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Pareto Oil Offshore Conference – TGS

TGS · Sep 2, 2009 · 46 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Pareto Oil Offshore Conference – TGS – slide 1
    TGS-NOPEC Geophysical Pareto Oil & Offshore Conference Oslo Norway- September 2-3, 2009 Robert Hobbs Chief Executive Officer TGS-NOPEC Geophysical Company 1
  2. Pareto Oil Offshore Conference – TGS – slide 2
    Forward-Looking Statements All statements is this presentation other than statements of historical fact, are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions that are difficult to…
  3. Pareto Oil Offshore Conference – TGS – slide 3
    TGS Profile Leading provider of multi-client seismic data and related geoscientific products to the oil & gas industry. Main offices: Houston and Asker, Norway Regional offices: London, Stavanger, Perth, Moscow Fundamental values:…
  4. Pareto Oil Offshore Conference – TGS – slide 4
    TGS Business Model Multi-Client Business Model Data sold as a Product not a Service Clients (Oil companies) license the data at a fraction of the cost vs. owning the data themselves TGS Develops, Manages, Owns and Controls the data…
  5. Pareto Oil Offshore Conference – TGS – slide 5
    TGS Philosophy Differentiation and Value are created by controlling unique high-quality data in the right place at the right time 5
  6. Pareto Oil Offshore Conference – TGS – slide 6
    TGS Core Businesses Geophysical Geological Imaging Services 2D Seismic Digital well data Seismic processing 3D Seismic Production data High end depth imaging Wide Azimuth Seismic Core data Proprietary technology Aeromagnetics…
  7. Pareto Oil Offshore Conference – TGS – slide 7
    6M 2009 vs. 6M 2008 Net Revenue Breakdown 6M 2009 6M 2008 7
  8. Pareto Oil Offshore Conference – TGS – slide 8
    3-year Geographical Net Revenue Breakdown 8
  9. Pareto Oil Offshore Conference – TGS – slide 9
    Q2 2009 Financial Highlights Gross Sales volume up 4% compared to Q2 2008 Net Late Sales 84.5 MUSD, up 6% from Q2 2008 Net prefunding covered 43% of operational Investments Proprietary Revenues down 55%, in line with normal…
  10. Pareto Oil Offshore Conference – TGS – slide 10
    6M 2009 Financial Highlights Net Revenues 194.9 MUSD, down 19% from 6M 2008 48% Prefunding MC Amortization rate 43% EBIT Margin 38% of Net Revenues All interest-bearing debt repaid in full on May 5th Equity is 74% of total…
  11. Pareto Oil Offshore Conference – TGS – slide 11
    Balance Sheet Key Figures 6/30/2009 % 3/31/2009 % 12/31/2008 % Assets Cash 184.7 19% 228.6 25% 148.3 16% Investments Available for Sale 40.7 4% 46.5 5% 51.1 5% Other Current Assets 241.2 25% 163.7 18% 298.1 31% Total Current Assets…
  12. Pareto Oil Offshore Conference – TGS – slide 12
    Multi-Client Library TGS-NOPEC Geophysical Company 12
  13. Pareto Oil Offshore Conference – TGS – slide 13
    MCS Accounting Matching Principle Accounting Standards recommend to match Revenues and Costs in time TGS capitalizes the direct costs of surveys as investments in the Balance Sheet and amortizes them over 5 years (including the…
  14. Pareto Oil Offshore Conference – TGS – slide 14
    Multi-Client Library NBV in % of Investment Seismic Surveys as of June 30th 2009 Net Book Value per Vintage vs. allowed NBV at end of 2009 Allowed: 100% Allowed: 60% Allowed: 20% 63% 43% Allowed: 40% 18% Allowed: 0%…
  15. Pareto Oil Offshore Conference – TGS – slide 15
    Q2 2009 Multi-Client Net Revenues & Ending NBV Seismic Surveys 57% 55% 30% 16% 14% 10% 6% 5% 4% 4% 0% 0% 15
  16. Pareto Oil Offshore Conference – TGS – slide 16
    New Activities Geophysical Products Geological Products Imaging Services TGS-NOPEC Geophysical Company 16
  17. Pareto Oil Offshore Conference – TGS – slide 17
    H1 2009 Activity 2D Project 3D Project Aeromagnetic/gravity Office Location 17
  18. Pareto Oil Offshore Conference – TGS – slide 18
    New Activity- Gulf of Mexico 18
  19. Pareto Oil Offshore Conference – TGS – slide 19
    Central Gulf of Mexico Lease Sale Total Bidders Compared to Acres Offered 100 40 Millions 90 35 acres's offered 80 30 bidders 70 25 60 20 50 15 40 10 00 01 02 03 04 05 06 07 08 09 t. es…
  20. Pareto Oil Offshore Conference – TGS – slide 20
    New Activity - GOM WAZ Programs Freedom 16000 km2 20
  21. Pareto Oil Offshore Conference – TGS – slide 21
    New Activity - GOM WAZ Programs Freedom Extension 700 km2 Freedom 16000 km2 21
  22. Pareto Oil Offshore Conference – TGS – slide 22
    New Activity - GOM WAZ Programs Freedom Extension 700 km2 Freedom 16000 km2 Liberty 3000 km2 22
  23. Pareto Oil Offshore Conference – TGS – slide 23
    New Activity - GOM 3D Programs Hernando 3D Phase 1 Expanded original 300 block survey to 365 OCS blocks (8500 km2) In cooperation with PGS -costs and revenue on late sales split between parties based on proportional investment…
