Unaudited Third Quarter 2013 Results Oslo, October 25, 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…
PGS Business Model Delivers Strong EBIT Margin in a Challenging MultiClient Quarter Q3 2013 financial performance: EBIT of USD 108.3 million. A margin of 30% Record data processing revenues Order book up 30% from Q2 2013…
Order Book Increasing Driven by Technology and Productivity Differentiation 900 800 Order book end Q3 of USD 700 579 million Some price pressure post 600 North Sea Season impacting primarily Q4 and USD million 500 Q1…
An Industrial Approach to the Business Financial strategy Prudent financial structure / gearing policy Focus on return on capital employed Operational strategy Leading HSEQ performance Productivity advantage relative to…
Investing in a Growth Case 0.5 EPS gaining momentum 0.4 0.3 0.2 PGS well positioned to EPS in USD 0.1 improve return on capital and 0 dividend capacity by having: Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3…
Petroleum Geo-Services ASA Financials Unaudited Third Quarter 2013 Results
Consolidated Statement of Operations Summary Quarter ended September 30 Nine months ended June 30 USD million (except per share data) 2013 2012 % change 2013 2012 % change Revenues 365.6 388.3 -6 % 1142.1 1158.2 -1 % EBITDA* 216.0…
MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined 250 200 Pre-funding revenues were highest in Europe, South America and Middle East 150 USD million Strong late sales in North 100 America and…
Vessel Utilization Seismic Streamer 3D Fleet Activity in Streamer Months 100 % Strong Q3 utilization 90 % Q4 will see seasonal 80 % effect of moving vessels 70 % out of the North Sea 60 % 50 % High MultiClient allocation 40 %…
Group Cost* Development 300 272 271 268 248 252 265 Cost focus delivering 250 231 228 240 241 results 214 200 Increase Q3 over Q2 USD million 150 primarily related to Ramform Titan in full 100 operation…
Consolidated Statements of Cash Flows Summary Quarter ended September 30 Nine months ended USD million 2013 2012 2013 2012 Cash provided by operating activities 189.4 260.2 563.4 588.2 Investment in MultiClient library (120.9) (91.4)…
Strong Balance Sheet Position - Key Figures September 30 December 31 USD million 2013 2012 2012 Total assets 3 511.2 3 040.3 3 275.6 MultiClient Library 520.7 357.4 382.3 Shareholders' equity 2 041.5 1 849.2 1 911.5 Cash and cash…
The Ramform Titan Experience Magne A. Reiersgrd, EVP Operations
Ramform Titan Why Bigger is Better Matching GeoStreamer Capabilities with Vessel Performance Its not only about higher number of streamers, but also longer streamers Length 106m resulting in significantly larger streamer spreads in…
Ramform Titan Increasing the Efficiency HSEQ More and longer streamers require more space for safe operations Automated back deck 2 stern operated workboats Efficiency Shorter deployment and retrieval time Repair and maintenance…
Ramform Titan Productivity TITAN-Class Starts at the Top-end of the Vessel Segment Streamers Km Streamer in Sqkm/ day Duration in days water 6 48 39 307 8 64 52 230 10 80 65 185 12 96 78 154 14 112 91 132 16 128 104 115 18 144…
Ramform Titan Size Matters Lots of Space and Stability 16 lead-in winches allowing Deflector handling frame gives flexibility to great flexibility for repair transfer the deflector from ship side to top and configurations deck for…
Petroleum Geo-Services ASA Operational Update and Market Comments
Streamer Operations October 2013 Ramform Challenger Sanco Spirit 2D Atlantic Explorer (East Canada) (North Sea) Ramform Valiant PGS Apollo Ramform Sovereign Pacific Explorer (Cyprus) Nordic Explorer (Steaming to GoM)…
Bidding Activity 3 500 3 000 2 500 Decrease in active tenders due to awards of large contracts USD million 2 000 1 500 Several large projects still 1 000 to be awarded Survey size continues 500 to favor the PGS…
Geographical Distribution of Sales Leads Q3 2013 Mediterranean Other Significant increase in East Russia Africa and South America Brazil West Africa sales leads North Sea West Africa expected to be active during the winter…
Demand Growth Outpaces Supply Growth 600 Total 3D volume in '000 sq.km. 500 Growth in sq.km. continues 400 Partly driven by larger surveys 300 From 2006 to end 2012 demand for seismic grew by 200 approximately 120%…
A Well Performing MultiClient Business Further growth in MultiClient is an MultiClient sales development 600 attractive business opportunity Improved earnings through pro-active capacity management over the cycle 500 Basis for…
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…
Market Outlook Sustainable high oil price Deep water attractive for E&Ps Customer focus on preserving dividend capacity Average PGS 2013 contract pricing up 10-15% compared to average 2012 Challenging short term bidding…
2013 Guidance EBITDA of approximately USD 850 million MultiClient cash investments expected to be approximately USD 350 million Pre-funding level expected to be 95-100% Capital expenditures in the range of USD 525-550…
In Conclusion: A Well Positioned Focused Marine Seismic Company High Q3 EBIT margin Strong Q3 Contract margin Revenue softness on MultiClient pre- funding Industry leading full year pre-funding level of 95-100% Well within the…
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 estimates and…
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 Scheduled for Q4 2013 class vessels S- class…
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…
Main Yard Stays Next 6 Months Vessel When Expected Type of Yard Stay Duration Ramform Scheduled Approximately Intermediate class Viking Mar 2014 10 days Ramform Scheduled Approximately Intermediate class Challenger Mar 2014…
Attractive Debt Structure Long term Credit Lines and Interest Nominal Total Financial Covenants Bearing Debt Amount as Credit Line of September 30, 2013 USD 600 million Term Loan (TLB), Libor + 175 USD 470.5 None, but incurrence…
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