Howard Weil 36th Annual Energy conference April 6 April 10, 2008
2007 Full Year Financial Results & Key Highlights
CGGVeritas: The Leader in Seismic Equipment Services Sercel Marine Land Multi-Client Processing Worldwide 14 large 3D vessels 30 land crews Recent vintage 28 open centers & 17 Production 5 medium 3D vessels offshore library…
Gulf of Mexico Sub-salt Discovery 5
2007: A Solid First Year Performance Group Rev of M 2,374 (M 3,251) was up 30% in Group Op Income of M 489 (M 670) up 50% in , a 21% margin Group EBITDAs of M 997, (M 1,366) up 38% in , a 42% margin Sercel Rev of M 790 (M 1,080)…
2007 Group P&L Highlights M Group Revenues M M Group EBITDAs M +30% 3251 1366 (42%) +38% 2374 2500 997 992 1330 483 CGG CGGVeritas CGGVeritas CGGVeritas CGG CGGVeritas CGGVeritas CGGVeritas 2006 2007 Pro-forma 2007…
2007 Group Revenue Breakdown Total Revenues 2006 Total Revenues 2007 Millions 1,990 2,500 Millions 2,374 3,251 Marine contract 23% Marine MC 22% 24% 28% Land contract Land MC 13% 19% 21% 11% Processing 5% 6% 14% Sercel…
2007 Financial Performance Market grew over 35% year-over-year M Total Revenues M Revenue was up 41% in mainly driven by a 1080 +41% very high level of land equipment deliveries Operating margin was strong at 34% 790 766 Strong…
Services 2007 Financial Performance Seismic market was up 20% year-over-year M Total Revenues M Revenue was up 22% in +22% 2320 Marine contract was up 25% in with strong 1901 activity worldwide and a 83% utilization rate 1694…
2007 Group Financial Indicators M Industrial Capex M M Multi-client Capex M 316 509 268 231 371 307 149 62 CGG CGGVeritas CGGVeritas CGGVeritas CGG CGGVeritas CGGVeritas CGGVeritas 2006 2007 Pro-forma 2007 2006 2007…
Balance Sheet as of December 31st 2007 12/07 12/06 12/07 12/06 1,47 1,32 1,47 1,32 Currents Assets 966 841 Currents liabilities 599 613 Cash & Cash Equivalent 254 402 Financial Debt / Current Portion 62 46 Financial Debt /…
2008 Market Overview and Outlook
Market Overview Strong worldwide demand for oil Low reserve replacement rates 98-07 200 100 Average growth: 1.7% p.a growth Reserve replacement ratio (%) +0.9% +1.4% +1.9% 80 12 year 150 O il d em an d (M b /d ) +37%…
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…
2008 Overview Strong market conditions extend into 2009 Growing demand for Marine equipment driven by new builds and upgrades Land: Continued strong demand for high channel counts for increased productivity and resolution…
Services 2008 Overview Strong market conditions extend into 2009 Marine market remains undersupplied in 2008 with our full fleet active throughout the year Backlog in place into Q4 2008 Alize upgraded to 14 Sentinel streamers in…
Marine Contract 2008 Outlook Market continues to be undersupplied in 2008 Vessels utilization rate expected to continue to improve over 2007 2/3 of our high-end 3D fleet dedicated to contract work Alize has a planned upgrade up…
Multi-Client 2008 Outlook Marine 5 high-end 3D vessels dedicated to multi-client programs in 2008 mainly on wide-azimuth 3 wide-azimuth programs (Walker Ridge, Garden Banks and start of Green Canyon) M240 (M 350) Capex anticipated…
Land Contract 2008 Outlook Strong market demand expected to continue across 2008 25 crews in operation at the beginning of 2008 High activity level anticipated in both hemispheres Long term contracts in the Middle East and the…
Processing & Reservoir 2008 Outlook Worldwide processing and imaging demand remain strong Growing volumes of land and marine data Demand for new advanced differentiated technologies Capitalize on our strong presence of 49…
2008 Outlook and Objectives Expect a strong geophysical market through 2008 and into 2009 About 15% growth worldwide Our objective is to grow at least in line with the market Financial performance objectives (based on a 1.45 /…
Conclusions In our first year of operations we: Successfully integrated CGG and Veritas to create CGGVeritas Surpassed our objectives and delivered solid financial performance Sercel A record year with very high land and strong…
Thank You
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 depends on nature (land vs marine) and…
Loading...
