Unaudited Fourth Quarter and Preliminary Full Year 2011 Results P t l Petroleum Geo-Services G S i ASA Oslo February 20, 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…
Strong MultiClient Trend Continues Improved Contract Outlook Full year 2011 performance: Strong EBITDA of USD 534.8 million Record R d llate t sales l off USD 278 278.3 3 million illi andd ttotal t l MultiClient revenues of…
Comfortable Visibility 700 600 Order book of USD 678 million fuelled by the large million, 500 MultiClient project offshore Angola USD milllion 400 300 North Sea season firming up with expectations of a 200 tight…
P t l Petroleum Geo-Services G S i ASA Petroleum Geo Geo-Services Services ASA Financials Unaudited Fourth Quarter and Preliminary Full Year 2011 Results
Consolidated Statement of Operations Summary Quarter ended December 31 Full year USD million (except per share data) 2011 2010 % change 2011 2010 % change Revenues 344.6 364.4 -5 % 1253.3 1135.1 10 % EBITDA* 145.0 163.3 -11 % 534.8…
Non-cash Financial and Tax Charges Net financial items impacted by: USD 9.6 million of unrealized loss on investments available for sale USD 4.8 million loss from associated companies. PGS 45% share of expensed exploration cost of…
MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined Strong Q4 late sales across 160 all main areas with the exception of Asia Pacific 140 Eastern Mediterranean and 120 North Europe both exceeding USD 20…
Group Cost* Development 250 248* The chartered vessel 225* 231* 228* Harrier Explorer returned 215* 215 212* to SeaBird in Q4 200 199* 190* Reduced 150 Regional/project/ USD million n management cost due to deferred…
Consolidated Statement of Cash Flows Summary Quarter ended December 31 Full year USD million 2011 2010 2011 2010 Cash provided by operating act. 150.5 105.4 480.4 355.5 Investment in MultiClient library (28.5) (24.3) (203.9)…
Strong Balance Sheet Position - Key Figures Quarter ended December 31 USD million 2011 2010 Total assets 3 137.2 3 035.0 MultiClient Library 334.1 310.8 Shareholders' equity 1 771.7 1 755.3 Cash and cash equiv. 424.7 432.6…
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
Streamer Operations February 2012 Atlantic Explorer (North Sea) Ramform Vanguard ((Mediterranean)) PGS Apollo (Steaming to Angola ) Sanco Spirit (Steaming to South Africa) Pacific Explorer (Singapore) Ramform…
Robust Future Demand for Oil and Gas 100 90 80 Oil and gas will 70 continue to be an important source of 60 energy mb/d 50 40 30 Oil production d ti gap will increase 20 dramatically 10 seismic will be 0…
Exploration and Production Spending Continues to Grow 900 000 Actual Estimates USD million 800 000 700 000 Capital spending in U 600 000 500 000 Global E&P spending is 400 000 expected to approach USD 300 000 200…
Sharp Increase in Market Activity 3 500 Current tender activity 3 000 similar to early y 2007 level 2 500 Increase driven by contract work in Baffin Bay, Greenland, North USD million 2 000 Sea and Barents Sea 1 500…
Healthy Growth in Demand for Seismic 450 400 From 2006 to end 2011 demand sq.km. 350 for seismic has grown by more 3D volume in '000 s 300 250 than 70% measured in sq.km. 200 HD3D is growing quicker than the 150…
Four Basins Driving 2012 Demand Growth The North Sea: Major discoveries in 2011 positive for the 2012 season Higher prices being achieved Angola: g Production Sharing g Contracts ((PSC)) signed Significant seismic activity in…
PGS - Proactive Allocation to MultiClient and Contract MC 3D GeoStreamer data MC 3D data MegaSurveys 2D GeoStreamer lines MultiClient margin is less volatile over the th cyclel compared d tto contract work PGS seeks to optimize…
An Industrialized Player in a Growing and Maturing Market Conservative balance sheet with ability to handle all market conditions Ability to invest in technology, library and capacity through the cycle Ability to pay dividend A…
Imaging with Primaries and Multiples A New World for Processing Using Up and Down going wavefields will lead to radical improvements in sub-surface imaging quality and accuracy improvements for modeling reservoir parameters…
2012 Guidance EBITDA in the range of USD 650-700 million Corresponding to a Marine Contract EBIT margin in the range of 10-15% MultiClient cash investments in the range of USD 300-325 million Pre-funding level above 100%…
In Conclusion: Q1 2012 will be challenging due to steaming, idle time for low-end vessel andd weak k pricing i i Bidding activity has increased sharply Comfortable backlog Higher prices achieved in the North Sea Spill over to…
Unaudited Fourth Quarter and Preliminary Full Year 2011 Results P t l Petroleum Geo-Services G S i ASA Oslo February 20, 2012
Favorably Positioned on the Industry Cost Curve eamer per day ative cash cost effficiency per stre Rela PGS Ramform vessels Other PGS vessels Competitors vessels Competitors PGS fleet is positioned to generate the industrys…
PGS Fleet Overview Ramforms Conventional 5th Gen G 2 ordered & option on 2 more PGS Apollo S-class Ramform Sterling Ramform Sovereign Atlantic Explorer V-class Ramform Valiant Ramform Viking Ramform Vanguard Pacific…
Vessel New Build Options Decision Criteria Attractive return on capital is the key criteria Dividend capacity going forward Financing capacity and leverage ratio View on the market Vessel replacement program Shi Ship yard d…
Main Yard Stays Next 6 Months Vessel When Expected Type of Yard Stay Duration Pacific January-February 23 days Maintenance Explorer 2012 Ramform Scheduled April- Approximately Intermediate class and Vanguard May 2012 26 days…
Robust Financing with Good Maturity Profile Nominal Value Long term Credit Lines and Outstanding as Total Credit Financial Covenants I t Interest t Bearing B i Debt D bt of December Li Line 31, 2011 USD 600 million Term Loan…
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