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Q1 2011 EARNINGS – Petroleum Geo Services (PGS)

Petroleum Geo Services (PGS) · May 4, 2011 · 35 slides

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Slides

  1. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 1
    Petroleum Geo-Services ASA P t l Petroleum Geo-Services G S i Unaudited ASA First Quarter 2011 Results Oslo May 4, 2011
  2. Q1 2011 EARNINGS – 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 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 3
    Positioned for Growth E&P spending increase driven by high oil price Bid activity ti it gradually d ll iincreasing i GeoStreamer maintains technological leadership Ramform productivity leadership sustained Robust R b t…
  4. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 4
    Order Book increase reflects PGS Differentiation Q1 financial performance: EBITDA of USD 72.9 million Marine contract EBIT margin of 12% Weaker MultiClient sales Increased fuel cost and a weaker USD Strong operational…
  5. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 5
    Financial Summary Revenues EBITDA 200 400 364 163 296 150 136 300 259 USD million 242 USD million 215 99 200 100 76 73 100 50 - - Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Cash flow from…
  6. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 6
    Visibility and Momentum 1000 Order book of USD 606 million 800 Q3: 65% booked Q4: 40% booked 600 Strong booking continues in USD million 400 April 200 GeoStreamer momentum continues ti 0 Good short term visibility…
  7. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 7
    P t l Petroleum Geo-Services G S i ASA Petroleum Geo Geo-Services Services ASA Financials Unaudited First Quarter 2011 Results
  8. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 8
    Consolidated Statements of Operations Summary Quarter ended March 31 Full year USD million (except per share data) 2011 2010 % change 2010 Revenues 242.2 259.4 -7 % 1 135.1 EBITDA* 72.9 99.4 -27 % 475.4 Operating p gpprofit…
  9. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 9
    Q1 Highlights Contract revenues MultiClient revenues 160 350 % 200 181 80 % 180 166 140 300 % 70 % 155 159 160 120 60 % 60 % 73 7 73.7 250 % 250 % 140 127 50 % 100 USD million USD million 120 200 % 100 40 % 80 50.6…
  10. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 10
    MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined 160 MultiClient Q1 revenues impacted by 140 typical seasonal variations expected to be recovered through the year 120 Majority of Australian Aurora…
  11. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 11
    Vessel Utilization Seismic Streamer 3D Fleet Activity in Streamer Months 100 % 90 % 80 % Standby 70 % 60 % Yard 50 % Steaming 40 % MultiClient 30 % Contract 20 % 10 % 0% Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10…
  12. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 12
    Key Operational Figures 2011 2010 USD million Q1 Q4 Q3 Q2 Q1 Contract revenues 158.6 180.6 166.3 126.8 155.4 MultiClient Pre-funding 34.3 76.4 53.5 34.0 34.3 MultiClient Late sales 18.0 73.7 50.6 25.8 42.2 Data Processing 27.2…
  13. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 13
    Group Cost* Development 250 Q1 cost impacted by 229 225 226 209 215 212 increasing fuel prices 197 190 199 200 and a weaker USD USD million Capitalization of cost 150 100 for major vessel overhaul has a 50…
  14. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 14
    Change in accounting principle for yard stay (periodic maintenance) Change of accounting policy for major vessel overhauls implemented 1 January 2011 with comparable figures for 2010 restated Following the change, all costs…
  15. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 15
    CAPEX effect of new builds and yard accounting policy Contract with Mitsubishi Heavy Industries Ltd. signed in April 2011 Two firm vessels for deliveryy in 1H and 2H 2013,, respectively p y Two optional vessels for delivery 1H and…
  16. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 16
    Consolidated Statements of Cash Flows Summary Quarter ended March 31 December 31 USD million 2011 2010 2010 Cash provided by operating act. 81.0 115.6 355.5 Investment in MultiClient library (45.6) (52.1) (166.7) Capital…
  17. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 17
    Consolidated Statements of Financial Position - Key Figures Quarter ended March 31 December 31 USD million 2011 2010 2010 Total assets 2 973.4 2 881.3 3 038.0 MultiClient Library 336 0 336.0 321 4 321.4 310 8 310.8…
