Pareto Securities 20th Oil and Offshore Conference Oslo, September 4-5, 2013
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…
Leading Marine Geophysical Company Marine Data Processing Contract MultiClient Operations & Technology Marine market Diverse Productivity Technology leadership MultiClient library leadership differentiation c. 40% of 2012…
Sales Leads Increasingly Transforming Into Active Tenders 3 500 3 000 Sustained high Sales Leads level 2 500 Good increase in Active USD million 2 000 Tenders 1 500 Improving bid pipeline going into winter season…
Geographical Distribution of Sales Leads Q2 2013 Good sales leads in most Other regions Caribbean area West Africa Majority of sales leads for Russia the North Sea season 2014 not out in the market yet East Africa…
Order book: Focus on Price Optimization 900 Order book end Q2 of USD 800 446 million Unit pricing maintained 700 Backlog down partly due to 600 higher MultiClient share in 2H USD million 500 Good order intake after Q2…
Demand Growth Outpaces Supply Growth 600 Growth in sq.km. continues Total 3D volume in '000 sq.km. 500 400 Partly driven by larger surveys From 2006 to end 2012 demand 300 for seismic grew by 200 approximately 120%…
Outlook Sustainable high oil price E&P spending continues to grow Possibly somewhat muted by reduced E&P free cash flow Ultra deep water dominates lower cost production the place to invest for E&Ps Average 2013 marine contract…
A Well Performing MultiClient Business 7.0 MC Revenues to MC Investments 6.0 Further growth in MultiClient is an attractive business opportunity 5.0 Average post 4.0 new MultiClient 2013 pre-funding expectation organization…
Sources to Finance Remaining New Build CAPEX Remaining secured Cash and cash Opportunity for 2015 New Build CAPEX ECF equivalents ECF 0 PGS is seeking an opportunity to Due in raise the financing for the two 2015 last vessels…
Attractive Debt Structure Long term Credit Lines and Nominal Amount as Total Financial Covenants Interest Bearing Debt of June 30, 2013 Credit Line USD 600 million Term Loan USD 470.5 million None, but incurrence test: (TLB), Libor…
Strong Balance Sheet Position - Key Figures June 30 December 31 USD million 2013 2012 2012 Total assets 3 444.6 2 930.5 3 275.6 MultiClient Library 438.1 318.8 382.3 Shareholders' equity 1 962.7 1 760.4 1 911.5 Cash and cash…
PGS Strategic Ambition To Care For our employees For the environment and society at large For our customers success To Deliver Productivity Leadership Ramform platform + GeoStreamer Reducing project turnaround time To Develop…
The Ramform Titan - Takes Seismic Acquisition to a New Level The worlds most powerful, most efficient and most advanced seismic vessel Started MultiClient acquisition in the North Sea in early July Performing very well on…
Strategic Ambition: To Develop Superior Data Quality Inline -17-
Strategic ambition: To Innovate Full Waveform Inversion GeoStreamer SWIM: More reliable GS: GeoStreamer reservoir QWEM* Offers the full de- enhanced characterization ghosting solution imaging GeoStreamer The New…
Strategic Ambition: To Perform Over the Cycle Well capitalized to handle macro turbulence and 1400 Net debt unforeseen market weakness 1200 Solid balance sheet supports long-term value creation 1000 Current low net debt level…
Strategic ambition: To Perform over the Cycle - ROCE 60% Historically strong returns over the cycle 50% Potential to avoid returns 40% below cost of capital in the future 30% Contract/MC allocation Cost and capital discipline…
In Conclusion: A Well Positioned Focused Marine Seismic Company Improving productivity & scale Building four new Ramform Titan-class vessels Leading 3D MultiClient library returns, with further improvements expected GeoStreamer…
Appendix: Favorably Positioned on the Industry Cost Curve Relative cash cost efficiency per streamer per day PGS fleet is positioned to generate the industrys best margins Source: The cash cost curve is based on PGS internal…
PGS Fleet Overview Ramforms Other vessels Titan- Ramform fleet is class improving further Ramform Titan Ramform Atlas 2 for 2015 delivery PGS Apollo with 4 new Titan- Delivered class vessels S- class GeoStreamer Ramform…
The Ultra High-end Segment: Several Production Records Ramform S-class records Monthly production record: 3,056 sq.km acquired (12 streamers x 8,100 meters with 120m separation) Weekly production record: 919 sq.km acquired Daily…
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