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JUNE 2012 CAPITAL MARKETS DAY – Polarcus

Polarcus · Jun 21, 2012 · 89 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. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 1
    Polarcus Limited 21 June, 2012 www.polarcus.com 1
  2. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 2
    Making the RIGHTCHOICES Rolf Ronningen CEO Polarcus www.polarcus.com 3
  3. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 3
    Polarcus Making the RIGHTCHOICES 8 high-end 3D seismic vessels representing 12% market share Youngest most uniform fleet in industry 500+ professionals and global presence State of the art technology with complete broadband…
  4. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 4
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A www.polarcus.com 5
  5. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 5
    Key financials historic development Revenues EBIT 120.00 15.00 100 100.00 9.6 10.00 80.00 5.00 60.00 48 40.00 - Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 20.00 11 (5.00) (4.7) - (6.6) Q1-10 Q2-10 Q3-10 Q4-10…
  6. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 6
    Fleet Utilization* 100% 1% 2% 3% 2% 4% 5% 3% 10% 10% 10% 13% 90% 13% 16% 18% 17% 9% 25% 80% 8% 3% 35% 70% 30% 60% Yard stay (including shakedown) 50% Transit 89% Multi-Client Seismic Contract 85% 40% 81% 79% Exclusive…
  7. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 7
    Deliver & Delever Improved margins Projected gross debt profile 8 vessels delivered Gross debt end 2012 of USD 837m Optimizes utilization Average interest rate 7.5% Economies of scale Steady deleveraging Company headcount per…
  8. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 8
    Listed on Oslo Brs Main List Share Performance Top 20 Shareholders (as per 12 June) Shareholder Share % 9.00 10 Million shares turnover SABARO INVESTMENTS L 58,112,834 11.46 NOK ZICKERMAN HOLDING LT 40,571,476 8.00 8.00 9…
  9. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 9
    Agenda 1 Highlights 2 Financials 3 Operations & Market update 4 Summary & Q&A www.polarcus.com 10
  10. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 10
    RIGHTSIZE, RIGHTDESIGN, RIGHTPLAN Fleet 8 high-end 3D seismic vessels All new and uniform fleet POLARCUS NADIA & POLARCUS NAILA POLARCUS SAMUR & Vyacheslav Tikhonov Reduced noise and vibrations 12 Streamer 3D vessel 8…
  11. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 11
    RIGHTSIZE approach to fleet strategy Polarcus fleet strategy (10+ streamer) Competition new build strategy (10+ streamer) 3 vessels CAPEX USD 500 M 2 vessel CAPEX USD 500 M Standard request in tenders Average 11.3 streamers towed…
  12. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 12
    Awards through RIGHTDESIGN DYNPOS-AUTR Systems redundancy CLEAN DESIGN IMO Green Passport with DP2 High specification Triple E exhaust catalysts Environmental & Energy Efficiency Sentinel solid streamers ULSTEIN X-BOW…
  13. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 13
    RIGHTPLAN delivers outstanding quality Planning starts with the geological objectives Outstanding seismic data quality time RightPlan provides the geophysical solution and again, endorsed by our clients. Now with a broadband…
  14. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 14
    95,000 sq.km of high end projects First High Base- High 4D Multi- Multi- Arctic Multi Pass Density line 4D density Monitor vessel vessel Operations Azimuth Wide tow 3D 4D 3D 4D Monitor Vessel + Equipment Personnel + Procedures…
  15. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 15
    Solid backlog Contract tenders received per month 400 USD Millions USD 300 M Contract backlog* 350 300 3 vessels in Arctic in Q3 250 Tenders received YTD exceed 200 the full year 2011 by sq. km 150 100 Large…
  16. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 16
    2012 Guidance Reclassified USD 15 M of SG&A to OPEX. Total SG&A for 2012 now USD 25 M (was USD 40 M) Fleet OPEX USD 105 k 125 k / day due to reclassification of SG&A. Was USD 100 k - 120 k / day Newbuild CAPEX payments in 2012:…
  17. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 17
    Strong market outlook Estimated Supply Growth, by 3D vessels1 (6 streamer + seismic fleet) 61 63 58 55 59 10-15% E&P growth expected Year on Year Oil price remains well above exploration threshold 2009 2010 2011 2012e 2013e…
  18. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 18
    Polarcus strategy By 2015 .. be the preferred provider of high-end, towed marine seismic solutions from Geophysical Excellence Pole-to-Pole through geophysical excellence and highly efficient operations with uncompromised…
  19. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 19
    Operational Excellence Duncan Eley SVP Marine Acquisition Polarcus www.polarcus.com 20
  20. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 20
