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Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS)

Petroleum Geo Services (PGS) · Feb 14, 2013 · 33 slides

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Slides

  1. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 1
    Petroleum Geo-Services ASA Unaudited Fourth Quarter and Preliminary Full Year 2012 Results Oslo, February 14, 2013
  2. Q4 2012 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 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 3
    Solid 2012 Performance 2012 financial performance: Revenues of USD 1,518.3 million Record MultiClient revenues of USD 728.2 million EBIT of USD 293.8 million Group EBIT margin of 19% Cash from operating activities of USD 752.9…
  4. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 4
    Financial Summary Revenues 250 EBITDA* 246 405 222 400 388 364 365 360 340 345 200 327 163 164 162 USD million 296 300 153 259 150 145 146 242 136 USD million 215 200 99 100 76 73 100 50 - - EBIT** Cash…
  5. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 5
    Attractive Order Book - Good Earnings Visibility 900 800 Order book end Q4 of USD 700 829 million 600 Order book driven by directly USD million 500 awarded projects 400 Fully booked for Q1 2013 300 90% booked for Q2…
  6. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 6
    Petroleum Geo-Services ASA Petroleum Geo-Services ASA Financials Unaudited Fourth Quarter and Preliminary Full Year 2012 Results
  7. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 7
    Consolidated Statement of Operations Summary Quarter ended December 31 Full year ended USD million (except per share data) 2012 2011 % change 2012 2011 % change Revenues 360.1 344.6 4% 1 518.3 1253.3 21 % EBITDA* 162.2 145.0 12 %…
  8. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 8
    Q4 and 2012 Highlights Contract revenues MultiClient revenues 200 80 % 250 % 165 175 180 165 164 70 % 159 156 160 200 85.9 200 % 138 60 % 140 128 50 % 65.7 USD million 120 150 150 % USD million 69.6 49.4 100 40 %…
  9. Q4 2012 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 Angola and Europe Less of the year-end upswing 150 USD million in MultiClient late sales after…
  10. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 10
    Vessel Utilization Seismic Streamer 3D Fleet Activity in Streamer Months 100 % 90 % 80 % Standby 70 % Yard 60 % Steaming 50 % MultiClient 40 % Contract 30 % 20 % 10 % 0% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12…
  11. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 11
    Key Operational Figures 2012 2011 USD million Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Contract revenues 156.3 163.8 128.5 174.9 165.4 164.9 138.1 158.6 MultiClient Pre-funding 81.4 121.3 150.2 108.5 38.4 61.1 89.7 34.3 MultiClient Late sales 65.8…
  12. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 12
    Group Cost* Development 300 272* 252* 268* Sequential cost increase 248* 250 231* 228* 240* primarily due to delivery 215* and installation of an 200 OptoSeis system at the Jubarte field in Brazil USD million 150…
  13. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 13
    Consolidated Statement of Cash Flows Summary Quarter ended December 31 Full year USD million 2012 2011 2012 2011 Cash provided by operating act. 163.6 150.5 752.9 480.4 Investment in MultiClient library (71.3) (28.5) (297.4) (203.9)…
  14. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 14
    Strong Balance Sheet Position - Key Figures Quarter ended December 31 USD million 2012 2011 Total assets 3 274.0 3 137.2 MultiClient Library 382.3 334.1 Shareholders' equity 1 921.8 1 771.7 Cash and cash equiv. 390.3 424.7…
  15. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 15
    Petroleum Geo-Services ASA Petroleum Geo-Services ASA Operational Update and Market Comments
  16. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 16
    Streamer Operations February 2013 Nordic Explorer 2D (Greece) Atlantic Explorer (Lebanon) PGS Apollo (Angola) Ramform Sovereign Pacific Explorer Ramform Viking (Tanzania) Sanco Spirit 2D Ramform Explorer (Brazil)…
  17. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 17
    PGS - Truly Global Operations and Revenue Mix Regional Revenue Distribution Consistently good revenue 100 % mix from different regions 90 % 80 % Angola MultiClient project 70 % influenced revenue 60 % contribution from Africa in…
  18. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 18
    Solid Market Activity 3 500 E&P spending continues 3 000 to increase 2 500 Active Tenders remain at healthy levels USD million 2 000 Awards of North Sea work have started 1 500 Trends indicate pricing and margin uplifts…
  19. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 19
    Demand Growth Outpaces Supply Growth 600 500 Total 3D volume in '000 sq.km. 400 From 2006 to end 2012 demand 300 for seismic has grown by approximately 120% measured in 200 sq.km. 100 Annual average growth rate of 0…
  20. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 20
    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…
  21. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 21
    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…
  22. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 22
    A New Business Opportunity: Successful Launch of Towed EM First series of electromagnetic (EM) MultiClient and contract surveys acquired in the North Sea in Q4 2012 More than 10 leads for Towed EM projects in 2013 Planning for more…
  23. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 23
    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…
  24. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 24
    Outlook Sustained solid market activity Oil companies are more proactive in securing capacity North Atlantic summer season 2013 will be stronger than in 2012 GeoStreamer interest continues to increase to new record levels…
  25. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 25
    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…
  26. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 26
    In Conclusion: A Well Positioned Focused Marine Seismic Company Strong market fundamentals Improving productivity & scale Building four new Ramform Titan-class vessels Leading 3D MultiClient library returns, with further…
  27. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 27
    Thank You Questions
  28. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 28
    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…
  29. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 29
    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…
  30. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 30
    PGS Fleet Overview Ramforms Other vessels Titan- Ramform fleet is class improving further 2 ordered for 2013 delivery & 2 for 2015 delivery PGS Apollo with 4 new Titan- class vessels S- class GeoStreamer Ramform Sterling Ramform…
  31. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 31
    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…
  32. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 32
    Main Yard Stays Next 6 Months Vessel When Expected Type of Yard Stay Duration Ramform Scheduled Approximately Renewal class Sovereign April 2013 22 days Pacific Scheduled Approximately Renewal class Explorer June 2013 22…
  33. Q4 2012 EARNINGS CALL – Petroleum Geo Services (PGS) – slide 33
    Attractive Debt Structure Long term Credit Lines and Nominal Amount as Total Financial Covenants Interest Bearing Debt of December 31, 2012 Credit Line USD 600 million Term Loan USD 470.5 million None, but incurrence test: (TLB),…

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