TGS Presentation of the 3rd Quarter 2009 Results October 29th 2009 A webcast of this presentation is available at www.tgsnopec.com Arne Helland Robert Hobbs Chief Financial Officer Chief Executive Officer TGS-NOPEC Geophysical…
Forward-Looking Statements All statements is 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 2009 Financial Highlights Gross Sales volume 174.0 MUSD About the same as in Q2 2009 16% lower than in Q3 2008 Net Late Sales 77.1 MUSD, down 21% from Q3 2008 Net prefunding 37.3 MUSD; 43% of operational Investments…
Q3 2009 Financial Highlights (Continued) Proprietary COGS down 77% due to lower proprietary operations Multi-Client Amortization 38% of Net MC Revenue Operating Personnel and Other Operating Costs: Down 30% from Q3 2008 (3.2 MUSD…
Balance Sheet Key Figures 9/30/2009 % 6/30/2009 % 12/31/2008 % Assets Cash 224.7 21% 184.7 19% 148.3 16% Investments Available for Sale 32.3 3% 40.7 4% 51.1 5% Other Current Assets 260.7 25% 241.2 25% 298.1 31% Total Current Assets…
Q3 2009 CASH FLOW Q3 2009 Q3 2008 Payments from Sales Received 133.3 102.5 Operational Costs Paid (21.9) (44.4) Gain/(Loss) from Currency Exchange 2.8 4.5 Taxes Paid (5.6) (1.5) Operational Cash Flow 108.7 61.2 Investments in Fixed…
9M 2009 Financial Highlights Net Revenues 319.9 MUSD, down 22% from 9M 2008 Net Late Sales 191.5 MUSD, down 18% from last year Net Pre-funding revenues 105.6 MUSD, down 1% from last year Proprietary and Other revenue 22.9 MUSD down…
9M 2009 CASH FLOW 9M 2009 9M 2008 Payments from Sales Received 340.1 386.1 Operational Costs Paid (57.7) (98.2) Gain/(Loss) from Currency Exchange 4.1 (0.5) Taxes Paid (37.4) (46.9) Operational Cash Flow 249.1 240.5 Investments in Fixed…
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MCS Accounting Matching Principle Accounting Standards recommend to match Revenues and Costs in time TGS capitalizes the direct costs of surveys as investments in the Balance Sheet and amortizes them over 5 years (including the…
Multi-Client Library NBV in % of Investment Seismic Surveys as of September 30th 2009 Net Book Value per Vintage vs allowed NBV at end of 2009. Allowed: 100% 400.0 350.0 Allowed: 60% 63% 300.0 Allowed: 20% 250.0 200.0 41%…
Q3 2009 Multi-Client Net Revenues & Ending NBV - Seismic Surveys 69% 70% 62% 60% 50% 40% 26% 30% 20% 14% 8% 7% 10% 2% 3% 3% 4% 0% 0% 0% Pre-2005 2005 2006 2007 2008 WIP Net Revenues in % of total Net Book Value in…
Operations & Outlook Robert Hobbs Chief Executive Officer TGS-NOPEC Geophysical Company
Q3 2009 vs. Q3 2008 Net Revenue Breakdown Q3 2009 Q3 2008 Contract Contract Pre-funding 8% Pre-funding 22% 21% 30% Late Sales Late Sales 62% 57% Geological Geological Products 2D Products 11% 8% 36% 2D 32% 3D…
Q3 2009 vs Q3 2008 Geographical Net Revenue Breakdown 70% 60% 50% 40% Q3 2009 Q3 2008 30% 20% 10% 48% 55% 52% 45% 0% Eastern Hem siphere Western Hem isphere 17
License Round Activity Expected Announced 18
New Activity - GOM WAZ Programs Justice 7,800 km2 Liberty 3,050 km2 Freedom 16,600 km2 19
New Activity - GOM 3D Programs Hernando 3D Phase 1 Expanded original 300 block survey to 365 OCS blocks (8500 km2) In cooperation with PGS -costs and revenue on late sales split between parties based on proportional investment…
New Activity Brasil PSDM Imaging 2009 Brasil PSDM Expansion 25,000 kms 127,000 total Kms in Depth 2009 Brasil PSDM 21
New Activity- Europe Renaissance 2009 NBR 2D Seismic 2009 MNR 2D Seismic 2009 NSR 2D Seismic 39,000 kms of data added in 2009 22
New Activity - Greenland Greenland 2D Seismic Total 2D coverage - 60,000 kms 15,000 kms of 2D in 2009 2009 East 47,000 kms of new Aeromag Greenland 2D Acquired in 2009 2009 West seismic Completed in Q3 Greenland 2D seismic 10…
New Activity - Barents Sea Hoop 3D 4300 km2 over the Hoop Fault Complex in the Barents Sea 3500 km2 acquired 2009 season Survey plan guided by 2D coverage and CSEM tests Coverage over open acreage and 20th Round award…
New Activity North Sea ESB09 3D 2,000 km2 over a highly productive Quad 211 in the East Shetland Basin TGS/PGS JV High Density 3D 25
New Activity - Europe 3D Program NVG09 3D 640 km2 over the North Viking Graben TGS/PGS JV Utilizing Geostreamer Technology 26
New Activity West Africa 2D 2009 West Africa Regional Survey Well-tie to significant recent discoveries in western Ghana Approx 13,500 km completed from Ghana to Benin Program images open blocks with significant exploration…
New Activity - Liberia 3D Liberia 3D Phase 1 3D complete Q4 2008 3000 km2 Phase 3 2009/2010 Phase 2 3D acquisition complete May 4, 2009 6000 km2 Phase 2 - 2009 Phase 3 3D In progress Phase 1 - 2008 2,000 km2 Geological…
New Activity - Liberia 2D 2009/2010 Program 15,000 kilometers Gravity Total Kilometers 25,000 Phase 1 - 2008 Phase 2 2009/2010 29
Digital Well Log Library 39,000 LAS well logs added to database in Q3 New 5-year contract with US Minerals Management Service signed to manage US well log data in the OCS 30
Outlook Sales activity sustained from Q2 although difficult to replicate record sales in Q3 2008 in current market Portfolio of attractive opportunities is growing Availability of vessels at favorable rates continues to grow…
Expectations for 2009 Multi-client investments USD 250 280 million Adjusted up from (USD 230 270 million) Average pre-funding 45 55% Average multi-client amortization rate 35 40% Net revenues USD 470 530 million Contract revenues…
TGS Performs in all Cycles 80 Profit Margin (EBIT) versus Peer Group 60 TGS 40 20 EBIT MARGIN, % 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 -20 -40 -60 -80 -100 TGS Comp A Comp B Comp C 34
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