    Operational Excellence and Polarcus Operational Excellence requires leadership, teamwork and problem solving, resulting in continuous improvement throughout the organization by focusing on the needs of the Client, empowering…
  21. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 21
    Seismic solutions from Pole-to-Pole Polarcus Naila Polarcus Amani Polarcus Adira Polarcus Asima Polarcus Samur Polarcus Selma* Polarcus Alima Polarcus Nadia Note: *Vyacheslav Tikhonov (Polarcus Selma) on charter…
  22. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 22
    Expanding further into frontier regions 95,000 sq.km high end data North Western Europe ARC West Africa 50 projects across full (12%) NWE (24%) East Africa spectrum of conditions and APAC (23%) Mediterranean & Black Sea…
  23. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 23
    A broad spectrum of high end projects First High Base- High 4D Multi- Multi- Arctic Multi Pass Density line 4D density Monitor vessel vessel Operations Azimuth Wide tow 3D 4D 3D 4D Monitor Vessel + Equipment Personnel + Procedures…
  24. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 24
    POLARCUS NADIA: in production offshore Namibia Petrobras 3D, Tanzania [10 x 8100m 100m] First Polarcus operation in East Africa with effective security management Very high production levels and positive feedback from Client…
  25. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 25
    POLARCUS NAILA: in production offshore Norway Repsol 3D, Portugal [10 x 8100m 75m] High production levels and excellent technical performance Completion of survey ahead of schedule Wintershall 3D, Norway [10 x 7050m 75m] High…
  26. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 26
    POLARCUS ASIMA: in production West of Shetlands Acorn 3D, Namibia [12 x 6000m 100m] Survey completed ahead of schedule with excellent operational performance Nippon 3D, West of Shetlands [12 x 8000m 50m] In production in…
  27. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 27
    POLARCUS SAMUR: in production offshore UK Polarcus Multi-Client, UK [8 x 5100m 75m] Efficient mobilization and superb technical performance Completion of survey ahead of internal model, despite elevated timeshare 1000 hours (42…
  28. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 28
    POLARCUS AMANI: in production offshore Norway TGS Nopec, UK Sector [10 x 5100m 50m] Amani first deployment and production All aspects of project delivered ahead of schedule Very efficient SIMOPs in complex operational oilfield…
  29. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 29
    POLARCUS ALIMA: in production offshore Western Australia OMV (Shell), New Zealand [8 x 6000m 150m / 10 x 600m 75m] Outstanding operational performance with very high acquisition levels Woodside, Australia [12 x 6000m 100m] Highly…
  30. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 30
    POLARCUS ALIMA Northern Sea Route Ice Class 1A minimum requirement Accompanied by Russian Ice-Breaker Maintained speed of 14 kts Net benefit: 8 days Client production; 300m3 fuel; 840 T CO2 emissions www.polarcus.com 31
  31. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 31
    Awards through RIGHTDESIGN DYNPOS-AUTR Systems redundancy CLEAN DESIGN IMO Green Passport with DP2 High specification Triple E exhaust catalysts Environmental & Energy Efficiency Sentinel solid streamers ULSTEIN X-BOW…
  32. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 32
    25% project awards in Arctic / ESSA Polarcus Naila Polarcus Amani Polarcus Asima Polarcus Adira Polarcus Samur Polarcus Selma* Current vessel locations Awarded surveys Polarcus Alima Arctic and ESSA (Environmentally…
  33. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 33
    RIGHTCHOICES for the Arctic and ESSA Fleet size enabling efficient global reach SIZE Fit for purpose platform Full towed streamer capability Investment in Arctic vessel technology DESIGN Triple-E energy efficiency initiative…
  34. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 34
    RIGHTDESIGN to achieve environmental synergy Working safely in this harsh environment requires extensive planning and preparation The vessel design protects the Arctic environment, but also protects the people onboard…
  35. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 35
    Reducing emissions The following operational data is measured by Polarcus: Engine Specification Power consumption by propulsion and compressor units Power consumed by all other loads and losses Power produced, power plant…
  36. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 36
    Polarcus is Pioneering DNV Triple-E Triple-E is a voluntary environmental performance rating scheme for ships, independent of class, age and flag Self-assessment DNV verification 1 Triple-E rating declaration Key elements:…
  37. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 37
    Mitigating seismic concerns Reducing source output Big is not necessarily best Cetacean issues Coexistence with cetaceans Streamer technology Solid is better than fluid www.polarcus.com 38
  38. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 38
