SECOND QUARTER AND FIRST HALF 2014 RESULTS July 24, 2014 Oslo, Norway
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…
Clear Strategic Direction and Technological Edge Near Term Challenges Q2 2014 impacted by: Lack of pre-funding for the Triton MultiClient project Mobilization delays on some Marine Contract surveys, relating to permitting, weather…
Order Book 800 700 Order book of USD 558 600 million by end Q2 2014 500 Vessel booking USD million 90% booked for Q3 2014 400 45% booked for Q4 2014 20% booked for Q1 2015 300 Order book compares well to 200 Q2…
Financials Unaudited Second Quarter and First Half 2014 Results
Condensed Consolidated Statement of Operations Summary Q2 Q2 Six months Six months USD million (except per share data) 2014 2013 % change 2014 2013 % change Revenues 337.0 381.7 -12 % 629.5 776.5 -19 % EBITDA* 170.6 209.6 -19 %…
MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined 250 Record MultiClient sales in Europe accounting for 60% 200 of total MultiClient sales in Q2 150 USD million Pre-funding revenues were highest…
Vessel Utilization Seismic Streamer 3D Fleet Activity in Streamer Months 100 % Approximately 35% of 90 % active 3D vessel capacity 80 % allocated to MultiClient 70 % for the full year 2014 60 % Less than 30% of active 50 % 3D vessel…
Group Cost* Focus Delivers Results 300 272 271 Flat cost development from 268 265 270 270 266 252 2012 levels despite Ramform 250 240 241 Titan and Ramform Atlas in full operation 200 Q2 cost positively impacted USD…
Consolidated Statements of Cash Flows Summary Q2 Q2 Six months Six months USD million 2014 2013 2014 2013 Cash provided by operating activities 40.2 271.3 222.1 374.0 Investment in MultiClient library (99.6) (68.1) (215.8) (141.0)…
Strong Balance Sheet Position - Key Numbers June 30 June 30 Full year USD million 2014 2013 2013 Total assets 3 665.7 3 444.6 3 544.3 MultiClient Library 727.9 438.1 576.9 Shareholders' equity 2 012.3 1 962.7 2 065.6 Cash and cash…
Significant Free Cash Flow Potential 1000 Illustration revised to reflect ECF facility and net updated 2014 guidance change in cash NB CAPEX Cash flow from operations covers MultiClient investments, Dividend maintenance CAPEX,…
Operational Update and Market Comments Unaudited Second Quarter and First Half 2014 Results
Streamer Operations July 2014 Ramform Explorer (Barents Sea) Ramform Atlas Ramform Sovereign Ramform Challenger (North Sea) Sanco Spirit 2D Atlantic Explorer 2D (Canada) Ramform Sterling Ramform Valiant (Yard in Cadiz) PGS…
Low Marine Contract Bidding Activity 3 500 3 000 Active Tenders currently at low levels 2 500 Indicates risk of a weaker market towards the end of the year USD million 2 000 1 500 Substantial value of All Sales…
Geographical Distribution of Marine Contract Sales Leads Q2 2014 NSA excl. Brazil Middle West Africa dominates the East incl. Brazil Mediterranean opportunity space Europe incl. North Sea Increasing value of sales leads West…
Global Supply and Demand Trends 600 From 2006 to end 2012 demand for Total 3D volume in '000 sq.km. 500 400 seismic grew by approximately 120% measured in sq.km. 300 Annual average growth rate of 12% 200 100 Growth…
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…
A Fleet of Purpose Built High-end Seismic Vessels Ramforms Other vessels Ramform Titan- class vessels Titan-class accretive to returns Ramform Titan Ramform Atlas 2 Titan Class for 2015 delivery PGS Apollo GeoStreamer contributes…
Productivity Leadership is Key for Differentiation Vessel Decommissioning Supportive for Supply/Demand Balance Relative cash cost efficiency per streamer per day PGS vessels PGS planned decommissioning Competitors vessels Recently…
The GeoStreamer Technology Platform: Much More than Broadband Enhanced A more precise illumination and image for clearer earth reduced sub- model surface risk GeoStreamer with Reliable GeoStreamer Complete GeoSource…
European MultiClient GeoStreamer Investments Paying Off Average Sales/Cash investment = 2.7 GeoStreamer technology proving 300 3.5 its value through year-on-year 3.0 investments in the North Sea 250 delivering strong sales…
Taking GeoStreamer into the Gulf of Mexico Gulf of Mexico remains an attractive seismic market Combined Crystal I-III Wide Azimuth Sales / Cash investment = 2.7 with further sales potential Triton represents a new generation Full…
Good MultiClient Sales Performance from All Vintages 900 Strong sales progress for all vintages 800 Moderate net book values (NBV) 700 for surveys completed 2009- 2014 600 High pre-funding on new 500 investments USD…
Near Term Market Outlook Sustained high and stable oil price Deep water attractive for E&Ps Flat demand development for 2014 Current low bidding activity indicates risk of a weaker market towards the end of the year May…
2014 Guidance EBITDA is expected to be approximately USD 850 million Due to reduced predictability with regards to customers seismic purchases, particularly MultiClient, the uncertainty range around the EBITDA guidance is wider…
In Conclusion: Robust Strategy - Well Positioned for the Future Differentiating technology Cost effective operations Improved productivity Solid financial position Significant free cash flow potential Returning cash to…
Appendix Ramform Titan-class Delivers Attractive Returns PGS has historically strong returns on capital employed over the cycle Targeting average returns of 5% in excess of weighted average cost of capital (WACC) over the cycle…
Appendix: Main Yard Stays Next 6 Months Vessel When Expected Type of Yard Stay Duration Ramform Ongoing July Approximately Renewal class Sterling 2014 25 days PGS January/February Approximately Renewal class Apollo 2015 20…
Appendix: Attractive Debt Structure Long term Credit Lines and Interest Nominal Total Financial Covenants Bearing Debt Amount as Credit Line of end June, 2014 USD 400.0 million Term Loan (TLB), Libor USD 400.0 None, but incurrence…
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