TGS Q3 2014 Earnings Release Robert Hobbs Kristian K. Johansen Chief Executive Officer Chief Financial Officer
Forward-Looking Statements All statements in 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…
Q3 2014 Highlights Net revenues were 190 MUSD compared to 191 MUSD in Q3 2013 Net late sales of 130 MUSD, down 6% from 138 MUSD in Q3 2013 Net pre-funding revenues of 51 MUSD were up 17%, funding 55% of TGS operational multi-client…
Operational Highlights 4
Q3 2014 Operations Akademik Shatskiy 2D Geco Eagle 3D Polar Prince Seafloor Sampling JV Polarcus Naila 3D Sanco Spirit 2D JV Atlantic Guardian CSEM JV Atlantic Explorer 2D JV Bergen Surveyor P-Cable JV Juliana Seafloor…
Q3 Activity North America Central Gulf of Mexico Snipe Phase 52 12,000 km multi-client 2D survey Long offset, high resolution data in ultra deep water, extending to the U.S. Mexico boundary Supplements TGS existing library in the…
Q3 Activity Norway Barents Sea Significant TGS activity in Barents Sea targeting 23rd Round (including Hoop Basin and SE Barents) with multiple data products NBR14 2D 9,300 km multi-client extension of TGS long offset 2D grid into…
Q3 Activity Other Areas West of Shetland Brendan Basin - 2,500 km2 multi-client 3D survey Erlend Basin - 1,700 km2 multi-client 3D survey Data being processed utilizing TGS proprietary Clari- Fi broadband technology Extends TGS…
Enhancing Value through Technology Full Azimuth Ocean Bottom Nodes Multi-year collaboration agreement with FairfieldNodal to execute multi-client Full Azimuth Nodal (FANTM) seismic surveys across a substantial area within the U.S.…
Net Revenue Breakdown Q3 2014 Q3 2013 GPS GPS 10% 9% 2D 25% 2D 17% 3D 65% 3D 74% Q3 2014 Q3 2013 Other Other 14% AMEAP 13% 2% AMEAP 6% NSA NSA 50% 52% Europe Europe 35% 28% 12
Q3 2014 Income Statement USD million, except EPS Q3 2014 Q3 2013 Change in % Net operating revenues 190 191 -1% Cost of goods sold proprietary and other 0.1 0.5 -73% Amortization of multi-client library 45% 81 75 9% Gross margin…
Q3 2014 Cash Flow Statement USD million Q3 2014 Q3 2013 Change in % Received payments 223 159 40% Payments for operational expenses (35) (33) -7% Paid taxes (3) (8) 63% Operational cash flow 184 118 57% Investments in tangible and…
YTD 2014 Income Statement USD million, except EPS YTD 2014 YTD 2013 Change in % Net operating revenues 617 612 1% Cost of goods sold proprietary and other 3 18 -84% Amortization of multi-client library 43% 254 223 14% Gross margin…
YTD 2014 Cash Flow Statement USD million YTD 2014 YTD 2013 Change in % Received payments 692 574 21% Payments for operational expenses (105) (112) 7% Paid taxes (115) (132) 13% Operational cash flow 473 330 44% Investments in…
Balance Sheet USD million Q3 2014 Q3 2013 Change in % Q4 2013 Assets Cash equivalents 264 187 41% 281 Financial investments available for sale - 4 -100% 4 Other current assets 365 429 -15% 447 Total current assets 629 620 1% 731…
Net Revenues vs. Net Book Value per Vintage 3% 60% 50% 48% 40% 38% 63% 30% 28% 27% 20% 19% 16% 60% 10% 5% 20% 4% 4% 4% 4% 40% 18% 2% 1% 13% 18% 0% 0% 0% pre-2010 2010 2011 2012 2013 2014 WIP Net…
Continued Growth in Returning Cash to Shareholders Dividend of NOK 8.5 per share for the Dividend per share (NOK) and Dividend Yield 2013 accounting year 9 8.5 5.5% Shares were quoted ex dividend on 8 4 June 2014 8 Dividend was…
Outlook 21
Outlook Macro Outlook Near-term uncertainty in exploration spending has been increased by negative oil price development Likely that energy companies will continue their efforts to reduce capital expenditures and become more…
License Round Activity and TGS Positioning North & South Am erica Africa, Middle East, Asia Pacific Europe / Russia Central GOM Mar 2015 (5-Year Plan) Madagascar 2014 / 2015 (expected) Norw ay APA aw ards 1H 2015, next round…
NSA Capacity Secured for 2014 EUR AMEAP Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CGG Alize Gulf of Mexico BGP Prospector Benin Sanco Swift Brazil JV Polar Duchess Australia Aus 3D & WAZ Geo Caspian Australia Geco…
Summary 2014 on track with Q3 revenues of 190 MUSD Q3 2014 Operating profit of 71 MUSD, 38% of net revenues Q3 2014 multi-client investments of 93 MUSD (55% prefunding) Strong backlog entering into 2015 Near term uncertainty in…
TGS Performs in all Cycles EBIT margin vs. Seismic peers Return on Capital Employed 80% 80% 60% 70% 40% 60% 20% 50% 0% 40% -20% 30% -40% 20% -60% 10% -80% 0% -100% 1998 1999 2000 2001 2002 2003 2004 2005 2006…
Thank you 2013 TGS-NOPEC Geophysical Company ASA. All rights reserved.
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