    RIGHTPLAN for Arctic project execution Align vessel Arctic operating capabilities and in-house experience with comprehensive Arctic operating procedures to ensure: Safe passage through sea ice (entry and exit to Arctic survey area)…
  39. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 39
    DNV acknowledges Polarcus Arctic capabilities www.polarcus.com 40
  40. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 40
    RIGHTCHOICES: enabling access to the Arctic Arctic Alaska Polarcus: the only Seismic 3D 93 BBOE Russian Arctic service provider in the industry 229 BBOE fully adapted for Arctic operations Large unexplored region 380 East Canada…
  41. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 41
    Arctic Operations 2012 Polarcus Amani 6 x 7km 200m Shell 4600 sq.km Polarcus Samur 6 x 7km 200m Shell 4600 sq.km Polarcus Asima 10/12 x 6km 100m Maersk Oil 2000 sq.km www.polarcus.com 42
  42. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 42
    Polarcus delivering Operational Excellence 530 employees (115 office / 415 field crew) People Formal Field Trainee program implemented in 2011 Focused Polarcus field employee induction since first vessel Field Managers & Chiefs…
  43. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 43
    Geophysical Solutions Phil Fontana Chief Geophysicist Polarcus Nick Bernitsas Senior Vice President ION GX Technology www.polarcus.com 44
  44. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 44
    Polarcus Adira High-End 3D Digital Seismic Imaging System www.polarcus.com 45
  45. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 45
    Nikon D7000 Nikon D7000 High-End Digital Photographic Imaging System www.polarcus.com 46
  46. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 46
    Polarcus Adira Polarcus Adira High-End Digital 3D Seismic Imaging System www.polarcus.com 47
  47. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 47
    Photographic Imaging www.polarcus.com 48
  48. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 48
    3D Seismic Imaging In-line section Time slice Catcher 3D MC survey X-line section www.polarcus.com 49
  49. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 49
    Digital SLR Camera Body Cross-section view of a DSLR.. 1. Camera lens 2. Reflex mirror 3. Focal-plane shutter 4. Image sensor 5. Matte focusing screen 16.2MP Light Source Light Receivers and Focus www.polarcus.com 50
  50. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 50
    Digital 3D Seismic Imaging System The Body Sound Source www.polarcus.com Sound Receivers and Focusing 51
  51. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 51
    Nikon D7000 : Scale of Operations www.polarcus.com 52
  52. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 52
    Scale of Operations www.polarcus.com 53
  53. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 53
    Digital SLR : Light Source Flash Unit www.polarcus.com 54
  54. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 54
    Seismic Sound Source : Air Guns www.polarcus.com 55
  55. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 55
    Digital SLR : Light Sources www.polarcus.com 56
  56. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 56
    Seismic Sound Sources www.polarcus.com 57
  57. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 57
    Bolt 2380 Array at 6m Tow Depth and DFS-V Filter Array Layout www.polarcus.com 58
  58. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 58
    Digital SLR Lens: Receivers and Focus Wide Angle Telephoto www.polarcus.com 59
  59. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 59
    Seismic Receivers and Focusing www.polarcus.com 60
  60. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 60
    Seismic Target Objectives www.polarcus.com 61
  61. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 61
    Towed marine seismic techniques First Pass 3D Multi-azimuth 3D MAZ (Second pass) Wide-azimuth 3D WAZ Classic 3D & 4D Full Azimuth Circle High Density 3D and Shooting 4D Over/Under Streamers Slanted Streamers…
  62. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 62
    Source and Receiver Positioning = Focus 300 600 600 600 600 600 600 600 300 300 11+6 = 17 DF 11+4 = 15 DF 900 900 900 900 900 11+3 = 14 DF 11+2(-1) = 12 DF 11 DF 11+2(-1) = 12 DF 11+3 = 14 DF 50 DF here 11+4 = 15…
  63. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 63
    Nikon D7000 QC www.polarcus.com 64
  64. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 64
    Polarcus Adira QC www.polarcus.com 65
  65. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 65
    RAW to Final Processed Photographic Images RAW Processed PhotoShop www.polarcus.com 66
  66. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 66
    RAW to Final Processed Seismic Images RAW Processed GX Technologies www.polarcus.com 67
  67. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 67
    GX Technology Overview 21 June 2012 Nick Bernitsas Senior Vice President ION GX Technology www.polarcus.com 68
  68. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 68
