Petroleum Geo-Services ASA Unaudited Third Quarter 2012 Results Oslo, October 25, 2012
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…
GeoStreamer Delivers Strong Performance and Better Pricing Q3 2012 financial performance: Revenues of USD 388.3 million Group EBIT margin of 29% Cash from operating activities of USD 260.2 million USD 250 million Japanese export…
Order Book Transitioning Into 2013 Summer Season 800 700 Order book end Q3 of USD 608 million 600 Order book mid October of USD 500 773 million USD million 400 Order book driven by directly 300 awarded projects Fully…
MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined 250 Strong pre-funding revenues driven by Angola and Europe 200 Late sales were strongest in South America and Europe followed by 150 North America USD…
Group Cost* Development 300 272* Sequential cost increase 248* 252* primarily due to: 250 240* 231* 228* Less steaming cost 215* deferral 200 Less capitalized cost USD million related to yard stays 150 100 Profit…
Consolidated Statement of Cash Flows Summary Quarter ended September 30 Nine months ended September 30 USD million 2012 2011 2012 2011 Cash provided by operating act. 260.2 149.6 588.2 329.9 Investment in MultiClient library (91.4)…
Japanese Export Credit Financing Established Japanese Export Credit Financing totaling USD 250 million secured for the first two new builds Half to be paid to PGS at delivery of the first vessel and the other half at delivery of the…
Strong Financial Position Strong balance sheet Liquidity reserve of USD 640.1 million Net debt of USD 381.1 million Equity ratio of 62% Cash generation increasing with market improvement Japanese export credit financing…
Strong Balance Sheet Position - Key Figures Quarter ended September 30 December 31 USD million 2012 2011 2011 Total assets 3 031.6 2 907.6 3 137.2 MultiClient Library 357.4 350.6 334.1 Shareholders' equity 1 877.8 1 757.9 1…
Streamer Operations October 2012 Ramform Viking Atlantic Explorer Sanco Spirit 2D Nordic Explorer 2D (Canada) (North Sea) Ramform Challenger (Steaming to Congo) Ramform Vanguard Ramform Explorer Ramform Sovereign Ramform…
Solid Market Activity 3 500 All Sales Leads and Active 3 000 Tenders remain at healthy levels 2 500 A number of large contracts have recently been awarded, improving visibility USD million 2 000 Higher values due to…
Seismic Demand Expected to Continue to Grow North Sea/Norw. Arctic: Growing Sea: Stable, strong demand for market, high exploration 3D exploration interest seismic by opening of and major driver of the Russian arctic price increases…
Demand Growth Outpaces Supply Growth 450 400 From 2006 to end 2011 demand Total 3D volume in '000 sq.km. 350 300 for seismic has grown by more 250 than 70% measured in sq.km. 200 150 100 Growth in 12 is expected to be…
Four New Ramform Titan-class Vessels The two first Ramform Titan-class vessels will be delivered on schedule End Q1 and Q4 2013 Delivery of two more vessels in 2015 The Ramform Titan-class will strengthen PGS position in the…
Successful Launch of Towed EM A New Business Opportunity PGS has acquired the first series of electromagnetic (EM) MultiClient surveys in the North Sea using the Nordic Explorer The surveys have pre-funding as well as good late…
GeoStreamer: The New Business and Technology Platform GeoStreamer GS: SWIM: Offers the full de- GeoStreamer ghosting solution enhanced imaging The GeoStreamer Platform: Gives higher resolution, better depth imaging and…
MultiClient Share is Increasing Over the Cycle 300 Total Marine 3D Seismic Market Raises barriers to entry for the industry 250 3D volume in '000 sq.km. Delivers higher profitability and less 200 volatility through cycles 150…
Outlook Increased market activity GeoStreamer demand is stronger than ever 2 new GeoStreamer vessels in 2013 1 GeoStreamer upgrade planned 2014 2 new GeoStreamer vessels in 2015 Oil companies are more proactive in securing…
2012 Guidance Increased EBITDA of approximately USD 800 million MultiClient cash investments in the range of USD 260-300 million Pre-funding level of approximately 150% Capital expenditures in the range of USD 400-450…
In Conclusion: A Well Positioned Focused Marine Seismic Company GeoStreamer delivers strong performance and better pricing Improving productivity & scale Building four new Ramform Titan-class vessels Leading 3D MultiClient library…
Thank You Questions
Appendix: PGS Fleet Overview Ramforms Conventional Titan- class 2 ordered for 2013 delivery & exercised 2 options for 2015 delivery PGS Apollo S-class Ramform Sterling Ramform Sovereign Atlantic Explorer V-class Ramform…
Favorably Positioned on the Industry Cost Curve Relative cash cost efficiency per streamer per day PGS Ramform vessels Other PGS vessels Competitors vessels PGS fleet is the most cost effective fleet in the industry Source:…
The Ultra High-end Segment: Several Production Records for The Fleet to Beat Ramform S-class Monthly production record: 3,056 sq. km acquired Weekly production record: 919 sq.km acquired Daily production record: 143.6 sq.km.…
Main Yard Stays Next 6 Months Vessel When Expected Type of Yard Stay Duration Ramform Scheduled Approximately Renewal class Valiant November 2012 25 days Ramform Scheduled Approximately Intermediate class Explorer December 2012…
Robust Financing with Good Maturity Profile Nominal Value Long term Credit Lines and Outstanding as Total Credit Financial Covenants Interest Bearing Debt of September Line 30, 2012 USD 600 million Term Loan (TLB), USD 470.5…
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