TGS Q3 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…
Q3 2013 Highlights Net revenues were 191 MUSD, down 22% from Q3 2012 Net late sales of 138 MUSD compared to 139 MUSD last year Net pre-funding revenues of 43 MUSD were down 56%, funding 39% of TGS operational multi-client…
Net Revenue Breakdown Q3 2013 Q3 2012 GPS GPS 9% 7% 2D 17% 2D 16% 3D 3D 77% 74% Q3 2013 Q3 2012 Proprietary Proprietary 3% 5% Pre- funding Pre- 23% funding 40% Late sales 57% Late sales 72% 4
Net Revenue Breakdown Q3 2013 Q3 2012 Other Other 13% 9% AMEAP 2% AMEAP NSA 21% 50% NSA 39% Europe 35% Europe 31% 5
Financials Kristian K. Johansen Chief Financial Officer 6
Q3 2013 Income Statement Change USD million, except EPS Q3 2013 Q3 2012 in % Net operating revenues 191 245 -22% Cost of goods sold - proprietary and other 0.5 1 -67% Amortization of multi-client library 41% 75 106 -29% Gross…
Q3 2013 Cash Flow Statement Change in USD million Q3 2013 Q3 2012 % Received payments 159 174 -9% Payments for operational expenses (33) (30) -10% Paid taxes (8) (15) 45% Operational cash flow 118 129 -9% Investments in tangible…
YTD 2013 Income Statement Change USD million, except EPS 9M 2013 9M 2012 in % Net operating revenues 612 651 -6% Cost of goods sold - proprietary and other 18 2 731% Amortization of multi-client library 40% 223 268 -17% Gross…
YTD 2013 Cash Flow Statement Change in USD million 9M 2013 9M 2012 % Received payments 574 567 1% Payments for operational expenses (112) (80) 41% Paid taxes (132) (68) 96% Operational cash flow 330 420 -22% Investments in…
Balance Sheet Change in USD million Q3 2013 Q2 2013 % Q4 2012 Assets Cash equivalents 187 172 9% 339 Financial investments available for sale 4 4 0% 4 Other current assets 429 404 6% 458 Total current assets 620 580 7% 801…
Net Revenues vs. Net Book Value per Vintage 80% 71% 70% 60% 49% 50% 40% 30% 19% 20% 14% 12% 12% 10% 7% 6% 4% 2% 2% 1% 0% 0% 0% pre-2009 2009 2010 2011 2012 2013 WIP Net revenues Net book value 14
Operational Highlights Robert Hobbs Chief Executive Officer 15
Q3 2013 Operations Akademik Shatskiy 2D Atlantic Guardian 3D CSEM Oceanic Challenger 3D Geo Arctic 2D Sanco Spirit 2D Geo Barents 3D Colorado Crews Geo Caribbean 3D Sanco Swift 3D 16
Q3 Activity - North America Central Gulf of Mexico Amerigo 7,500 km2 multi-client 3D survey continued with acquisition scheduled to complete in Q4 2013 Francisco 6,700 km2 multi-client 3D survey commenced during a pause in…
Q3 Activity - NW Europe Barents Sea Hoop Fault Complex 2013 9,000 km2 multi- client 3D survey continued with acquisition expected to complete in early Q4 2013 Data processing will be performed by TGS using Clari-FiTM broadband…
Q3 Activity Arctic and Greenland NW Alaska Chukchi Sea approximately 6,000 km multi-client 2D survey commenced in Q3 2013 with acquisition scheduled to complete in Q4 2013 Data available in 2014 ahead of the scheduled lease…
Q3 Activity North America Onshore Colorado Cheyenne 1,689 km2 multi-client 2D land survey commenced in Cheyenne and Kiowa Counties in Colorado Delayed start for both crews due to permitting issues Area produces from several…
Enhancing Value through 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 filtering effects…
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 Ordinary Round closed with awards Alaska - Offshore expected in H1 2014 Lease sales planned in 2016 &…
Key Drivers for Growth Geographic region Share of Q3 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…
Project Extensions Announced for Q4 2013 Gulf of Mexico Francisco multi-client 3D survey expanded from 4,662 km2 to 6,700 km2 with acquisition expected to continue into 2014 This survey leverages adjacent TGS 3D data and utilizes…
Onshore Activity During Q4 2013 Cheyenne 1,689 km2 multi-client 3D project in Colorado focused on liquid plays in Mississippian and Pennsylvanian intervals Three Hills East 150 km2 multi-client 3D project in South Central Alberta…
Backlog Historical Backlog (MUSD) 2009 2013 27
NSA Acquisition Capacity Secured EUR AMEAP 3D Vessel Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Geco Eagle Angola 3D Vessels Geo Caribbean Gulf of Mexico Polarcus Asima Liberia Geo Barents Barents Oceanic…
Summary Q3 revenues of 191 MUSD, down 22% from Q3 2012 Q3 late sales of 138 MUSD compared to 139 MUSD in Q3 2012 Three new survey announcements build visibility in 2014 investments Quality of TGS data library continues to…
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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