  18. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 18
    P t l Petroleum Geo-Services G S i ASA GeoStreamer meets W-Class W Class Operations update
  19. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 19
    Continuous Strong fleet performance 16 % Continuous focus on reducing 14 % technical downtime 12 % 10 % 8% Strong development in 6% 4% performance 2% 0% Strong operations performance driven by GeoStreamer Technical Downtime 100…
  20. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 20
    On Track Towards Full GeoStreamer Deployment Current GeoStreamer Planned GeoStreamer operations rollout 3D Additional 3D vessels Atlantic Explorer PGS Apollo (10 Streamers) (6 streamers*) scheduled for GeoStreamer Ramform…
  21. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 21
    Continuously Ahead of Competition 1992 - 1996 1998 - 1999 2007 - 2009 2012 - 2014 Competition 4 6 streamers 6 8 streamers 8 - 12 streamers 10 10- -14 14streamers streamers PGS 8 & 12 streamers 16 - 18 streamers 22…
  22. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 22
    Update on yard Final contract between PGS and Mitsubishi Heavy Industries signed 14th of April 2011 No major changes versus tender specification Delivery for vessels 1 and 2 H1/2013 and H2/2013 Options p for vessels 3 and 4 to be…
  23. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 23
    Optimized for Safe and Efficient GeoStreamer Production Unmatched Streamer handling Wide back deck enabling deployment of multiple streamers simultaneously Safe and fast deployment and recovery in harsh weather weather, extending…
  24. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 24
    P t l Petroleum Geo-Services G S i ASA Petroleum et o eu Geo Geo-Services Se ces ASA S PGS going forward
  25. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 25
    Streamer Operations May 2011 Sanco Spirit Ramform Viking Ramform Vanguard Ramform Challenger Atlantic Explorer Harrier Explorer (North Sea) Ramform Explorer Pacific Explorer (Australia) PGS Apollo (Angola) Ramform…
  26. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 26
    Bidding Activity Gradually Increasing Strong interest for 3 500 G St GeoStreamer 3 000 Significant bid 2 500 opportunities in West USD milllion 2 000 Af i Africa, Brazil B il 1 500 North Sea season 1 000 tightening…
  27. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 27
    Capacity Increase Tapering Off 700 600 500 Expected capacity increases of streamers 400 7% increase in 2011 300 200 7% increase in 2012 100 4% increase in 2013 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1…
  28. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 28
    Ramforms Have the Lead in a Growing HD3D Segment HD3D has grown significantly 70 over the last 8 years Both in absolute size and in share 60 of total activity 50 In 2011, HD3D is growing to around 40% of total market in km2 %…
  29. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 29
    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 Decommissioned vessels PGS fleet is…
  30. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 30
    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 Temporary increase in yard stays from vessel upgrades and…
  31. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 31
    Full Year 2011 Guidance EBITDA of approximately USD 500 million based on revised accounting policy CAPEX, CAPEX including i l di new b builds, ild off approximately i t l USD 250-265 million MultiClient cash investment in…
  32. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 32
    Positioned for Growth E&P spending increase driven by high oil price Bid activity ti it gradually d ll iincreasing i GeoStreamer maintains technological leadership Ramform productivity leadership sustained Robust R b t…
  33. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 33
    Petroleum Geo-Services ASA P t l Petroleum Geo-Services G S i Unaudited ASA First Quarter 2011 Results Oslo May 4, 2011
  34. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 34
    Main Yard Stays for 3D Vessels Next 6 Months Vessel When Expected Duration Type of Yard Stay Ramform Challenger Scheduled May-June Approximately 35 days 15 year class Upgrade pg instrument room DFE upgrade (digitalization of…
  35. Q1 2011 EARNINGS – Petroleum Geo Services (PGS) – slide 35
    Robust Financing with good Maturity Profile Long term Interest Bearing Balance as of Total Credit Financial Covenants Debt March 31, Line 2011 USD 600 million Term Loan (TLB), USD 470.5 Incurrence test: total leverage Libor + 175…

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