Skip to main content Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) Investor Presentation | Shale Experts
Loading...
Pm

Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS)

Petroleum Geo Services (PGS) · Apr 29, 2013 · 43 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 1
    Petroleum Geo-Services ASA Unaudited First Quarter 2013 Results Oslo, April 29, 2013
  2. Q1 2013 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. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 3
    GeoStreamer Strengthens Profitability in an Improving Market Q1 2013 financial performance: EBITDA of USD 202.3 million - up 39% from Q1 2012 EBIT of USD 96.8 million - up 170% from Q1 2012 Group EBIT margin of 25% Average 2013…
  4. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 4
    Financial Summary Revenues EBITDA* 250 246 405 395 222 400 388 365 360 202 340 345 200 327 164 162 USD million 300 153 150 145 146 242 USD million 200 100 73 100 50 - - EBIT** Cash Flow from Operations…
  5. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 5
    Order book: Sales Focus Primarily on Q4 and Early 2014 Order book end Q1 of USD 592 million Unit pricing maintained Backlog duration per vessel reduced Still comfortable level Vessel booking 95 % booked for Q2 2013 60 % booked…
  6. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 6
    Petroleum Geo-Services ASA Petroleum Geo-Services ASA Financials Unaudited First Quarter 2013 Results
  7. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 7
    Consolidated Statement of Operations Summary Quarter ended March 31 Full year USD million (except per share data) 2013 2012 % change 2012 Revenues 394.8 365.0 8% 1,518.3 EBITDA* 202.3 145.7 39% 776.2 Operating profit (EBIT) 96.8…
  8. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 8
    Q1 2013 Highlights Contract revenues MultiClient revenues 250 80 % 250 % 207 70 % 200 200 85.9 165 175 60 % 200 % 165 164 159 156 USD million 150 138 50 % 150 65.7 USD million 128 69.6 150 % 49.4 40 % 83.0 65.8…
  9. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 9
    MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined 250 Strong pre-funding revenues 200 driven by Africa and South America 150 Late sales primarily driven by USD million Europe, Middle East and…
  10. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 10
    Vessel Utilization Seismic Streamer 3D Fleet Activity in Streamer Months 100 % 90 % Strong vessel 80 % utilization in Q1 2013 Standby 70 % Yard Q2 and Q4 2013 will 60 % Steaming have significantly more 50 % MultiClient…
  11. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 11
    Key Operational Figures 2013 2012 USD million Q1 Q4 Q3 Q2 Q1 Contract revenues 207.3 156.3 163.8 128.5 174.9 MultiClient Pre-funding 92.6 81.4 121.3 150.2 108.5 MultiClient Late sales 58.9 65.8 65.7 85.9 49.4 Data Processing 27.1…
  12. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 12
    Group Cost* Development 272 268 265 248 240 252 Stable development of 231 228 214 total cost Reduced cost in Q1 2013 relating to OptoSeis since equipment delivery was completed in December Net amortized steaming cost…
  13. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 13
    Consolidated Statements of Cash Flows Summary Quarter ended March 31 Full year USD million 2013 2012 2012 Cash provided by operating activities 102.7 151.6 752.9 Investment in MultiClient library (72.9) (52.7) (297.4) Capital…
  14. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 14
    Strong Balance Sheet Position - Key Figures March 31 December 31 USD million 2013 2012 2012 Total assets 3,301.0 2,945.9 3,275.6 MultiClient Library 410.5 338.3 382.3 Shareholders' equity 1,964.9 1,760.3 1,911.5 Cash and cash…
  15. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 15
    Petroleum Geo-Services ASA Petroleum Geo-Services ASA Operational Update and Market Comments
  16. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 16
    Streamer Operations mid-April 2013 Atlantic Explorer (North Sea) Pacific Explorer (Nigeria) Ramform Sovereign PGS Apollo (Angola) Ramform Viking Ramform Explorer (Brazil) Sanco Spirit 2D (Australia) (Namibia) Ramform…
  17. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 17
    Robust Market Fundamentals 3 500 Sales leads promising for 3 000 2014 Brazil license round 2 500 Russian shelf increased activity Black Sea large surveys USD million 2 000 South Atlantic very active 1 500 Canada very…
  18. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 18
    Market driver - Ultra Deep Water Dominates Lower Cost Production -18-
  19. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 19
    Market Shift Towards Larger Capacity Vessels 2500 2000 1500 1000 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD Contract survey size average sqkm Contract + MC Survey size has grown…
  20. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 20
    The Ramform Titan Takes Seismic Acquisition to a New Level Focus on safe operations Highest number of streamers possible Largest production capacity in the industry The right response for deep water and High Density seismic…
  21. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 21
    Demand Growth Outpaces Supply Growth 600 Growth in sqkm continues 500 Total 3D volume in '000 sq.km. Partly driven by larger surveys 400 Capacity constrained 300 From 2006 to end 2012 demand 200 for seismic has grown by…
  22. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 22
    Petroleum Geo-Services ASA MultiClient update EVP MultiClient, Sverre Strandenes
  23. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 23
