Earnings g Release Q4 Q 2010 Kristian K. Johansen Robert Hobbs Chief Financial Officer Chief Executive Officer 1
Forward-Looking o a d oo g Statements State e ts 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…
Q4 2010 Financial Highlights Net revenues were 177.6 MUSD, up 13% from Q4 2009 Net late sales of 142 142.1 1 MUSD were up 10% from last year Net pre-funding of 26.2 MUSD were up 42%, funding 66% of TGS operational multi-client…
Q4 2010 Income Statement Q4 2010 Q4 2009 Change % Net Operating Revenues 177.6 157.8 19.8 13% COGS - Proprietary & Other 3.1 2.5 0.5 21% MC Amortization 40% 68.1 54.0 14.1 26% Gross Margin 106.4 101.2 5.2 5% Other Operating…
2010 Financial Highlights Net revenues were 568.3 MUSD, up 19% from 2009 Net late sales of 380 380.3 3 MUSD were up 18% from last year Net pre-funding of 162.7 MUSD were up 31%, funding 55% of TGS operational multi-client…
2010 Income Statement 12M 2010 12M 2009 Change % Net Operating Revenues 568.3 477.7 90.6 19% COGS - Proprietary & Other 5.0 8.4 (3.4) -41% MC Amortization 46% 247.9 176.7 71.2 40% Gross Margin 315.4 292.6 22.8 8% Other Operating…
2010 Cash Flow Statement 12M 2010 12M 2009 Payments from Sales Received 549.6 443.9 O Operational Costs C Paid ( (79.9)) ( (77.9) ) Gain/(Loss) from Currency Exchange (1.4) 4.2 Taxes Paid (59.6) (44.1) Operational Cash Flow…
Balance Sheet 31 Dec 2010 % 30 Sept 2010 % 31 Dec 2009 % Assets Cash 290.2 24% 209.9 18% 243.5 21% Investments Available for Sale 21.1 2% 24.6 2% 27.2 2% Derivative Financial Instruments 0.4 0% - 0% - 0% Other Current Assets 291.0…
Multi-Client Library 10
Accounting Principles for Multi-Client Library 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…
Net Book Value vs. Investments per Vintage - in i relation l ti tot allowed ll d Net N t Book B k Value V l att year end d 350 Allowed 300 100% Allowed Allowed 100% 40% 250 Allowed 200 0% 61% Allowed 150 60% 44%…
Net Revenues vs. Net Book Value per Vintage 45% 40% 39% 35% 30% 30% 28% 26% 25% 22% 20% 17% 15% 13% 10% 8% 9% 6% 5% 2% 1% 0% 0% 0% pre-2006 p 2006 2007 2008 2009 2010 WIP Net Revenues Net Book Value 13
Operational Highlights Robert Hobbs Chief Executive Officer 14
Net Revenue Breakdown Q4 2010 Q4 2009 GPS GPS 9% 8% 2D 2D 37% 40% 3D 3D 52% 54% Q4 2010 Q4 2009 Proprietary Proprietary 5% 6% EP EP 12% 15% LP LP 15 80% 82%
Net Revenue Breakdown Q4 2010 Q4 2009 Western Western Hemisphere H i h Hemisphere 54% 55% Eastern Eastern Hemisphere Hemisphere 46% 45% 16
License Round Activity and TGS Positioning Greenland: Awards: During Q4 2010 TGS owns 95% of relevant MC-data Norway: Awards: During Q1/Q2 2011 West Africa: TGS a significant data High activity and recent provider in both 2D and 3D…
Q4 2010 - 3D Operations Nadia GeoCaribbean Seisquest 18
Q4 2010 - 2D Operations Q p Geo-Arctic Bergen Surveyor Aquila Explorer Northern Explorer 19
Status on TGS GOM WAZ Programs g Constitution Project TGS 50% owned Freedom 16,600 km2 Justice C Complete in Q Q4 Liberty 3,050 km2 Freedom Processing P i tto b be complete Q2 TGS 100% owned Liberty Justice 7,800 km2 Plan…
Modern 2D Reprocessed Data in Brazil Brazil database 200,000 200 000 kkm off d data t Reprocessed data 128,000 km Reprocessing in progress 16,000 km 21
The Africa Transform Margin Seismic Leader Continued investment in the African Transform Margin since 2000 Recent exploration success in Sierra Leone and Ghana G 2D Seismic Surveys Sierra Leone 5,784 km Liberia 24,773 km Ghana…
New 3D Data Library in Indonesia Tarakan Basin 3D survey Firstt TGS multi-client Fi lti li t 3D iin Indonesia 1,600 km2 Two new 2D projects South S th JJava IInfill fill - 3,000 3 000 kkm South Sumatra Infill 2,700 km…
Outlook 24
Global E&P Spending Expectations for 2011 According to Barclays 2011 E&P spending survey, global E&P expenditures will increase by y 11% to 490 BUSD USD in millions 2011E 2010E Y/Y % change U.S. Spending 93,576 86,584 8.1%…
Vessel Supply Growth Provides Support to Asset Light Business Model Vessel and streamer count 2005 2011 estimates Higher expectations for E&P and seismic expenditures facilitates for increased building activity and new entrants to…
2011 Outlook Promising E&P spending outlook for 2011 drives expected growth in seismic spend 2010 was a record high year for vessel building activity new entrants p expected to support pp continued capacity p yggrowth and stable…
2011 Investment Plans Strategy review during fall-2010 set clear targets for further profitable growth by Multi-Client Investments 2006 2011E applying successful multi multi-client client business model in existing and new plays…
Expectations for 2011 Multi-client investments 280 330 MUSD Average pre-funding 55 65% Average multi-client amortization rate 41 47% Net revenues 600 650 MUSD Contract revenues of approximately 5% of total revenues 30
TGS Proposes Increased Dividend Payout Board of Directors of TGS has decided to propose to the June 2011 Annual General Meeting a dividend of NOK 5 per share Ordinary dividend increases from NOK 2 to NOK 3 per share Non-recurring…
TGS Performs in all Cycles Profit Margin (EBIT) versus Peer Group 80 60 40 20 Ebit Margin % 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -20 20 -40 -60 -80 -100 TGS Comp pA Comp pB Comp…
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