Robust MultiClient Sales Strong Financial Structure Financial performance: EBITDA of USD 124.8 million MultiClient sales of USD 143.3 million, of which USD 56.7 million were late sales Cash position further strengthened with a…
Order Book 700 600 Order book of USD 394 million by end Q1 2015 500 Vessel booking* 95% booked for Q2 2015 USD million 400 80% booked for Q3 2015 30% booked for Q4 2015 15% booked for Q1 2016 300 In a challenging…
Financials Unaudited First Quarter 2015 Results
Condensed Consolidated Statement of Operations Summary Q1 Q1 Full year USD million (except per share data) 2015 2014 % change 2014 Revenues 251.1 292.5 -14 % 1 453.8 EBITDA* 124.8 138.5 -10 % 702.6 Operating profit (EBIT) ex…
Stronger USD Negatively Impacts Net Financial Items and Tax Q1 financial expenses include a foreign currency loss of USD 4.7 million Strengthening of the USD negatively impacted the Companys marked to market currency positions Q1…
MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined 250 Robust MultiClient sales 200 performance in Q1 2015 150 Pre-funding revenues were highest in Asia Pacific and USD million Africa, driven by…
Vessel Utilization Seismic Streamer 3D Fleet Activity in Streamer Months 100 % 90 % Active time in Q2 2015 80 % expected to be approximately 80%, due 70 % to idle time, permit 60 % delays and steaming 50 % Approximately 45% of…
Group Cost* Focus Delivers Results Substantial cost reduction from: 300 283 Cost savings initiatives 277 265 271 270 270 266 Currency and fuel price 250 241 Q1 cost lower than trendline due to: Lower cost for vessels stacked,…
Consolidated Statements of Cash Flows Summary Q1 Q1 Full year USD million 2015 2014 2014 Cash provided by operating activities 212.4 182.1 584.3 Investment in MultiClient library (64.0) (116.2) (344.2) Capital expenditures (30.7)…
Balance Sheet Key Numbers Strong Financial Position March 31 March 31 December 31 USD million 2015 2014 2014 Total assets 3 501.0 3 562.0 3 563.0 MultiClient Library 715.2 666.3 695.2 Shareholders' equity 1 881.0 2 069.3 1 901.6…
Attractive Debt Structure No Maturities Before 2018 Long term Credit Lines and Interest Nominal Total Financial Covenants Bearing Debt Amount as Credit Line of March 31, 2015 USD 400.0 million Term Loan (TLB), Libor USD 396.0 None,…
Operational Update and Market Comments Unaudited First Quarter 2015 Results
Current Market Characteristics Cautious spending pattern among oil companies continues to impact seismic demand Low visibility in all regions Very low prices for contract work Further capacity reduction needed to balance the…
Very Low Marine Contract Bidding Activity 3 500 3 000 Very low bidding activity impacts industry pricing and 2 500 utilization USD million 2 000 Graph excludes an increasing share of MultiClient projects 1 500 Despite…
Global Supply and Demand Trends 600 In 2014 sq.km acquired declined Total 3D volume in '000 sq.km. 500 11% compared to 2013 400 300 15-20% decline in sq.km acquired 200 is expected in 2015, compared to 2014 100 0…
Cold-Stacking Ramform Explorer and Ramform Challenger Ramform Explorer and Ramform Challenger are booked through the North Sea season and will be cold- stacked thereafter Will improve fleet performance and utilization Quarterly…
Good MultiClient Sales Performance from All Vintages 900 Strong sales progress for all 800 vintages 700 Moderate net book values (NBV) for surveys completed 2010- 600 2015 500 USD Million Work In Progress (WIP) 400…
Streamer Operations April 2015 Ramform Vanguard Ramform Explorer Ramform Atlas (North Sea ) Ramform TItan PGS Apollo (Egypt) (South Korea) Atlantic Explorer 2D Ramform Challenger Sanco Spirit 2D (Steaming to North Sea)…
In Conclusion: Well positioned to Navigate Through the Challenging Market Robust balance sheet No debt maturities before 2018 Reducing costs further Cost effective operations Improved productivity Attractive MultiClient…
2015 Guidance Reiterated EBITDA in the range of USD 550-700 million MultiClient cash investments of approximately USD 275-300 million Pre-funding level at or above 100% Capital expenditures of approximately USD 250 million…
Thank you Questions
Appendix PGS Seismic Fleet Ramforms Conventional Delivery 2016 Titan class Ramform Titan Ramform Atlas Ramform Hyperion PGS Apollo Ramform Tethys S class Ramform Sterling Ramform Sovereign 2D/EM/Source V class Ramform…
Appendix Productivity Leadership is Key for Differentiation Relative cash cost efficiency per streamer per day PGS vessels Competitors vessels PGS cold-stacked vessels Recently decommissioned or expected to be decommissioned during…
Appendix Rescheduled Delivery Times for New Builds Delivery times for Ramform Tethys and Ramform Hyperion rescheduled to Q1 and Q3 2016 Reduces 2015 CAPEX by at least USD 160 million compared to previous baseline No cost…
Appendix Main Yard Stays Next 12 Months Vessel When Expected Type of Yard Stay Duration Sanco Spirit June 2015 Approximately Renewal class 10 days (vessel owner Sancos cost) Ramform October 2015 Approximately Upgrade to…
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