Skip to main content Q1 2010 RESULTS – Petroleum Geo Services (PGS) Investor Presentation | Shale Experts
Loading...
Pm

Q1 2010 RESULTS – Petroleum Geo Services (PGS)

Petroleum Geo Services (PGS) · Apr 30, 2010 · 34 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 RESULTS – Petroleum Geo Services (PGS) – slide 1
    Unaudited First Quarter 2010 Results P t l Petroleum Geo-Services G S i ASA (IFRS) Oslo April 30, 2010
  2. Q1 2010 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. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 3
    GeoStreamer Improves Margins Q1 2010 earnings EBITDA of USD 99.3 million Increasing share of GeoStreamer with price uplifts Strong vessel utilization and performance Low Marine cost Net debt reduced to USD 537.4 million Almost…
  4. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 4
    Financial Summary Continuing Business Revenues Adjusted EBITDA 206 400 391 361 200 170 294 304 154 300 150 142 259 USD million USD million 200 99 100 100 50 - - Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q1 09 Q2 09 Q3 09 Q4 09…
  5. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 5
    Stable Vessel Booking 1000 Order book of USD 409 million 800 Status as of end April: Booking B ki visibility i ibilit off USD million 600 approximately 6 months Direct awards increasing 400 substantially due to…
  6. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 6
    P t l Petroleum Geo-Services G S i ASA Petroleum Geo Geo-Services Services ASA Financials Unaudited First Quarter 2010 Results
  7. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 7
    Consolidated Statements of Operations Summary 2010 2009 USD million (except per share data) Q1 Q1 Q4 Revenues 259.4 390.8 303.7 Adjusted EBITDA* 99.3 206.3 141.5 Operating profit (EBIT) excluding special items** 34.8 155.2 45.5…
  8. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 8
    Marine Q1 Highlights Contract revenues MultiClient revenues 350 319 80 % 140 160 % 300 70 % 140 % 120 263 60 % 120 % 250 100 29.1 50 % 100 % USD million USD million 200 80 158 87.2 152 155 40 % 80 % 150 60 30 % 30 %…
  9. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 9
    Marine Vessel Utilization Seismic Streamer 3D Fleet Activityy in Streamer Months 100 % 90 % 80 % 70 % Standby 60 % Yard 50 % Steaming 40 % MultiClient 30 % Contract 20 % 10 % 0% Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09…
  10. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 10
    Marine MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined 140 Q1 MultiClient pre-funding revenues primarily from 120 Crystal III in the Gulf of Mexico 100 Strong Gulf of Mexico and 80 Europe late…
  11. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 11
    Marine - Key Figures 2010 2009 USD million Q1 Q Q Q4 Q3 Q Q2 Q Q1 Q Contract revenues 155.4 158.2 263.3 152.3 319.3 Total MC revenues 76.5 118.7 74.1 111.7 46.2 Processing and other revenues 26.4 26.3 24.1 30.3 25.3 Total…
  12. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 12
    Marine Cost* Development 250 219* 220* 220 10 7 204* 204* 200 16 188* 14 6 7 Flat cost development 14 14 6 18 from Q4 2009 USD million 150 Reduction from Q1 2009 100 Primarily due to general costt reductions d ti…
  13. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 13
    Consolidated Statements of Cash Flows Summary Quarter ended March 31 USD million 2010 2009 Cash provided by operating act. 115.5 145.4 Investment in MultiClient library (52.1) (44.8) Capital expenditures (47.9) (93.7) Other…
  14. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 14
    Consolidated Statements of Financial Position - Key Figures March 31 March 31 December 31 USD million 2010 2009 2009 Total assets 2 843.4 3 089.3 2 929.4 MultiClient Library 321 4 321.4 328 9 328.9 293 2 293.2 Shareholders'…
  15. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 15
    Strong Capital Discipline and Debt Reduction Term loan B Convertible Bond Revolving Credit Facility Arrow Facilities Oslo Seismic Note 10% Senior Notes due 2010 Cash Debt reduction and cash Net debt reduced by USD 686 600 Q2…
  16. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 16
    Robust Financing at Attractive Terms Long term Interest Bearing Balance as of Total Credit Financial Covenants Debt March 31, Line 2010 USD 600 million Term Loan (TLB), USD 570.5 Incurrence test: total leverage Libor + 175 basis…
  17. Q1 2010 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 PGS going forward Unaudited First Quarter 2010 Results
