TGS Q2 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…
Q2 2014 Highlights Net revenues were 205 MUSD compared to 210 MUSD in Q2 2013 Net late sales of 137 MUSD, down 12% from 155 MUSD in Q2 2013 Net pre-funding revenues of 60 MUSD were up 39%, funding 52% of TGS operational multi-client…
Continuing to build backlog Nerites Season 2 Nerites Season 2 Australian 13,000 km2 multi-client 3D survey expected to commence in late 2014 or early 2015 Second season of the Nerites 3D seismic survey to fulfill work program…
Operational Highlights 6
Q2 2014 Operations Geco Eagle 3D Polarcus Naila 3D Akademik Shatskiy 2D Sanco Spirit 2D JV Atlantic Guardian CSEM JV Bergen Surveyor P-Cable JV Texas Crew CGG Alize 3D Polar Duchess 3D 7
Q2 Activity North America Central Gulf of Mexico Francisco 6,700 km2 multi-client 3D survey completed in Q2 2014 Long offsets utilized (12,000 m) First 3D survey in the frontier basin floor fan play in Atwater Valley and Lund…
Q2 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…
Q2 Activity UK & Australia West of Shetland Brendan Basin - 2,500 km2 multi-client 3D survey Data being processed utilizing TGS proprietary Clari-Fi broadband technology Erlend Basin - 900 km2 survey announced for Q3 2014…
Q2 Activity North America Onshore Rush Creek 440 km2 multi-client 3D project in Texas completed in Q2 2014 Builds on existing 160 km2 3D survey recently purchased by TGS Will illuminate subsurface targets in the Granite Wash,…
Enhancing Value through Technology TGS applies appropriate technologies to address imaging challenges associated with specific geologies and operating environments TGS acquires complementary data products to expand and enhance its…
Net Revenue Breakdown Q2 2014 Q2 2013 GPS GPS 8% 2D 8% 11% 2D 24% 3D 3D 81% 68% Q2 2014 Q2 2013 Other Other 12% 12% AMEAP AMEAP 13% 17% NSA 37% NSA 50% Europe Europe 21% 38% 15
Q2 2014 Income Statement USD million, except EPS Q2 2014 Q2 2013 Change in % Net operating revenues 205 210 -2% Cost of goods sold proprietary and other 0.4 2 -82% Amortization of multi-client library 43% 85 78 9% Gross margin 119…
Q2 2014 Cash Flow Statement USD million Q2 2014 Q2 2013 Change in % Received payments 163 153 6% Payments for operational expenses (33) (31) -6% Paid taxes (64) (88) 27% Operational cash flow 66 34 95% Investments in tangible and…
YTD 2014 Income Statement USD million, except EPS YTD 2014 YTD 2013 Change in % Net operating revenues 427 421 1% Cost of goods sold proprietary and other 3 18 -84% Amortization of multi-client library 43% 173 148 16% Gross margin…
YTD 2014 Cash Flow Statement USD million YTD 2014 YTD 2013 Change in % Received payments 470 415 13% Payments for operational expenses (69) (79) 12% Paid taxes (111) (124) 10% Operational cash flow 289 212 36% Investments in…
Balance Sheet USD million Q2 2014 Q2 2013 Change in % Q4 2013 Assets Cash equivalents 208 172 21% 281 Financial investments available for sale 5 4 32% 4 Other current assets 394 404 -2% 447 Total current assets 607 580 5% 731…
Net Revenues vs. Net Book Value per Vintage 3% 80% 69% 70% 60% 49% 50% 63% 40% 30% 23% 20% 14% 13% 60% 11% 11% 10% 20% 40% 4% 18% 2% 13% 2% 2%18% 0% 0% 0% pre-2010 2010 2011 2012 2013 WIP Net revenues…
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 24
Outlook EUR 2014 Northwest Europe acquisition season under-way with 2D, 3D, P- CableTM, CSEM and Seafloor Sampling surveys in the Barents Sea and 3D surveys West of Shetland Norwegian 23rd Licensing round and APA round announced…
License Round Activity and TGS Positioning North & South America Africa, Middle East, Asia Pacific Europe / Russia Central GOM Mar 2015 (5-Year Plan) Madagascar 2014 (expected) Norway APA Sep 2014 (bids due) Western GOM Aug 2014…
NSA Capacity Secured for 2014 EUR AMEAP 3D Vessel 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 Option Geo Caspian Australia…
Summary 2014 on track with Q2 revenues of 205 MUSD Q2 2014 Operating profit of 82 MUSD, 40% of net revenues Q2 2014 multi-client investments of 114 MUSD TGS continues to benefit from its well positioned library and continues to see…
TGS Performs in all Cycles EBIT margin vs. Seismic peers Return on Capital Employed 80% 70% 60% 50% 40% 30% 20% 10% 0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 ROCE…
Thank you 2013 TGS-NOPEC Geophysical Company ASA. All rights reserved.
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