    ION Business Segments Solutions / Services Systems / Hardware GX Technology GeoVentures* Sensor Marine Imaging Land Imaging Geophones Systems** Systems * Includes BasinSPAN data libraries ** Includes Concept Systems…
  69. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 69
    Focus on Technology Innovation VectorSeis Full-wave ORCA DigiRANGE RTM FireFly AZIM VectorSeis Ocean Hart's E&P Meritorious World Oil Award for SEG J. Clarence Awards for Engineering Best Exploration Karcher Award Innovation…
  70. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 70
    Formed as spin-off of 1989 GeoQuest International www.polarcus.com Launched GXII s/w 350 licenses sold 1993 Acquired Sirius 2D GXT History depth imaging system 1995 Launched Primus on Linux Clusters…
  71. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 71
    GXT Business Innovation www.polarcus.com 72
  72. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 72
    GulfSPANTM A living program 2001 www.polarcus.com 73
  73. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 73
    GulfSPANTM A living program 2005/6 www.polarcus.com 74
  74. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 74
    UNLOCKING THE POTENTIAL IN FRONTIER REGIONS BeaufortSPAN NE GreenlandSPAN ChukchiSPAN NE AtlanticSPAN NovaSPAN GulfSPAN CaribeSPAN ColombiaSPAN NigeriaSPAN NatunaSPAN IndiaSPAN EquatorSPAN ArafuraSPAN CongoSPAN…
  75. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 75
    Full Scope Provider Feasibility Survey Field Data Reservoir Prospect Studies Planning Acquisition Processing Analysis Identification Interpretation Objectives Start with the interpretation objective Back engineer solution…
  76. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 76
    Our Global Scale in Data Processing Third/Fourth largest DP company by revenues in the world Fourteen Centers in twelve countries 20+% market share where we have established Geophysical Service Centers 370 total employees at…
  77. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 77
    An Extensive Portfolio of Data Processing Clients Globally Dispersed; Representing IOCs and NOCs www.polarcus.com 78
  78. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 78
    Complete DP Technology Portfolio Marine, Land, OBC, VSP P-wave and C-wave Time Processing Wavelet processing Noise attenuation Multiple attenuation Velocity Model Building Tomography Scans Waveform Inversion Imaging…
  79. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 79
    Our Operating Philosophy at GXT Up-front decision of where we choose to compete Scale-up without watering down R&D and Operations joined at the hip Expert advising group that leads organizational learning Appropriate compute…
  80. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 80
    Comprehensive and adaptable onboard offering QC onboard Polarcus Vessels Fast Track Processing Full 3D Acquisition QC in Real Time Designature , debubble , swell noise RMS plots attenuation Stacks with / without Swell noise…
  81. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 81
    Bundled Polarcus-GXT projects (Europe and WA) Capturing synergies in marketing Exploiting relationships Taking advantage of GXT established Centers Pushing the technology envelope on CTR and broadband Tangible results to…
  82. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 82
    Bundled Polarcus-GXT projects ( Asia and Australia) Through meticulous planning and seamless execution over the full data acquisition and processing cycle, Polarcus and GX Technology have safely delivered a very high-quality 3D…
  83. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 83
    Marine Broadband Technology Conventional Free surface physics a fundamental limitation To overcome requires multiple measurements Different types (pressure, velocity) Same type but exploit ghost variability (depth, angle)…
  84. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 84
    What is WiBand A processing solution for achieving broadband seismic imaging Applied on pre-stack data before migration Conventional WiBand Projects At its core, a method to remove the effects of receiver and source ghosts…
  85. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 85
    Polarcus test streamer configuration www.polarcus.com 86
  86. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 86
    Deep vs shallow tow comparisons Raw Data: 7 m tow depth Raw Data: 30 m tow depth WiBand Data: 7 m tow depth WiBand Data: 30 m tow depth www.polarcus.com 87
  87. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 87
    Signal and noise power spectra: the key Channel at 15.5m Channel at 12m Likely bubble tail Plots are normalized with a common scalar. Various windows tried yielded similar results. www.polarcus.com 88
  88. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 88
    www.polarcus.com 89
  89. JUNE 2012 CAPITAL MARKETS DAY – Polarcus – slide 89
    Making the RIGHTCHOICES www.polarcus.com 90

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