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Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS)

Petroleum Geo Services (PGS) · Feb 22, 2010 · 39 slides

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Slides

  1. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 1
    Unaudited Fourth Quarter and Preliminary Full Year 2009 Results P t l Petroleum Geo-Services G S i ASA (IFRS) Oslo, February 22, 2010
  2. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 2
    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…
  3. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 3
    2009 - Positive Transformation in a Challenging Year Attractive order book transformed into solid earnings and cash flow Improved cost structure Balance sheet significantly strengthened High-end capacity increased, adjustments in…
  4. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 4
    Strong Quarterly MultiClient Late Sales Solid Cash Flow Q4 2009 earnings Marine MultiClient late sales at all time high level Cash flow from operations of USD 158.8 million Net debt reduced by further USD 39 million to USD 774…
  5. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 5
    Financial Summary Continuing Business Revenues Adjusted EBITDA 550 300 500 258 462 250 450 228 402 210 207 USD million 394 USD million 400 388 391 198 361 200 170 350 154 294 304 150 142 300 250 100 200 150…
  6. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 6
    Guidance - Cash Generation Remains Key Focus 2009 Performance Compared to Revised Guidance October 2009 Year-end 2009 A) Adjusted EBITDA USD 700 million* USD 691 million* B) CAPEX USD 250-300 million* USD 242 million* C)…
  7. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 7
    Order Book Reflects Current Market Pricing Order book of USD 438 million 1000 800 Vessel booking Sold 1H 2010 at acceptable margins USD million 600 Six vessels scheduled for the 400 North Sea in 2010 200 Ramform-…
  8. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 8
    P t l Petroleum Geo-Services G S i ASA Petroleum Geo-Services ASA Review of Business Segments Unaudited Fourth Quarter and Preliminary Full Year 2009 Results
  9. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 9
    Marine Q4 Highlights Contract revenues MultiClient revenues 350 90 % 140 160 % 319 307 80 % 140 % 300 120 267 263 257 70 % 234 49.2 120 % 250 100 60 % 29.1 48.2 100 % USD million USD million 200 80 53.7 50 % 87.2 158…
  10. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 10
    Marine Vessel Utilization Seismic Streamer 3D Fleet Activityy in Streamer Months 100 % 90 % 80 % 70 % Standby 60 % Yard 50 % Steaming 40 % MultiClient 30 % Contract 20 % 10 % 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4…
  11. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 11
    Marine MultiClient Revenues per Region Pre-funding g and Late Sales Revenues Combined Q4 MultiClient acquisition 160 primarily in the Gulf of 140 M i Mexico 120 Late sales in Gulf of Mexico USD milllion 100 and Europe…
  12. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 12
    Marine - Key Figures 2009 2008 USD million Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Contract revenues 158 2 158.2 263 3 263.3 152 3 319.3 152.3 319 3 233 7 233.7 307 0 257.0 307.0 257 0 267 4 267.4 Total MC revenues 118.7 74.1 111.7 46.2 130.5…
  13. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 13
    Marine Cost* Development 256* 250 234* 227* 29 219* 219 220* 0 25 206* 29 20 10 7 204* 14 200 10 21 24 16 188* 6 14 Sequential decrease in 6 17 18 regional, project and USD million 150 management cost, cost due to…
  14. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 14
    Arrow New-Build Program NB 532 and NB 533 terminated by Arrow in March and August 2009 respectively Arbitration court ruled in favor of PGS for cancellation of NB 532 EUR 37 million received early 2010 under bank refund guarantees…
  15. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 15
    Sale of Onshore to Geokinetics Transaction closed on February 12, 2010 USD US 1848 million o in cas cash a andd 2.15 5 million o shares in Geokinetics received Total value of transaction at closing was approximately i t l…
  16. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 16
    Onshore Q4 Highlights Onshore EBIT of USD 1.1 million in Q4 2009 Strong contract revenues of USD 58 2 million, 58.2 illi comparedd tto USD 59.5 million in Q4 2008 Weak W k MultiClient M ltiCli t llate t sales l Low…
  17. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 17
    Onshore - Key Figures 2009 2008 USD million Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Contract revenues 58.2 53.0 45.7 33.5 59.5 53.9 40.1 51.0 Total MC revenues 0.2 2.4 0.8 0.8 9.2 18.4 23.3 17.7 Processing and other revenues - - - - - - - -…
  18. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 18
    P t l Petroleum Geo-Services G S i ASA Petroleum Geo Geo-Services Services ASA Consolidated Financials Unaudited Fourth Quarter and Preliminary Full Year 2009 Results
  19. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 19
    Consolidated Statements of Operations Summary Continuing operations Quarter ended December 31 Preliminary Full Year USD million (except per share data) 2009 2008 % change 2009 2008 % change Revenues 303.7 393.6 -23 % 1 350.2 1 647.4…
