Combined General Meeting 2009 CGGVeritas 1999 2008 Exploration and Production: Imaging Challenges
Agenda 1999 2009: Energy environment has changed CGGVeritas: The leading company of the seismic industry 2008: A record year 2009: Outlook and Perspectives 2
E&P Spending is Steadily Increasing Since 2004 400 E&P Total 300 Capex ( B) 200 Production 100 Exploration 0 1999 2000 2002 2004 2006 2008 Sources: IEA, SEB Enskilda, CGGVeritas analysis 3
Seismic Spending Accelerated Over Past 4 Years 12 11 10 9 Seismic market volume (billion ) 8 7 6 5 4 3 2 1 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Year Anne 4 Sources: IFP and…
Seismic Moving Progressively Towards Production Seismic technology now involved in all steps from Exploration to Production, to address the more and more complex geological challenges Delineation, Frontier Development Evaluation…
Steady Marine and Land Performance Improvements 15 10 In thousand traces 5 0 1997 2001 2005 2009 Average number of streamers per vessel 7,5 7 6,5 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008…
Super Computer Power for High-end Seismic Processing power (Tflops) 400 350 300 250 200 150 100 50 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Year 7
High-end Seismic at the Heart of E&P Challenges Seismic services reduce risks related to Exploration & Production Improved images of complex geological prospects Increased accuracy in details of mature reservoirs Seismic is involved…
Brazil (Santos) - Tupi Reservoir
Exemple de valeur ajoute de la sismique: Dcouverte sous le sel dans le Golfe du Mexique 10
A Consolidated Seismic Industry 1999 2008 Equipment Others Others 17% Sercel ION Sercel 25% 62% 38% 21% ION 37% Services CGG CGG Veritas Others 10% 27% 23% PGS Western 18% 26% Geco 20% Veritas PGS 9% Western…
Agenda 1999 2009: Energy environment has changed CGGVeritas: The leading company of the seismic industry 2008: A record year 2009: Outlook and Perspectives 12
1999-2008: 10 Years of Changes for the Group In million US dollars (m) Average revenue: 5 000 3 550 m 4 000 3 000 2 000 Average revenue: 700 m 1 000 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
CGGVeritas: A Balanced Portfolio Small independent 90% of 2008 revenue from Majors, National Oil Companies (NOCs) and Independent: NOCs Large independent NOCs: 40% to 50% International: 40% to 50% Majors: 20% Large independent:…
CGGVeritas: A Full Range of Activities Equipment Services Processing & Sercel Marine Land Multi-client Imaging Industry leader 1st fleet worldwide High density expertise in Recent Marine data Worldwide network of Solid basis…
High-end Vessel Fleet HIGH CAPACITY 3D / 2D CAPACITY 17 high end vessels (19 in 2011) 10 3D/2D vessels X-Bow I* X-Bow II* Aliz Challenger Symphony Harmattan Venturer Voyager 16 streamers 16 streamers 14x6 12x7 12x7 10x8 12x6 10x8…
Multi-client Library Well Positioned Decision criteria: Basin potential 3D: 22,140 sq km 3D: 40,000 sq km Geology for hydrocarbonates Emerging basin Local regulations N. Sea Stable E&P rules Canada Exclusive period Customers…
CGGVeritas: 8500 Employees Worldwide An education policy provided by CGGVeritas University to improve performance and innovation of our employees on a common culture basis Crawley Singapour Houston Villahermosa Massy The…
CGGVeritas: a Dynamic and Proactive Commitment for Sustainable Development Security, health of our personnel and protection of our environment are at the heart of our operations and our business Group development is based on…
Agenda 1999 2009: Energy environment has changed CGGVeritas: The leading company of the seismic industry 2008: A record year 2009: Outlook and Perspectives 20
A 2008 Performance in line with our Objectives Revenue increased +18 %: above market + 12% for Sercel, + 19% external sales + 17% for Services Operating income increased from 24%: Operating margin of Sercel at 32% Operating…
2008: Also a Record Year (In million dollars) Year 2008 Year 2007 % Change Revenue 3850 3251 +18% Operating Income before non recurring costs 834 670 +24% Non Recurring costs -34 0 Operating Income 800 670 +19% Operating…
Strong Net Free Cash Flow with Intense Investments Net Free Cash Flow / Capex (in million ) Group EBITDAs: 1.57B, 41% margin 818 747 Sercel EBITDAs at 423m, a 35% margin Services EBITDAs at 1.23B, a 45% margin 452 Industrial…
Long-Term Debt Maturity Debt maturity Available cash December, 31st 2008 December, 31st 2008 Leasing (in million ) Wavefield 176m (part cash) 86m 719 Line of credit 130m Secured 450m Senior Debt 2014 830m 86 Wavefield Bond…
Financial Indicators Capital Employed Capital Employed as of December, 31st 2008 (in million ) Goodwill 2,860 4,173 Assets Multi Client Data library 745 Net Assets 1,362 1,432 Net Debt Current Assets 637 Invested…
2008 Operational Overview Revenue (In million ) 1,209 1,080 A record year +30% 333 256 Record revenue, up 12% above 1.2 291 +8% 314 billion Operating margin of 32% despite 264 +7% 281 unfavorable currency +5% 268 282 YTD…
2008 Key Highlights Key new technology released Sea Pro Nav: comprehensive positioning for Marine surveying Introduction of Unite with Digital Sensor option Nautilus: steerable streamers controller Maxi Wave 100-level Digital…
2008 Operational Overview Revenues (In million ) 2,718 Revenue of 2.7 billion, up 17% 2,320 +9% Marine contract climbs 45% to 1.05 billion 696 641 Land contract up 16% to 516m +28% 762 Multi-client sales down 8% at 745m 596 +17%…
2008 Key Highlights Marine Acquisition Fleet availability rate of 92% and production rate of 88% Growing strength in high-end market with addition of Wavefield vessels Land Acquisition 22 crews in operation on average…
Integration of Wavefield Strengthens CGGVeritas' fleet capability and expertise Immediately adds high-end newer vessels to our fleet Provides increased fleet management flexibility Creates an operational team of leading talents…
Share Price: High Correlation with Oil Prices Bar-Charts Oil New York 140% 23/03/04 Performance 1an CGG Veritas (New York) -73% 120% Ptrole New York -58% 100% 80% 60% 40% 20% 0% Apr-08 Jun-08 Aug-08 Oct-08 Dec-08…
Ownership Structure in March 2009 French Oil Institute (IFP) represents 4,34% 77% shares are owned by institutional investors (were 75% in January 2008) Since 2008: French institutional investors increased and represent 40% vs. 24%…
Agenda 19992009: Energy environment has changed CGGVeritas: The leading company of the seismic industry 2008: A record year 2009: Outlook and perspectives 33
Uncertain Short-term But Solid Fundamentals Low visibility in 2009 due to uncertainty as regards the length and amplitude of the global economic downturn To date, E&P forecasts are around a reduction of 15-20% Independent (small and…
Our 2009 Priorities Reinforce our technology leader position: Continuation of innovative technology by Sercel with active R&D Continuation of technological differentiation in the Services: High-end fleet reinforced by Wavefield…
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