    Library Peer Comparison (public reports) Revenues Ratios: Revenue / NBV 1000 2.5 900 800 2 700 Peer A Peer A Rev/NBV million 600 Peer B 1.5 Peer B 500 Peer C Peer C 400 1 Peer D Peer D 300 200 PGS 0.5 PGS 100 0…
  24. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 24
    GeoStreamer NW Europe Campaign in its 5th Season GeoStreamer only 16000 160 Sq Km 14000 140 Investment Sq. kilometers 12000 120 10000 PF Revenue 100 8000 80 6000 60 4000 40 2000 20 0 0 2009 2010 2011 2012…
  25. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 25
    Uniquely Positioned in Eastern Mediterranean Lebanon MC3D 11,000 sq km MC3D constituting about 75 % of 3D coverage in Lebanon Focus on the margin and near shore where finding an active oil system is more likely 46 companies…
  26. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 26
    Positioning in Frontier Areas Russia 8,850 km regional 2D program designed to Russian Barents- increase geological understanding of Russian and Kara Sea arctic Covers Barents- and Kara Sea Seismic and interpretation report…
  27. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 27
    New MC Business Model Favors Vessel Owners with Technology Regulators shorten time from license award to first well Larger license areas Turn-around time for seismic projects becomes critical Less margin for error poses high…
  28. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 28
    PGS Strategic Ambition To Care For our employees For the environment and society at large For our customers success To Deliver Productivity Leadership Ramform platform + GeoStreamer Reducing project turnaround time To Develop…
  29. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 29
    GeoStreamer: The New Business and Technology Platform Full Waveform Inversion GeoStreamer SWIM: More reliable GS: GeoStreamer reservoir Offers the full de- enhanced characterization ghosting solution imaging…
  30. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 30
    GeoStreamer Technology roll-out: More of the Ultra-High End GeoStreamer operations Planned GeoStreamer rollout Atlantic Explorer Ramform Titan Q213 (6 streamers) (16 streamers) Ramform Explorer Ramform Atlas Q413 (10 streamers) (16…
  31. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 31
    OptoSeis: Progressing in Permanent Reservoir Monitoring (PRM) Pilot project delivered and installed to Petrobras in Q4 2012 The worlds first PRM system deployed deeper than 1,000 meters 35 kilometers of sensor cable Approximately…
  32. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 32
    A New Business Opportunity: Successful Launch of Towed EM Benefits with Towed EM Efficiency acquisition speed 4-5 knots Online Quality Control Portable system Possible simultaneous seismic and EM acquisitions reduces utilization…
  33. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 33
    Outlook Average 2013 marine contract pricing for up 10-15 % from 2012 High steaming and yard activity expected in Q2 and Q4 Market pricing expected to further strengthen in 2014 based on strong sales leads and current price…
  34. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 34
    2013 Guidance EBITDA in the range of USD 940-980 million MultiClient cash investments in the range of USD 300-350 million Pre-funding level to be above 110% Capital expenditures in the range of USD 540-570 million Of which…
  35. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 35
    In Conclusion: Well Positioned in a Growing Market Strong market fundamentals Improving productivity & scale GeoStreamer delivers improved data quality, strong performance and better pricing Leading edge imaging capabilities…
  36. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 36
    Thank You Questions
  37. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 37
    Appendix: Continuously Ahead of Competition 1992 - 1996 1998 - 1999 2007 - 2009 2012 - 2014 Competition 4 6 streamers 6 8 streamers 8 - 12 streamers 10 - 20 streamers PGS 8 - 12 streamers 12 - 18 streamers 12 22 streamers…
  38. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 38
    Favorably Positioned on the Industry Cost Curve Relative cash cost efficiency per streamer per day PGS fleet is positioned to generate the industrys best margins Source: The cash cost curve is based on PGS internal estimates and…
  39. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 39
    PGS Fleet Overview Ramforms Other vessels Titan- Ramform fleet is class improving further Ramform Titan Ramform Atlas 2 for 2015 delivery PGS Apollo with 4 new Titan- class vessels S- class GeoStreamer Ramform Sterling Ramform…
  40. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 40
    The Ultra High-end Segment: Several Production Records Ramform S-class records Monthly production record: 3,056 sq.km acquired (12 streamers x 8,100 meters with 120m separation) Weekly production record: 919 sq.km acquired Daily…
  41. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 41
    Main Yard Stays Next 6 Months Vessel When Expected Type of Yard Stay Duration Ramform Scheduled Approximately Renewal class Sovereign April / May 2013 31 days Pacific Scheduled Approximately Renewal class Explorer May 2013 22…
  42. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 42
    Attractive Debt Structure Long term Credit Lines and Nominal Amount as Total Financial Covenants Interest Bearing Debt of March 31, 2013 Credit Line USD 600 million Term Loan USD 470.5 million None, but incurrence test: (TLB), Libor…
  43. Q1 2013 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 43
    Petroleum Geo-Services ASA Unaudited First Quarter 2013 Results Oslo, April 29, 2013

From the store

Browse maps, data & reports in the Shale Experts store