GS A Second Layer of Differentiation Source Receiver Source Receiver Source Receiver High client interest at the SEG conference Significant bid request for GeoStreamer GS coming through CAPEX for modifying source…
  25. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 25
    GeoStreamer GS: The only Ghost Free Acquisition Solution Unprecedented bandwidth 2-220 Hz Conventional GeoStreamer GS A Clearer Cl I Image
  26. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 26
    Committed to Growth 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…
  27. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 27
    Market Activity 3 500 Bid activity remains at low levels 3 000 Slow pick up in North Sea bidding so far 2 500 Strong interest for continuation of 2011 USD million 2 000 MultiClient North Sea 1 500 GeoStreamer campaigns…
  28. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 28
    E&P Spending Robust and Capacity Growth Tapering Off 700 600 umber of streamers 500 400 Expected capacity increases 300 7% increase in 2011 200 7% increase in 2012 Nu 100 5% increase in 2013 0 Q1 06 Q1 07 Q1 08 Q1…
  29. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 29
    New Commercial Products Pipeline Towed EM OptoSeis Permanent Monitoring Great technical results Operationally Jubarte pilot to be installed 2012 Data quality Increasing customer interest The only deepwater certified Attractive…
  30. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 30
    Perspectives 2011 Full year 2011 MultiClient share of streamer capacity approximately 30% Q4 MultiClient revenues expected down from Q3 GOM uncertainty on new license rounds Lower MultiClient acquisition activity means lower…
  31. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 31
    Full Year 2011 Guidance Increased EBITDA of approximately USD 525 million Macro / Oil price represents uncertainty MC sales from GOM sensitive to new license rounds CAPEX, including new builds, of approximately USD 275 million…
  32. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 32
    Unaudited Third Quarter 2011 Results P t l Petroleum Geo-Services G S i ASA Oslo October 28, 2011
  33. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 33
    Appendix 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…
  34. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 34
    Main Yard Stays for 3D Vessels Next six Months Vessel When Expected Type of Yard Duration Stay Atlantic Explorer Scheduled Approximately 21 Intermediate. October and days classing November, 2011 Ramform Scheduled Approximately 9…
  35. Q3 2011 RESULTS – Petroleum Geo Services (PGS) – slide 35
    Robust Financing with good Maturity Profile Long term Interest Bearing Balance as of Total Credit Financial Covenants Debt September 30, Line 2011 USD 600 million Term Loan (TLB), USD 470.5 Incurrence test: total leverage Libor +…

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