Unaudited First Quarter 2012 Results Petroleum Geo-Services ASA Oslo May 8, 2012
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…
GeoStreamer Delivers Record Pre-funding Revenues Q1 financial performance: Revenues of USD 365.0 million EBITDA of USD 145.7 million EBIT of USD 35.8 million Record pre-funding revenues of USD 108.5 million Cash flow from…
Improving Order Book Quality 700 600 Order book of USD 655 million 500 Margin improving USD million 400 300 Good project pipeline 200 Accelerating GeoStreamer 100 momentum 0 Marine order book (including…
MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined 180 Strong pre-funding revenues 160 driven by Angola, Brazil and 140 Europe 120 Late sales were strongest in USD million 100 Europe, Middle East…
Group Cost* Development Increase in Regional/ 300 272* project/management cost due 250 248* to: 231* 228* 215* Half the fleet operated in high 200 cost regions Deferred streaming from Q4 USD million 150 2011 was expensed…
Consolidated Statement of Cash Flows Summary Quarter ended March 31 Full year USD million 2012 2011 2011 Cash provided by operating act. 151.6 81.0 480.4 Investment in MultiClient library (52.7) (45.6) (203.9) Capital…
Strong Balance Sheet Position - Key Figures Quarter ended March 31 December 31 USD million 2012 2011 2011 Total assets 2 937.3 2 970.4 3 137.2 MultiClient Library 338.3 336.0 334.1 Shareholders' equity 1 789.0 1 751.7 1 771.7…
Streamer Operations April 2012 Atlantic Explorer Ramform Challenger (North Sea) Ramform Vanguard (steaming to yard) Pacific Explorer (Mediterranean) Ramform Valiant PGS Apollo Ramform Viking (Angola) Ramform…
The Seismic Market is Polarizing Favouring Broadband Drop in Active Tenders is due to 3 500 a majority of the North Sea work 3 000 already being awarded 2 500 All Sales Leads shows continued strength and is expected to USD…
Strong Demand Growth for Broadband Seismic PGS Very Well Positioned with GeoStreamer 450 Oil companies gain more experience 3D GeoStreamer and confidence as the broadband introduced technology becomes more commonly used Total 3D…
GeoStreamer Kicked off the Broadband Wave Six Years Ago The GeoStreamer Experience (pre GeoSource) GeoStreamer was vital to understanding the field Independent The GeoStreamer data changed our previous interpretation of the block…
Imaging with Primaries and Multiples A New World for Processing Using Up and Down going wavefields will lead to radical improvements in Sub-surface imaging Quality and accuracy improvements for modeling reservoir parameters 15…
Healthy Growth in Demand While Supply Tapers Off 450 400 From 2006 to end 2011 demand Total 3D volume in '000 sq.km. 350 300 for seismic has grown by more 250 than 70% measured in sq.km. 200 HD3D is growing quicker than…
Seismic Demand Expected to Continue to Grow North Sea/Norw. Arctic: Growing Sea: Stable, strong demand for market, renewed exploration 3D exploration interest seismic by opening of and major driver of the Russian arctic price increases…
The Ultra High-end Segment: Several Production Records for The Fleet to Beat Ramform S-class Monthly production record: 3,056 sq. km acquired Weekly production record: 919 sq.km acquired Daily production record: 143.6 sq.km.…
Significant Increase in Larger Surveys Coming Through 25 Strong leads 5000 sqkm for late 2012 start Driven by the efficiency 20 gain of larger surveys in new areas 15 Projects performed or awarded 5000 sqkm Clear signs of…
New Build Schedule Progressing According to Plan Steel cutting started March 26 Option exercise period for another two vessels is extended by six months at no cost Increases flexibility Must be declared by October 14, 2012 for…
PGS Outlook Comfortable order book with improving margins Spill over effect on pricing from the North Atlantic basins to other regions is materializing Differentiation increasingly important Strong GeoStreamer demand Limited…
2012 Guidance EBITDA of approximately USD 700 million MultiClient cash investments in the range of USD 300-325 million Pre-funding level well above 100% Capital expenditures in the range of USD 350-400 million Of which…
In Conclusion A Focused Marine Seismic Company Productivity & scale Building new Ramform Titan-class vessels Leading 3D MultiClient library return Leading edge Data Processing capabilities Strong operational capabilities…
Unaudited First Quarter 2012 Results Petroleum Geo-Services ASA Oslo May 8, 2012
Appendix: PGS Fleet Overview Ramforms Conventional 5th Gen 2 ordered & option on 2 more PGS Apollo S-class Ramform Sterling Ramform Sovereign Atlantic Explorer V-class Ramform Valiant Ramform Viking Ramform Vanguard…
Favorably Positioned on the Industry Cost Curve Relative cash cost efficiency per streamer per day PGS Ramform vessels Other PGS vessels Competitors vessels PGS fleet is the most cost effective fleet in the industry Source:…
Main Yard Stays Next 6 Months Vessel When Expected Type of Yard Stay Duration Ramform Scheduled April- Approximately Intermediate class and Vanguard May 2012 26 days installation of GeoStreamer. -33-
Robust Financing with Good Maturity Profile Nominal Value Long term Credit Lines and Outstanding as Total Credit Financial Covenants Interest Bearing Debt of March 31, Line 2012 USD 600 million Term Loan (TLB), USD 470.5 None,…
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