  18. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 18
    Streamer Operations Late April 2010 PGS Apollo (Shake down North Sea) Nordic Explorer Ramform Viking Falcon Explorer Ramform Valiant (Spain) Ocean Explorer Ramform Sterling Harrier Explorer Atlantic Explorer ((Gulf of…
  19. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 19
    E&P Spending Increasing 500,000 125 400,000 100 USD million (USD/bbl) 300,000 75 200,000 50 U 100,000 25 0 0 2010E 1990 1985 2007 1995 2009 1975 1980 2000 2005 2006 2008 E&P…
  20. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 20
    Significant Capacity Additions Next Quarters 650 600 550 umber of streamers 500 450 400 350 Nu 300 250 200 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 06 06 06 06 07 07…
  21. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 21
    Bidding Activity Marine Seismic Acquisition Bidding activity and visibility is 3 500 increasing 3 000 Positive customer sentiment Massive interest for 2 500 GeoStreamer with pricing USD million 2 000 premium 1 500 1…
  22. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 22
    Favorably Positioned on the Industry Cost Curve Streamer count eamer per day 401-500 501-600 1-400 ative cash cost effficiency per stre Rela PGS Ramform Vessels Other PGS vessels Decomissioned vessels PGS position on…
  23. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 23
    Average Order Book Margin Improving Avverage order bookk EBIT margin perr streamer per dayy GeoStreamer apr.09 may jun jul aug sep oct nov dec jan f eb mar.10 Order O d book b k margin i positively iti l iimpacted t…
  24. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 24
    GeoStreamer - Always Better GeoStreamer rates are increasing, due to increased customer interest 6-streamer and 2D G St GeoStreamer capacity it Margin in % generates margins comparable to high-end conventional Order book…
  25. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 25
    GeoStreamer - Always Better Conventional streamer data GeoStreamer data -25-
  26. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 26
    GeoStreamer - Always Better Up to 50% of total time saved with G St GeoStreamer compared d to t conventional streamers Weather window significantly improved Increased fleet flexibility E Excellent ll t d data t quality…
  27. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 27
    50% GeoStreamer Capacity by Year-end 2010 Current GeoStreamer Planned GeoStreamer operations roll-out 3D Additional 3D vessels Atlantic Explorer Ramform Valiant scheduled (6-streamer) for GeoStreamer upgrade Ramform Challenger…
  28. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 28
    GeoStreamer a New Generation MultiClient Library PGS objective: New acquisition of core hydrocarbon-producing areas off the th North N th S Sea with ith GeoStreamer and/or HD3D 2010 sees PGS active in North Viking & Central…
  29. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 29
    Organizational Changes for Future Growth Si Simplifying lif i organization i ti withith fewer management levels Creating a more balanced organization with a broader management team Promoting growth in the MultiClient…
  30. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 30
    Organizational Changes for Future Growth PGS Jon Erik Reinhardsen CFO Gottfred Langseth Data Processing & MultiClient Marine Contract New Ventures Operations Technology Rune Eng Sverre Strandenes Per Arild Reksnes Magne…
  31. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 31
    Reflections for Q2 2010 Capacity fully booked Two Ramforms for GeoStreamer upgrade Steaming capacity into the North Sea Shakedown of PGS Apollo More time spent at yard than in an average quarter -31-
  32. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 32
    GeoStreamer Improves Margins Q1 2010 earnings EBITDA of USD 99.3 million Increasing share of GeoStreamer with price uplifts Strong vessel utilization and performance Low Marine cost Net debt reduced to USD 537.4 million Almost…
  33. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 33
    Unaudited First Quarter 2010 Results P t l Petroleum Geo-Services G S i ASA (IFRS) Oslo April 30, 2010
  34. Q1 2010 RESULTS – Petroleum Geo Services (PGS) – slide 34
    Main Yard Stays Next 6 Months Vessel When Expected Type of Yard Duration Stay Ramform Valiant Scheduled to Approximately 17 Install May/June 2010 days GeoStreamer Nordic Scheduled to Approximately 15 Upgrade gear, May/June 2010…

From the store

Browse maps, data & reports in the Shale Experts store