Unaudited Second Quarter and First Half 2012 Results Petroleum Geo-Services ASA Oslo July 26, 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 Drives Performance in All Markets Q2 financial performance: Revenues of USD 404.8 million EBITDA of USD 246.2 million EBIT of USD 86.6 million Group EBIT margin of 21% Record MultiClient revenues of USD 236.0…
Improving Order Book 700 Order book of USD 689 million 600 500 Approximately 90% of 3D capacity booked for Q4 USD million 400 2012 at Q3 pricing 300 Very good prospect pipeline 200 100 Accelerating GeoStreamer…
Petroleum Geo-Services ASA Petroleum Geo-Services ASA Financials Unaudited Second Quarter and First Half 2012 Results
Consolidated Statement of Operations Summary Quarter ended June 30 Six months ended June 30 USD million (except per share data) 2012 2011 % change 2012 2011 % change Revenues 404.8 326.6 24 % 769.9 568.8 35 % EBITDA* 246.2 163.6 50 %…
MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined Strong pre-funding revenues driven 250 by Angola and Europe 200 Late sales were strongest in North America followed by Europe and Middle East 150 USD…
Group Cost* Development Sequential decrease primarily due 300 272* to: 248* Less activity in high cost regions 250 240* 231* 228* Net deferral of steaming cost in Q2 215* compared to net expense in Q1 200 Q1 had significant cost…
Consolidated Statement of Cash Flows Summary Quarter ended June 30 Six months ended June 30 USD million 2012 2011 2012 2011 Cash provided by operating act. 176.5 99.2 328.1 180.3 Investment in MultiClient library (82.0) (68.4)…
Strong Balance Sheet Position - Key Figures Quarter ended June 30 December 31 USD million 2012 2011 2011 Total assets 2 921.9 2 978.8 3 137.2 MultiClient Library 318.8 344.4 334.1 Shareholders' equity 1 798.1 1 767.2 1 771.7…
Streamer Operations July 2012 Atlantic Explorer Ramform Challenger Ramform Vanguard Ramform Viking Sanco Spirit 2D Nordic Explorer 2D (Canada) (North Sea) Pacific Explorer (Mediterranean) Ramform Explorer (China)…
Increase in Market Activity 3 500 3 000 Good rebound in Active Tenders and All Sales Leads 2 500 Bid requests made earlier Larger contracts USD million 2 000 Higher value due to 1 500 increased pricing Impacts…
Seismic Demand Expected to Continue to Grow North Sea/Norw. Arctic: Growing Sea: Stable, strong demand for market, renewed exploration 3D exploration interest seismic by opening of and major driver of the Russian arctic price increases…
Healthy Growth in Demand While Supply Tapers Off 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 HD3D is growing quicker than…
Petrobras HD4D Program Completed: A Record Breaking Achievement Ramform Sovereign started on the HD4D contract with Petrobras in early October 2008, and completed July 16, 2012 A number of industry records achieved: Largest HD4D…
MultiClient Share is Increasing 300 Total Marine 3D Seismic Market Raises barriers to entry for the industry 250 3D volume in '000 sq.km. 200 Delivers higher profitability and less volatility through cycles 150 100…
Strong Demand Growth for Broadband Seismic PGS Very Well Positioned with GeoStreamer 450 Oil companies gain more experience 3D GeoStreamer and confidence as the broadband introduced technology becomes more commonly used Total 3D…
Launch of SWIM GeoStreamer Enhanced Imaging Separated Wavefield Imaging Depth Processing of GeoStreamer Depth conventional separates up- and streamer data only down-going wave- uses primaries for fields allowing for subsurface…
SWIM a Step Change for Imaging and Acquisition Enhanced illumination leads to: Sharper definition of the subsurface improved imaging Imaging of shallow targets with wider streamer spread higher productivity Extended coverage close to…
PGS Outlook Oil companies are proactive in securing capacity and the market momentum going into 2013 looks good High bidding activity in all regions drives visibility and pricing Several large and attractive MultiClient projects…
2012 Guidance Increased EBITDA in the range of USD 750-800 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 350-400…
In Conclusion A Focused Marine Seismic Company Excellent performance in all units driven by strong operations Productivity & scale Building new Ramform Titan-class vessels Leading 3D MultiClient library return Leading edge Data…
Unaudited Second Quarter and First Half 2012 Results Petroleum Geo-Services ASA Oslo July 26, 2012
Appendix: PGS Fleet Overview Ramforms Conventional 5th Gen 2 ordered & option on 2 more PGS Apollo S-class Ramform Sterling Ramform Sovereign Atlantic Explorer V-class Ramform Valiant Ramform Viking Ramform Vanguard…
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 Intermediate class Sterling September 2012 7 days Ramform Scheduled Approximately Renewal class Valiant November 2012…
Robust Financing with Good Maturity Profile Nominal Value Long term Credit Lines and Outstanding as Total Credit Financial Covenants Interest Bearing Debt of June 30, Line 2012 USD 600 million Term Loan (TLB), USD 470.5 None, but…
Loading...
