Unaudited Second Quarter 2010 Results P t l Petroleum Geo-Services G S i ASA (IFRS) Oslo July 29, 2010
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…
Fleet Upgrades Strenghten Competitive Platform Q2 2010 earnings EBITDA of USD 71.4 million Repositioning of vessels Significant investments in vessel upgrades Low pre-funding due to later than normal start up in the North Sea…
Order Book Increasing Order book of USD 499 million Deliberate move to longer contract order book 1000 Marine contract order book 800 increased by USD 70 million from Q1 2010 Temporary reduction in order book USD million…
P t l Petroleum Geo-Services G S i ASA Petroleum Geo Geo-Services Services ASA Financials Unaudited Second Quarter 2010 Results
Consolidated Statements of Operations Summary Continuing operations Quarter ended June 30 Six months ended June 30 USD million (except per share data) 2010 2009 % change 2009 2008 % change Revenues 214.9 294.3 -27 % 474.3 685.1 -31 %…
Marine MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined 140 Q2 MultiClient pre-funding revenues primarily from Europe 120 and Gulf of Mexico 100 31% of total 3D capacity used for 80 MultiClient in…
Marine - Key Figures 2010 2009 USD million Q2 Q1 Q4 Q3 Q2 Q1 Contract revenues 126.8 155.4 158.2 263.3 152.3 319.3 Total MC revenues 59.8 76.5 118.7 74.1 111.7 46.2 Processing and other revenues 26.5 26.4 26.3 24.1 30.3 25.3 Total…
Marine Cost* Development 250 219* 220* 220 10 7 14 204* 204* Strong reduction from 200 16 188* 6 7 185* 6 14 14 6 Q1 2010 despite PGS 18 16 Apollo entering the fleet USD million 150 General cost reductions 100…
Consolidated Statements of Cash Flows Summary Quarter ended June 30 Six months ended June 30 USD million 2010 2009 2010 2009 Cash provided by operating act. 63.8 208.1 179.3 353.5 Investment in MultiClient library (51.7) (57.3)…
Consolidated Statements of Financial Position - Key Figures Quarter ended June 30 December 31 USD million 2010 2009 2009 Total assets 2 690.4 3 132.4 2 929.4 MultiClient Library 349 9 349.9 348 5 348.5 293 2 293.2…
Strong Capital Discipline and Debt Reduction Net debt reduced by USD 607 Revolving g Credit Facility y Term loan B Arrow Facilities Convertible Bond Oslo Seismic Note million since Q2 2008 10% Senior Notes due 2010 Cash Debt…
Robust Financing at Attractive Terms Long term Interest Bearing Balance as of Total Credit Financial Covenants Debt June 30, 2010 Line USD 600 million Term Loan (TLB), USD 470.5 Incurrence test: total leverage Libor + 175 basis…
P t l Petroleum Geo-Services G S i ASA Petroleum et o eu Geo Geo-Services Se ces ASA S PGS going forward Unaudited Second Quarter 2010 Results
Streamer Operations Mid July 2010 Ramform Vanguard Ramform Valiant Nordic Explorer Ramform Viking (Greenland) PGS Apollo Pacific Explorer Atlantic Explorer (Sakhalin ) (North Sea) Harrier Explorer (Canada) Ramform Sterling…
Strong Recovery in Oil Demand 2 Annual change in Global Oil Demand 1.5 1 Increase in g global oil 0.5 demand in 2010 is expected mb/d 0 to be larger than decline in -0.5 -1 2009 and reach a new high -1.5 -2…
Price Decline Driven by Increased Supply Total Marine 3D volume in '000 sq.km Growth in sq.km. continues 350 300 Acceptable tender activity 250 Streamer capacity growth in 2010 of '000 sq.km 200 150 approximately 20% puts…
Favorably Positioned on the Industry Cost Curve Streamer count eamer per day 401-500 501-600 1-400 ative cash cost effficiency per stre Rela PGS Ramform Vessels Other PGS vessels Decomissioned vessels PGS position on…
Geographical Diverse MultiClient Activity GeoStreamer paves the way with 2,900 sq.km GeoStreamer MC3D in Nigeria More than 5,000 sq.km highly pre-funded GeoStreamer MC3D ongoing in the North Sea 7,000 sq.km GeoStreamer MC3D to…
New Acquisition with GeoStreamer Defines New Prospects New Prospect Sandstone GeoStreamer data Conventional data -23-
GeoStreamer Efficiency - Always Better Conventional streamer GeoStreamer LN0902 Weather downtime (hours) for period Dual-sensor Conventional 15th April 19th June 2009 Weather 62 hrs 405 hrs standby Red bars: Ocean…
Towards 50% GeoStreamer Capacity Current GeoStreamer Planned GeoStreamer operations rollout 3D Additional 3D vessels Atlantic Explorer Ramform Viking or similar (6 streamers*) scheduled for GeoStreamer Ramform Challenger upgrade Q1…
Commercial Breakthrough PGS Fiber-optic Technology Reservoir Monitoring in Brazil's deepwater Jubarte field for Petrobras Provide and install its OptoSeis(TM) p ( ) fiber-optic p system Perform seismic acquisition and data…
Data Processing Gaining Momentum Technology hyperBeam High-end imaging Compute Capacity Global footprint 2006 2007 2008 2009 Q2 2010 External Revenues External Order Book GeoStreamer competitive advantage Multi-year…
Full Year 2010 EBITDA Guidance Maintained EBITDA USD 450 million Good vessel schedule visibility Pre-funding ratio close to 2009 level Steaming and yard lower in 2H Late sales uncertainty North Sea season impacted by time…
Positioned for Market Recovery High oil price continue to point to strong and increasing sector capex spending Industry capacity still increasing, but at a slower rate in 11 and 12 GeoStreamer maintains technological leadership…
Unaudited Second Quarter 2010 Results P t l Petroleum Geo-Services G S i ASA (IFRS) Oslo July 29, 2010
Main Yard Stays Next 6 Months Vessel When Expected Type of Yard Duration Stay Ramform Explorer Ongoing June/July Approximately 45 15 year bottom 2010 days y inspection, p thruster power upgrade, new compressor drives,…
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