Unaudited Second Quarter and First Half 2013 Results Oslo, July 25, 2013
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…
Technology Differentiation Paying Off Delivery of the worlds most advanced seismic vessel: the Ramform Titan Q2 profitability driven by good marine contract performance, technology differentiation and an attractive MultiClient…
Order book: Focus on Price Optimization 900 Order book end Q2 of USD 800 446 million Unit pricing maintained 700 Backlog down partly due to 600 higher MultiClient share in 2H USD million 500 Good order intake after Q2…
Sales Leads Increasingly Transforming Into Active Tenders 3 500 3 000 Sustained high Sales Leads level 2 500 Good increase in Active USD million 2 000 Tenders 1 500 Improving bid pipeline going into winter season…
Geographical Distribution of Sales Leads Q2 2013 Good sales leads in most Other regions Caribbean area West Africa Majority of sales leads for Russia the North Sea season 2014 not out in the market yet East Africa…
Petroleum Geo-Services ASA Petroleum Geo-Services ASA Financials Unaudited Second Quarter and First Half 2013 Results
Consolidated Statement of Operations Summary Quarter ended June 30 Six months ended June 30 USD million (except per share data) 2013 2012 % change 2013 2012 % change Revenues 381.7 404.8 -6 % 776.5 769.9 1% EBITDA* 209.6 246.2 -15 %…
MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined 250 Record Q2 late sales driven 200 by Europe Pre-funding revenues were 150 highest in South America and USD million Africa 100 Full year…
Vessel Utilization Seismic Streamer 3D Fleet Activity in Streamer Months 100 % 90 % Strong vessel 80 % utilization expected 70 % in Q3 2013 60 % 50 % Q4 2013 will be 40 % impacted by moving vessels out 30 % of the North Sea 20…
Group Cost* Development 300 272 252 268 265 Favorable Q2 cost 248 250 231 228 240 241 development, primarily from 214 non-recurring factors 200 Deferred steaming cost Capitalization of yard cost USD million 150 Q3…
Consolidated Statements of Cash Flows Summary Quarter ended June 30 Six months ended USD million 2013 2012 2013 2012 Cash provided by operating activities 271.3 176.5 374.0 328.1 Investment in MultiClient library (68.1) (82.0) (141.0)…
Sources to Finance Remaining New Build CAPEX Remaining secured Cash and cash Opportunity for 2015 New Build CAPEX ECF equivalents ECF 0 PGS is seeking an opportunity to Due in raise the financing for the two 2015 last vessels…
Strong Balance Sheet Position - Key Figures June 30 December 31 USD million 2013 2012 2012 Total assets 3 444.6 2 930.5 3 275.6 MultiClient Library 438.1 318.8 382.3 Shareholders' equity 1 962.7 1 760.4 1 911.5 Cash and cash…
Streamer Operations mid-July 2013 Ramform Titan Ramform Challenger Ramform Valiant PGS Apollo Atlantic Explorer (North Sea) Sanco Spirit 2D (East Canada) Nordic Explorer 2D Pacific Explorer (Holland) Ramform Sovereign…
A Well Performing MultiClient Business 7.0 MC Revenues to MC Investments 6.0 Further growth in MultiClient is an attractive business opportunity 5.0 Average post 4.0 new MultiClient 2013 pre-funding expectation organization…
The Ramform Titan - Takes Seismic Acquisition to a New Level The worlds most powerful, most efficient and most advanced seismic vessel Started MultiClient acquisition in the North Sea in early July Performing very well on…
Demand Growth Outpaces Supply Growth 600 Growth in sq.km. continues Total 3D volume in '000 sq.km. 500 400 Partly driven by larger surveys From 2006 to end 2012 demand 300 for seismic grew by 200 approximately 120%…
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…
GeoStreamer: The New Business and Technology Platform Full Waveform Inversion GeoStreamer SWIM: More reliable GS: GeoStreamer reservoir QWEM* Offers the full de- enhanced characterization ghosting solution imaging…
Outlook Sustainable high oil price E&P spending continues to grow Possibly somewhat muted by reduced E&P free cash flow Ultra deep water dominates lower cost production the place to invest for E&Ps Average 2013 marine contract…
2013 Guidance EBITDA in the range of USD 900-950 million MultiClient cash investments in the range of USD 300-350 million Pre-funding level to be approximately 110% Capital expenditures in the range of USD 540-570 million Of…
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…
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- Delivered class vessels S- class GeoStreamer Ramform…
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…
Main Yard Stays Next 6 Months Vessel When Expected Type of Yard Stay Duration Atlantic Scheduled Approximately Renewal class Explorer Oct 2013 21 days Nordic Scheduled Approximately Intermediate class Explorer Nov 2013 15…
Attractive Debt Structure Long term Credit Lines and Nominal Amount as Total Financial Covenants Interest Bearing Debt of June 30, 2013 Credit Line USD 600 million Term Loan USD 470.5 million None, but incurrence test: (TLB), Libor…
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