Octo Finances Lunch Presentation Stephane-Paul Frydman, SEVP Finance & Strategy and Group CFO June 9th 2015
Industrial & Financial Review FY 2014 and Q1 2015 are presented before Non-Recurring Charges (NRC), unless stated otherwise
The Value of the Seismic Imaging (A) results from drivers all monitored within the CGG integrated model 2km RELIABILITY Equipment Recording Seismic Image sensors + INTEGRITY Data Acquisition = Methods + FIDELITY…
and (B) is leveraged throughout the full Geoscience spectrum Sercel: Basin Streamer and Studies 508XT 100km equipment Production + Seismic Image 5km Acquisition Division: StagSeis, BroadSeis, = Geological Structure…
CGG at a glance: A fully integrated business model Market leader in geoscience industry globally and in each of its Diversified business divisions, providing a comprehensive range of leading geological, geophysical and reservoir…
2015 Business Context General environment Sharp decline in oil price over last six months Geopolitical uncertainty in leading producing countries E&P market and seismic Oil companies are slashing investments and focusing on…
Equipment: an unrivalled installed base fueled by a unique technology portfolio SN348 408UL 428XL UNITE Giga 508XT 240ch Digital system 10,000ch 100,000ch Cable-free system Transverse 1,000,000ch SN368SN388 600ch 1200ch 1970…
Equipment 2015: Strongly impacted by lower volumes Sercels business model: a typical equipment Revenue (In million ) manufacturer pattern, volumes drive margins Land Equipment Marine Equipment 219 206 Total sales at 125m, down…
Data Acquisition: core of our 2014/2015 Transformation Plan 3D Marine Fleet downsized from 18 to 11 Marine cost structure reduction from vessels 2013 to 2015 3D fleet of 11 vessels (53)% 3 converted to source 1 scrapped / 1…
Data Acquisition 2015: Difficult market conditions Acquisition Revenue Total revenue at 296m, down (47)% y-o-y Land & MP (In million ) External revenue at 217m, down (39)% Marine 35% of the fleet dedicated to multi-client…
Subsurface Imaging: A leading position driven by people and technology Subsurface Imaging : powered by people Highly skilled GGR workforce, not concerned by current headcount reduction Training of employees with CGG University…
Multi-Client: Key positioning in Safe Harbors CGG in the Gulf of Mexico: IBALT / StagSeis footprint New Multi-Client library driving revenues thanks to: Licensing rounds and country-driven mining rights management Same set data…
GGR 2015: Continuing Sustained Profitability GGR Revenue (In million ) Total revenue at 239m, down (18)% y-o-y MC Revenue Multi-Client at 99m, down (22)% y-o-y, SI & Reservoir 489 In line with the planned decrease of our…
GGR multi-client: Key driver for cash generation in 2015 NBV year-end 14 by age Well-positionned library in legacy basins targeting upcoming licensing rounds: StagSeis GOM program completed in October 2014 with already nine…
Q1 2015: Cash management paying off EBITDAs (In million ) EBITDA at 145m down (23)% y-o-y A 25.5% margin 402 Operating Cash Flow stable year-on-year at 116m 189 44.4% Not including (26)m non-recurring payments related 145 to…
Focus on Transformation Plan Execution and Cash Generation Uncertain market outlook with limited visibility Focusing on delivering the Transformation Plan with permanent attention to our HSE (Health, Safety and Environment) and…
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Financial Structure
Year-end 2013 Senior Debt status Debt Maturity Profile by Year-End 2013 All amounts in m Closing FX rate at 1.38 325 Maturity at 4.3 years 59 56 2.1bn to repay over the 2015-2019 period 440 59 89 18 650 Cash Cost at 4.75%…
Q1 2015 Senior Debt status Debt Maturity Profile as of Q1-End 2015 All amounts in m Closing FX rate at 1.08 Maturity at 4.9 years 1.0bn to repay over the 2016-2019 period 100 30 275 54 650 Cash Cost at 5.35% 25 500 431 75…
Proposed Exchange Offer on 2019 CB Principle of the Exchange Offer: a 40% coupon increase and more optional value through a strike reduced by 2.5x paid by and paying a one-year maturity extension; transaction proposed on a voluntary…
Pro Forma vision (Q1-end) post Exchange Offer Debt Maturity Profile as of Q1-End 2015 PRO FORMA BASIS - All amounts in m Closing FX rate at 1.08 Maturity at 5.05 years 54 0.6bn only to repay 334 over 2016-2019 275 650 Cash…
Thank you
CGG Worldwide Library (End 2014): Focus on safe harbors (GoM, Brazil, North Sea) 25
Evolution of marine seismic geometries and models Improving NAZ MAZ WAZ M-WAZ FAZ Azimuth Enlarging 10 Hz 100 Hz (4 octaves) 2,5 Hz 200 Hz (6,5 octaves) 6,5 Bandwith and notch and notch removed Octaves 2 streamers 14 streamers…
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