  24. Pareto Oil Offshore Conference – TGS – slide 24
    New Activity- Europe Rennaisance 2009 NBR 2D Seismic 2009 MNR 2D Seismic 2009 NSR 2D Seismic 24
  25. Pareto Oil Offshore Conference – TGS – slide 25
    New Activity - Barents Sea Hoop 3D 4300 km2 over the Hoop Fault Complex in the Barents Sea Survey plan guided by 2D coverage and CSEM tests Coverage over open acreage and 20th Round award blocks 80% of acquisition to be…
  26. Pareto Oil Offshore Conference – TGS – slide 26
    New Activity North Sea ESB09 3D 2,400 km2 over a highly productive Quad 211 in the East Shetland Basin High Density 3D In cooperation with PGS 26
  27. Pareto Oil Offshore Conference – TGS – slide 27
    New Activity - Europe 3D Program NVG09 3D 650 km2 over the North Viking Graben Survey in cooperation with PGS Utilizing Geostreamer Technology Project completion Q1 2010 27
  28. Pareto Oil Offshore Conference – TGS – slide 28
    New Activity - Greenland Greenland 2D Seismic Total 2D coverage - 56,885 kms 9,600 kms of 2D 10 years of consistent 2009 East investment Greenland 2D seismic 2009 West Greenland 2D seismic 28
  29. Pareto Oil Offshore Conference – TGS – slide 29
    New Activity - Greenland Greenland Aeromagnetics Total Aeromag coverage 248,315 kms 2009 program - 41,000 kms Geological Atlas 2009 West Greenland Aeromag 29
  30. Pareto Oil Offshore Conference – TGS – slide 30
    New Activity West Africa 2D West Africa Regional 2D Survey Well-tie to significant recent discoveries in western Ghana 9,930 km completed in Ghana 3,500 km deepwater Benin project completed Both programs image Deepwater…
  31. Pareto Oil Offshore Conference – TGS – slide 31
    New Activity - Liberia 3D Liberia 3D Phase 1 3D complete Q4 2008 3000 km2 Phase 2 3D acquisition complete May 4, 2009 6000 km2 Phase 2 2009 Geological Setting Images extension of Cretaceous Play Phase 1 2008 31
  32. Pareto Oil Offshore Conference – TGS – slide 32
    New Activity - Sumatra Northwest Sumatra 2D Seismic Program 5,600 km of MC 2D Extended 1,800 km of regional coverage into S. Java Part of the 40,000 kms of the IndoDeep project Acquisition complete early Q3 32
  33. Pareto Oil Offshore Conference – TGS – slide 33
    New Activity Vietnam 2D Vietnam 2D Seismic Program 14,430 km of MC 2D Pre-Stack Depth Migration imaging utilized 33
  34. Pareto Oil Offshore Conference – TGS – slide 34
    Digital Well Log Library Growth in wells inventory through agreements with individual states and customers 5.6M wells available for immediate download through LogLine Plus Increased demand for fully digital LAS format 137%…
  35. Pareto Oil Offshore Conference – TGS – slide 35
    Geologic Products - Well Log Globalization Effort Well Data coverage 35
  36. Pareto Oil Offshore Conference – TGS – slide 36
    TGS Complex Imaging TAMETM WAZ RTM BEAM WEM Kirchhoff PreSDM PoSDM Time 36
  37. Pareto Oil Offshore Conference – TGS – slide 37
    New Imaging Technology True Azimuth Multiple Elimination (TAMETM) RTM of sail line without TAMETM RTM of sail line with TAMETM 37
  38. Pareto Oil Offshore Conference – TGS – slide 38
    New Activity Brasil PSDM 2009 Brasil PSDM Expansion 25,000 kms 2009 Brasil PSDM 127,000 total Kms in Depth 38
  39. Pareto Oil Offshore Conference – TGS – slide 39
    Outlook TGS-NOPEC Geophysical Company 39
  40. Pareto Oil Offshore Conference – TGS – slide 40
    Investments in Multi-Client Library 40
  41. Pareto Oil Offshore Conference – TGS – slide 41
    Market Conditions Improved market for MC data from Q1 2009 Customer spending patterns remain difficult to predict Cautious market environment prevails Flexible business model and strong balance sheet position us well…
  42. Pareto Oil Offshore Conference – TGS – slide 42
    TGS Vessel Commitments 42
  43. Pareto Oil Offshore Conference – TGS – slide 43
    LOI with Polarcus Announced September 2 Charter of first released vessel MV Nadia (12 streamer) Initial survey to commence in December 2009 for approximately 3 months Options for two 6-month extensions at fixed commercial rates…
  44. Pareto Oil Offshore Conference – TGS – slide 44
    Expectations for 2009 Multi-client investments USD 230 270 million Average pre-funding 45 55% Average multi-client amortization rate 35 40% Net revenues USD 470 530 million Contract revenues 5 10% of total revenues Cost reduction…
  45. Pareto Oil Offshore Conference – TGS – slide 45
    TGS Performs in all Cycles Profit Margin (EBIT) vs. Peer Group 80 60 TGS 40 20 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 -20 -40 -60 -80 -100 TGS Comp A Comp B Comp C 45
  46. Pareto Oil Offshore Conference – TGS – slide 46
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