  20. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 20
    Consolidated Statements of Cash Flows Summary Quarter ended December 31 Preliminary Full Year USD million 2009 2008 2009 2008 Cash provided by operating act. 158.8 258.3 676.1 914.6 Investment in MultiClient library (47.6) (62.4)…
  21. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 21
    Consolidated Statements of Financial Position - Key Figures Figures Include Onshore December 31 September 30. December 31 USD million 2009 2009 2008 Total assets 2 929.3 3 011.5 3 064.8 M l iCli MultiClient Lib Library 293 2…
  22. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 22
    Above Target of USD 200 Million Asset Sales Cash recieved from asset sales and private placement Proceeds A) Sale of Geo Atlantic USD 58 million B) Sale S l off shares h iin G Genesis, i B Borders d &S Southern th and…
  23. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 23
    Strong Capital Discipline and Debt Reduction Term loan B Convertible Bond Revolving Credit Facility Arrow Facilities Cash Oslo Seismic Note 10% Senior Notes due 2010 Net debt reduced by USD 449 Debt reduction and cash million…
  24. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 24
    Robust Financing at Attractive Terms Long term Interest Bearing Balance as of Total Credit Financial Covenants Debt December 31, Line 2009 USD 600 million Term Loan (TLB), USD 572 million Incurrence test: total leverage Libor + 175…
  25. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 25
    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 Fourth Quarter and Preliminary Full Year 2009 Results
  26. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 26
    Oil Production Reserve Gap will Increase Dramatically 120 100 00 80 million barrels pr. day Natural Gas Liquids Unconventional oil 60 Crude oil - fields yet to be developed or found 40 Crude oil - currently…
  27. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 27
    E&P Spending Expected to Increase in 2010 -27-
  28. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 28
    Marine Mid Februaryy 2010 Streamer Operation p Ramform Viking Ramform Valiant Ocean Explorer Atlantic Explorer Harrier Explorer (Italy) ((Gulf of Mexico)) Ramform Challenger (Nigeria) Ramform Explorer Ramform Sterling…
  29. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 29
    Bidding Activity Marine Seismic Acquisition Bid activity is increasing Large customers indicate plans to acquire more seismic in 2010 3 500 than in 2009 3 000 More positive customer 2 500 sentiment USD million n 2 000…
  30. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 30
    Vessel Lay-off Expected to Reduce Supply Growth 650 600 550 mber of streamers 500 450 400 350 Num 300 250 200 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 06 06 06 06 07…
  31. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 31
    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 by year-end year end…
  32. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 32
    GeoStreamer Roll-Out Plan Current GeoStreamer Planned GeoStreamer operations roll-out 3D Additional 3D vessels Atlantic Explorer Ramform Valiant scheduled (6-streamer) for GeoStreamer upgrade 1H Ramform Challenger 2010 (10…
  33. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 33
    GeoStreamer The 1 Technology in Harsh Environments Up to 50% of total time saved with G St GeoStreamer compared d to t conventional streamers Weather window significantly improved Increased fleet flexibility E Excellent ll…
  34. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 34
    MultiClient is a Showcase for GeoStreamer Conventional streamer data GeoStreamer data -34-
  35. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 35
    Increasing MultiClient Sales in the Gulf of Mexico Very strong Q4 2009 late sales in the Gulf of Mexico driven by Crystal WATS sales (Total sales of 2.0 times costs vs. 1.7 times costs end Q3/09) Heritage rejuvenated NATS library…
  36. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 36
    PGS hyperBeam: 300 Sq.km in Three Minutes Integrated, real time Velocity Model building solution Handles complex velocities (VTI, TTI) and geometries (WAZ, MAZ) Complete solution: Real time decision making workflow Real time…
  37. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 37
    Strong Quarterly MultiClient Late Sales Solid Cash Flow Q4 2009 earnings Marine MultiClient late sales at all time high level Cash flow from operations of USD 158.8 million Net debt reduced by further USD 39 million to USD 774…
  38. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 38
    Unaudited Fourth Quarter and Preliminary Full Year 2009 Results P t l Petroleum Geo-Services G S i ASA (IFRS) Oslo, February 22, 2010
  39. Q4 2009 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 39
    Main Yard Stays Next 6 Months Vessel When Expected Type of Yard Duration Stay Ramform Explorer Currently Approximately 6 15 year bottom scheduled for end weeks inspection, Q2 2010 thruster power upgrade, new compressor drives,…

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