DnB NOR Markets Oil, Offshore and Shipping Conference Jon Erik Reinhardsen, President & CEO Oslo, 2 March 2011
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…
Leading Marine Geophysical Company Data Processing Marine & Technology MultiClient Operations p C t Contractt Marine market Diverse Productivity Technology leadership MultiClient leadership differentiation libraryy…
Strongest Balance Sheet in PGS History Quarter ended December 31 USD million 2010 2009 Total assets 3 001.5 2 929.4 MultiClient Library 310.8 293.2 Shareholders' equity 1 721.8 1 449.0 Cash and cash equiv. 432.6 126.0 Restricted…
PGS Differentiation Through Innovation High Density 3D (HD3D) has become PGS main market Predominantly the less cyclical Production Seismic (HD4D) segment HD3D takes 65% of PGS streamer capacity p y in 2010 HD3D constitutes 70% of…
Drivers for the HD3D Market Exploration: The age of easy oil is over Deeper water, deeper targets, more complex geology, harsher environment i Requires increased use of HD3D seismic for data quality and productivity Enhanced Oil…
Marine Contract Market Outlook Greenland and Barents Sea: Demand for 3D exploration seismic North Sea: Stable Mediterranean: 4D market, Positive attitude moving towards due to recent higher quality data discoveries, growing GoM: Will…
Potential Growth Drivers: High Demand for Seismic Offshore Brazil Recent discoveries trigger need for HD3D in Brazilian basins G Growing i need d for f 4D andd Life Lif off Fi Field ld seismic i i over producing fields…
Potential Growth Drivers: Gulf of Mexico Market will Recover Proven prospectivity Over the last three years approximately 10 10- 15% of 3D capacity has on average operated in GoM After Macondo most of capacity was moved out of…
Solid Order Book 1000 Order book of USD 584 million 800 Almost all capacity for H1 2010 booked 600 Booking for Q3 is firming up USD million Customer demand for 400 GeoStreamer continues to increase 200 Vessel booking…
Stable Bidding Activity 3 500 3 000 Stable bidding activity 2 500 Strong interest for G S GeoStreamer with pricing USD million 2 000 premium 1 500 Prices for conventional 1 000 surveys still under 500 pressure, on…
Capacity Increase Tapering Off 700 600 500 Expected capacity increases of streamers 400 7% increase in 2011 300 200 10% increase in 2012 100 3% increase in 2013 and 2014 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1…
PGS Ordering W-Class Ramforms Taking full advantage of GeoStreamer Reduce exposure to a cyclical seismic Conventional vessels market by focusing on a more sustainable HD4D proposition Strengthen PGS favorable position on the…
Ramforms Have the Lead in a Growing HD3D Segment 70 HD3D has grown significantly over the last 4 years 60 Both in absolute size and in share of total activity 50 In 2010, HD3D was around 30% ent % activ ity in HD3D segme 40…
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 Decomissioned vessels PGS fleet is…
Favorably Positioned on the HD3D 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…
Ramforms Setting new Standards in Productivity S-class: 17 x 3600m str. length x 50m sep. L Largestt number b off streamers t ever towed 12 x 6000m str. length g x 120m sep p. Widest tow ever 14 x 8100m str. length x 50m…
GeoStreamer Always Better Accelerated GeoStreamer rollout PGS offers more customers the GeoStreamer advantages: More signal, less noise, broader bandwidth, hi h productivity higher d ti it New Prospect Sandstone…
On Track Towards Full GeoStreamer Deployment Current GeoStreamer Planned GeoStreamer operations rollout 3D Atlantic Explorer Additional 3D vessels (6 streamers*) Ramform Viking will get Ramform Challenger GeoStreamer in Q1 2011…
PGS MultiClient Value Proposition An up-to-date library with coverage in all major hydrocarbon provinces Geology, geophysics and reservoir expertise combined with flexible and unique business models Strongly differentiating…
Data Processing &Technology: Building Momentum Data processing growth GeoStreamer proprietary processing Best-in-class B ti l iimaging i ttools l Ultrafast velocity model building with hyperBeam Commitment to technology…
PGS Value Drivers Focused Marine seismic company Productivityy & scale Launching Ramform W-Class Leading edge Data Processing capabilities Strong operational record Technology differentiators GeoStreamer Launching GeoSource…
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