TGS Q2 2013 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 2013 Highlights Net revenues were 210 MUSD, down 2% from Q2 2012 Net late sales of 155 MUSD were up 43% from last year Net pre-funding of 43 MUSD were down 57%, funding 39% of TGS operational multi-client investments for the…
Net Revenue Breakdown Q2 2013 Q2 2012 GPS GPS 8% 9% 2D 2D 24% 21% 3D 3D 68% 70% Q2 2013 Q2 2012 Proprietary Proprietary 6% Pre- 3% funding 20% Pre- funding 47% Late sales 50% Late sales 74% 4
Net Revenue Breakdown Q2 2013 Q2 2012 Other Other 12% 11% NSA 37% NSA AMEAP AMEAP 31% 13% 28% Europe Europe 38% 30% 5
Financials Kristian K. Johansen Chief Financial Officer 6
Key Financials Net Revenues EBIT before non-recurring items 160 Cash Flow from Operations Multi-client NBV and Investments (operational) 7
Q2 2013 Income Statement Change USD million, except EPS Q2 2013 Q2 2012 in % Net operating revenues 210 215 -2% Cost of goods sold - proprietary and other 2 0.4 362% Amortization of multi-client library 39% 78 89 -12% Gross…
Q2 2013 Cash Flow Statement Change in USD million Q2 2013 Q2 2012 % Received payments 153 207 -26% Payments for operational expenses (31) (27) 14% Paid taxes (88) (36) 144% Operational cash flow 34 144 -77% Investments in…
YTD 2013 Income Statement Change USD million, except EPS 6M 2013 6M 2012 in % Net operating revenues 421 406 4% Cost of goods sold - proprietary and other 18 1 2004% Amortization of multi-client library 39% 148 163 -9% Gross…
YTD 2013 Cash Flow Statement Change in USD million 6M 2013 6M 2012 % Received payments 415 393 6% Payments for operational expenses (79) (50) 59% Paid taxes (124) (52) 137% Operational cash flow 212 291 -27% Investments in…
Balance Sheet Change in USD million Q2 2013 Q1 2013 % Q4 2012 Assets Cash equivalents 172 412 -58% 339 Financial investments available for sale 4 4 0% 4 Other current assets 404 348 16% 458 Total current assets 580 764 -24% 801…
Operational Highlights Robert Hobbs Chief Executive Officer 15
Q2 2013 Operations Atlantic Guardian 3D CSEM Geo Barents 3D Sanco Spirit 2D Oceanic Challenger 3D Geo Caribbean 3D Geco Eagle 3D Akademik Shatskiy 2D Geo Arctic 2D BGP Challenger 2D Polarcus Asima 3D 16
Q2 Activity - North America Central Gulf of Mexico Amerigo - 7,500 km2 multi-client 3D survey continued with acquisition scheduled to complete in Q3 2013 Francisco - 4,662 km2 multi-client 3D survey announced with acquisition…
Q2 Activity - NW Europe Barents Sea Finnmark Platform 2013 - 3,500 km2 multi- client 3D survey continued with initial data available in Q3 2013 Hoop Fault Complex 2013 - 9,000 km2 multi-client 3D survey commenced with initial…
Q2 Activity - Africa Liberia Sunfish - 6,200 km2 multi-client 3D survey continued with data available prior to expected 2013 license round Sierra Leone SL-13 Infill - 9,200 km multi-client 2D survey continued with data available…
Strong Position in Onshore Market United States Canada Firestone 3D - expanded to 1050 km2 of 3D data in Neptune South - 218 km2 of 3D data in Bakken oil play liquid rich Utica play Unity North - 130 km2 of 3D data in Birdbear…
Enhancing Value through Clari-FiTM Reprocessing Clari-FiTM Processing methodology that increases bandwidth and improves imaging May be applied to conventionally acquired pre- or post-stack data Addresses ghost and earth…
Outlook Robert Hobbs Chief Executive Officer 22
License Round Activity and TGS Positioning Northeast Greenland Pre-round for Kanumas Consortium closed with awards expected soon Alaska - Offshore Ordinary Round expected in Q4 2013 Lease sales planned in 2016 & 2017 Norway…
Multi-client Seismic Geographic region Share of Q2 2013 revenues Key drivers for future investments and growth EUR Application of modern seismic technology aids recent discoveries in mature North Sea market Application of…
New Projects Announced for Q3 NW Europe Rona Ridge 2013 2,420 km2 multi- client 3D survey Initial data available in Q4 2013 ahead of the UK 28th license round The first 3D data in the West Shetland Basin Eastern Canada Labrador…
Backlog Historical Backlog (MUSD) 2009 2013 26
EUR NSA Acquisition Capacity Secured AMEAP Option 3D Vessels committed per 30 Jun 2013 3D Vessel Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Geco Eagle Angola Geo Caribbean Gulf of Mexico Polarcus Asima Liberia Geo…
Summary Q2 revenues of 210 MUSD, down 2% from Q2 2012 Q2 late sales of 155 MUSD, up 43% from Q2 2012 Second highest quarterly late sales in Companys history Continued strong profitability with operating profit (EBIT) of 98 MUSD,…
TGS Performs in all Cycles EBIT margin vs. Seismic peers Return on Capital Employed Average EBIT margin above 40% - Stable EBIT performance through the cycles ROCE significantly above WACC substantial value creation in any…
Thank you 2013 TGS-NOPEC Geophysical Company ASA. All rights reserved.
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