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Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company

Tgs-Nopec Geophysical Company · Apr 23, 2015 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 1
    Q1 2015 Earnings Release Robert Hobbs Kristian K. Johansen CEO COO/CFO 23 April 2015
  2. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 2
    Q1 2015 Highlights Q1 Net revenues of 172 MUSD compared to 222 MUSD in Q1 2014 Net late sales of 72 MUSD, down 48% from 137 MUSD in Q1 2014 Net pre-funding revenues of 94 MUSD were up 26% from Q1 2014, funding 58% of TGS operational…
  3. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 3
    Operational Highlights 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 4
  4. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 4
    Q1 2015 Operations Atlantic Guardian EM JV Canada Crew Ohio Crews x2 Polarcus Adira 3D CGG WAZ Crew Nessie FAN JV Ogo FAN JV Sanco Swift 3D Osprey Explorer 2D Sanco Sword 3D Aquila Explorer 2D 2015 TGS-NOPEC…
  5. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 5
    Q1 Activity North America Central Gulf of Mexico Panfilo - 11,500 km2 multi-client 3D survey Survey completed in Q1 2015 Deep water Lund and Henderson protraction areas of Central Gulf of Mexico Survey covers mainly open acreage…
  6. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 6
    Q1 Activity Asia Pacific New Zealand NWF14 - 17,500 km 2D multi-client survey Survey completed in Q2 2015 Within the Reinga, Northland and Taranaki basins, offshore Northwest New Zealand Nine offshore permits granted to oil…
  7. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 7
    Q1 Activity Europe Barents Sea Barents EM 2015 9 new blocks in the Nordkapp and Tiddly areas Survey completed in Q2 2015 Further expansion of cooperation with EMGS Will provide clients with high quality, integrated EM and…
  8. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 8
    Q1 Activity North America Onshore U.S. Onshore Freeport - 1,777 km2 3D multi-client survey Utica play, central Ohio Acquisition will complete in the second half of 2015 Blanchard 1,100 km2 3D multi-client survey South Central…
  9. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 9
    Enhancing Value through Technology TGS is applying the latest acquisition and processing technologies to deliver a high resolution, long offset, modern 2D seismic grid encompassing the frontier ultra deep U.S. Gulf of Mexico…
  10. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 10
    Financials 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 11
  11. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 11
    Key Financials Net Revenues EBIT before non-recurring items 210 191 271 222 205 190 298 172 350 140 50% 300 9 120 10 40% 250 11 100 12 8 30% 200 9 9 6 80 226 150 218 137 60 120 111 20% 155 137 130 72 98 94 100 138 40 80 82 71 10%…
  12. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 12
    Net Revenue Breakdown Q1 2015 Q1 2014 GPS GPS 10% 2D 8% 16% 2D 20% 3D 3D 74% 72% Q1 2015 Q1 2014 Other Other 13% 11% NSA AMEAP 33% 25% NSA 45% AMEAP 42% Europe Europe 11% 19% 2015 TGS-NOPEC Geophysical…
  13. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 13
    Q1 2015 Income Statement USD million, except EPS Q1 2015 Q1 2014 Change in % Net operating revenues 172 222 -23% Cost of goods sold proprietary and other 0.5 2 -79% Amortization of multi-client library 63% 105 87 20% Gross margin…
  14. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 14
    Q1 2015 Cash Flow Statement USD million Q1 2015 Q1 2014 Change in % Received payments 337 305 11% Payments for operational expenses (31) (37) 15% Paid taxes (45) (47) 3% Operational cash flow 260 221 18% Investments in tangible…
  15. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 15
    Balance Sheet USD million Q1 2015 Q4 2014 Change in % Assets Cash and cash equivalents 352 256 37% Other current assets 312 521 -40% Total current assets 664 778 -15% Intangible assets and deferred tax asset 83 85 -2% Other…
  16. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 16
    Investments per Vintage 700 609 600 575 100% 500 400 381 60% 59% 300 50% 270 200 153 40% 30% 100 20% 3% 8% 0 0% 2011 2012 2013 2014 WIP Original investments Maximum allowed NBV (year-end) Net Book Value…
  17. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 17
    Net Revenues vs. Net Book Value per Vintage 90% 79% 80% 70% 60% 63% 50% 43% 39% 40% 30% 20% 15% 10% 8% 6% 5% 3% 0% 1% 1% 1% 0% pre-2011 2011 2012 2013 2014 WIP Net revenues Net book value 2015…
  18. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 18
    Strong Cash Generation Delivers Shareholder Value Dividend per Share (NOK) and Dividend Yield* 2015 Dividend Yield vs OSX Index* 9 8.5 8.5 6.0% 8 5.2% 8 5.5% 7 4.1% 6 6 5.0% 3.4% 3.4% 5 3.1% 5 4 4.5% 2.5% 4 2.2% 2.0% 2.0% 1.9% 3…
  19. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 19
    Outlook 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 20
  20. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 20
    Outlook Demand for seismic data has significantly deteriorated over the first three months of 2015 and the outlook for improvement in the market remains quite uncertain EUR Ringvassy 3D (JV with Dolphin) and Europa 3D seismic…
  21. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 21
    License Round Activity and TGS Positioning North & South America Africa, Middle East, Asia Pacific Europe / Russia Central GOM Mar 2016 (5-Year Plan) Madagascar 2015 (expected) Norway APA Sep 2015 (bids due) Western GOM Aug 2015…
  22. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 22
    Backlog Historical Backlog (MUSD) 2011 - 2015 350 300 250 200 150 281 293 260 242 224 100 211 213 193 188 185 178 153 143 146 124 134 50 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2011 2011 2012 2012 2012 2012…
  23. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 23
    NSA 2015 Projects Schedule EUR AMEAP Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Sanco Swift Australia Sanco Sword Australia 3D & WAZ Polarcus Adira Gulf of Mexico Barents Sea Option CGG StagSeisTM Crew Gulf of…
  24. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 24
    Summary Q1 net revenues of 172 MUSD Q1 multi-client investment of 163 MUSD with high visibility of remaining 2015 investments Record high cash flow from operations of 260 MUSD Challenging seismic market characterized by uncertainty.…
  25. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 25
    TGS Performs in all Cycles EBIT margin vs. Seismic peers Return on Capital Employed 80% 80% 70% 60% 60% 40% 50% 20% 40% 30% 0% 20% -20% 10% -40% 0% Peer Average TGS ROCE WACC Average EBIT margin…
  26. Q1 2015 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 26
    Thank you www.tgs.com 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved.

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