From Exploration to Production Frontier Exploration Development Exploration Production Exploration Complex Geology & Appraisal 3D Hi Resolution Conventional Wide-Azimuth 2D Wide Azimuth 4D 3D Advanced Imaging Depth Imaging…
CGGVeritas: The Leader in Seismic Equipment Services Sercel Marine Land Multi-Client Processing Worldwide 14 3D vessels 30 land crews Recent vintage 28 open centers & 17 Production offshore library dedicated A full range of 6…
CGGVeritas Q1 2008 A strong quarter in a less favorable currency environment Industry leading revenue of 873 M, a 21% operating margin Net income of 96 M, an 11% margin Sercel and Services growing leadership Sercel: clear market…
Financial Results & Key Highlights
Financial Highlights Q1 2008 Group Revenues * 873 m 778 m Group revenue of 873 M, up 12% 592 m 585 m Sercel revenue of 282 M, up 5% Services revenue of 647 M, up 16% Q1 2007 Q1 2008 Q1 2007 Q1 2008 Group operating income of…
Financial Indicators - CAPEX Q1 2008 Industrial Capex * Industrial Capex at 77 M 96 m Upgraded Aliz - 14 Sentinel solid 73 m 77 m streamers 51 m 2008 Capex around 250 M Multi-client Capex at 145 M Intense wide-azimuth activity…
Financial Indicators - EBITDAs Q1 2008 EBITDAs * Group EBITDAs at 343 M, a 39% 339 m 343 m margin 258 m 230 m Sercel EBITDAs at 99 M, a 35% margin Services 276 m 284 m 210m 190m Services EBITDAs at 284 M, a 44% Sercel…
Financial Indicators - Balance Sheet Q1 2008 Balance Sheet as of end of March 2008 * Closing exchange rate at 1.58 (1.47 as of year-end 2007) Multi-client net book value at 707 M Goodwill 2 849 m Equity & 514 M Marine library 3…
Operational Highlights
Q1 2008 Sercel Revenues * Revenue at 282 M, up 5% in 268 m 282 m Strong operating margin at 32% 204 m 189 m Including an unfavorable currency impact of 3% Sercel is now the global leading supplier Q1 2007 Q1 2008 Q1 2007…
Services Q1 2008 Services Revenues * Revenue of 647 M, up 16% in with 559 m 647 m stronger contract and lower multi- 426 m 433 m client sales Contract: 489 M, up 29% in Marine revenue, up 33% in Q1 2007 Q1 2008 Q1 2007 Q1…
Multi-Client Q1 2008 Marine After sales down from strong Q4 2007 ahead of 3.6 B March lease sale Wide Azimuth: Walker Ridge acquisition completed on budget with promising preliminary Walker Ridge WAZ 476 OCS Blocks Garden Banks…
Wide Azimuth Technology: Imaging the invisible - 15 -
Contract Q1 2008 Marine Robust activity in an under supplied market 66% of vessels allocated to contract with utilization rate at 84% Land Seasonally high level of activity in North America Contract Sales Increased revenue…
A large fleet of 20 seismic vessels for all market segments High Capacity 3D Mid Capacity 3D Low Capacity 3D/2D Aliz Challenger Amadeus Search Princess 14 solid streamers 12 solid streamers 8 fluid streamers 8 fluid streamers 3…
Outlook
Outlook Market 2008 market growth revised up to 10 - 15% Strong market conditions extend through 2009 Sercel Moderate growth in demand for land equipment above our original expectations Record external backlog of 547 M as of…
Services Outlook Multi-client Main drivers: Gulf-of-Mexico and Brazil Pre-funding and after sales strengthen in Q3 & Q4 Contract Marine Lower utilization rate expected in Q2 planned shipyard maintenance during seasonal transits…
Conclusions
Conclusions Robust Q1 results in a weakening currency environment Unique and balanced portfolio combined with leading technology Strong performance of Sercel and our Services contract business Lower marine utilization rate and…
Appendix
Multi-Client Accounting Policy All surveys are fully depreciated over 5 years All ex-Veritas surveys written up (PPA) have a 65% depreciation rate Margin recognition and depreciation level depend on nature (land vs marine) and…
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