Unaudited Fourth Quarter and Preliminary Full Year 2010 Results P t l Petroleum Geo-Services G S i ASA (IFRS) Oslo February 17, 2011
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…
Delivery as Promised Uniquely Positioned Strong performance through the cycle 2010 performance Full year EBITDA of USD 463.3 million Marine contract EBIT margin of 17% Pre-funding level of 119% Q4 2010 performance All time high…
Solid Order Book 1000 Order book of USD 584 million 800 Almost all capacity for H1 2010 booked 600 Booking for Q3 is firming up USD million Customer demand for 400 GeoStreamer continues to increase 200 Vessel booking…
P t l Petroleum Geo-Services G S i ASA Petroleum Geo Geo-Services Services ASA Financials Unaudited Fourth Quarter 2010 Results
Consolidated Statements of Operations Summary Quarter ended December 31 Full year USD million (except per share data) 2010 2009 % change 2010 2009 % change Revenues 364.4 303.7 20 % 1 135.1 1 350.2 -16 % EBITDA* 161.5 141.5 14 %…
Group Cost* Development 250 229* 226* 227* 209* 212* 204* 200 197* 195* Cost increase from Q3 10 primarily due to 150 Operations p in g generally y USD million n higher cost areas, including support vessel 100 cost…
Tax and ISS Update Income tax expense was a benefit of USD 3.2 million in Q4 10 vs. an expense of USD 3.6 million in Q4 2009 The tax expense was positively impacted by reduction in valuation allowance related to prepaid income tax in…
Consolidated Statements of Cash Flows Summary Quarter ended December 31 Year ended USD million 2010 2009 2010 2009 Cash provided by operating act. 103.6 158.8 343.4 676.1 Investment in MultiClient library (24.3) (47.1) (166.7)…
Consolidated Statements of Financial Position - Key Figures Quarter ended December 31 USD million 2010 2009 Total assets 3 001.5 2 929.4 MultiClient Library 310.8 293.2 Shareholders' equity 1 721.8 1 449.0 Cash and cash equiv.…
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 2010 Results
MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined MultiClient revenues driven by strong sales in Gulf of Mexico, Brazil 140 and the North Sea 120 Pre-funding revenues benefited 100 from additional…
GeoStreamer as MultiClient Enabler 7,000 km2 7,500 km MC2D GeoStreamer GeoStreamer MC3D iin 2010 Corona Ridge 2009/2010/2011 17,000 km recent MC2D GeoStreamer in Eastern Mediterranean 2,700 km2 MC3D GeoStreamer Nigeria g…
Successful 2010 North Sea MultiClient GeoStreamer Campaigns to Continue in 2011 Conventional data GREVLING 10 -18- GeoStreamer data
Key MC Sales Drivers Brazilian Growth and GoM Recovery Brazil: Excellent Q4 sales up 415 % Y-o-Y Continued sales momentum in 2011 with high M&A and farm-in activity levels MegaSurvey comes to Brazil Phase 1 77 000 kkm2 77,000 2…
Streamer Operations February 2011 Sanco Spirit (North Sea) Ramform Viking Ramform Challenger (yard) Ramform Vanguard Ramform Valiant (Mediterranean) AtlanticExplorer (Liberia) Ramform Explorer Pacific Explorer PGS…
Stable Bidding Activity 3 500 3 000 Stable bidding activity 2 500 Strong interest for G S GeoStreamer with pricing USD million 2 000 premium 1 500 Prices for conventional 1 000 surveys still under 500 pressure, on…
Capacity Increase Tapering Off 700 600 500 Expected capacity increases of streamers 400 7% increase in 2011 300 200 10% increase in 2012 100 3% increase in 2013 and 2014 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1…
Ramforms Have the Lead in a Growing HD3D Segment 70 HD3D has grown significantly over the last 4 years 60 Both in absolute size and in share of total activity 50 In 2010, HD3D was around 30% ent % activ ity in HD3D segme 40…
Favorably Positioned on the Industry Cost Curve Excluding GeoStreamer productivity effect eamer per day ative cash cost effficiency per stre Rela PGS Ramform Vessels Other PGS vessels Decomissioned vessels PGS fleet is…
Favorably Positioned on the HD3D Industry Cost Curve Excluding GeoStreamer productivity effect eamer per day ative cash cost effficiency per stre Rela PGS Ramform Vessels Other PGS vessels Decommissioned vessels PGS fleet is…
Ramforms Setting new Standards in Productivity S-class: 17 x 3600m str. length x 50m sep. L Largestt number b off streamers t ever towed 12 x 6000m str. length g x 120m sep p. Widest tow ever 14 x 8100m str. length x 50m…
On Track Towards Full GeoStreamer Deployment Current GeoStreamer Planned GeoStreamer operations rollout 3D Atlantic Explorer Additional 3D vessels (6 streamers*) Ramform Viking will get Ramform Challenger GeoStreamer in Q1 2011…
2011 Perspectives Average share of GeoStreamer out of total number of streamers will increase 2011 increase in GeoStreamer capacity will primarily be used for MultiClient 2011 costt iincrease d due tto: Increased fuel cost…
Full Year 2011 Guidance Maintained EBITDA of approximately USD 500 million CAPEX, excluding new builds, of approximately USD 185 million MultiClient cash investment in the range of USD 180-200 million -29-
Positioned for Growth High oil price E&P spending expected up more than 10% in 2011 over 2010 GeoStreamer maintains technological leadership Robust product and technology pipeline Focused MultiClient organization g and…
Unaudited Fourth Quarter and Preliminary Full Year 2010 Results P t l Petroleum Geo-Services G S i ASA (IFRS) Oslo February 17, 2010
Main Yard Stays for 3D Vessels Next 6 Months Vessel When Expected Type of Yard Duration Stay Ramform January 2011 9 days Maritime repairs Sovereign Ramform Viking Scheduled Approximately 45 Center thruster, February-March days…
Robust Financing with good Maturity Profile Long term Interest Bearing Balance as of Total Credit Financial Covenants Debt December 31, Line 2010 USD 600 million Term Loan (TLB), USD 470.5 Incurrence test: total leverage Libor +…
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