Earnings Release Q2 2011 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 2011 Highlights Net revenues were 136.1 MUSD, up 21% from Q2 2010 Net late sales of 98.0 MUSD were up 52% from last year Net pre-funding of 26.7 MUSD were down 38%, funding 43% of TGS operational multi-client investments for the…
Net Revenue Breakdown Q2 2011 Q2 2010 GPS 12% GPS 12% 2D 24% 2D 45% 3D 43% 3D 64% Q2 2011 Q2 2010 Proprietary Proprietary 8% 4% Prefunding 20% Prefunding 38% Late Sales 58% Late Sales 72% 4
Net Revenue Breakdown Q2 2011 Q2 2010 Other Other 20% NSA 21% 24% NSA 36% AMEAP AMEAP 15% 16% Europe Europe 41% 27% 5
Financials Kristian K. Johansen Chief Financial Officer 6
Q2 2011 Income Statement Change USD million, except EPS Q2 2011 Q2 2010 in % Net operating revenues 136 112 21% Cost of goods sold - proprietary and other 4 1 388% Amortization of multi-client library 39% 48 55 -12% Gross margin…
YTD 2011 Income Statement Change USD million, except EPS 6M 2011 6M 2010 in % Net operating revenues 268 261 3% Cost of goods sold - proprietary and other 8 2 393% Amortization of multi-client library 39% 97 122 -21% Gross…
Q2 2011 Cash Flow Statement Change in USD million Q2 2011 Q2 2010 % Received payments 137 117 17% Payments for operational expenses (24) (18) 34% Net gain/(loss) from currency exchange 0 (2) -116% Paid taxes (19) (23) -17%…
YTD 2011 Cash Flow Statement Change in USD million 6M 2011 6M 2010 % Received payments 335 268 25% Payments for operational expenses (50) (39) 27% Net gain/(loss) from currency exchange (1) (1) 70% Paid taxes (53) (47) 11%…
Balance Sheet Change in USD million Q2 2011 Q2 2010 % Q4 2010 Assets Cash equivalents 288 172 68% 290 Financial investments available for sale 18 25 -26% 21 Derivative financial instruments 0.2 - 0.4 Other current assets 224 309…
Investments per Vintage Net Book Value (NBV) in % of original investment (year-end) vs. allowed maximum % (year-end) 400 351 350 100 % 297 300 258 250 58 % 200 60 % 150 132 37 % 100 23 % 53 40 % 50 20 % 33 % 6% 0 0%…
Net Revenues vs. Net Book Value per Vintage 60% 50% 49% 40% 40% 30% 27% 26% 20% 15% 14% 10% 10% 8% 7% 1% 1% 0% 0% pre-2007 2007 2008 2009 2010 WIP Net revenues Net book value 14
Operational Highlights Robert Hobbs Chief Executive Officer 15
License Round Activity and TGS Positioning Norway: APA bids due 14 September 2011 Northeast Greenland: Opens 1 January 2012 Norway 22nd expected Q4 2012 Bids due December 2012 (nominations due in Q2 2012) United Kingdom: UK 27th…
Q2 2011 - 3D Operations Polar Duke Oceanic Challenger Atlantic Explorer Seisquest WAZ Crew Geo Coral 17
Q2 2011 - 2D Operations Akademik Lazarev Akademik Shatskiy Bergen Surveyor Geo Mariner 18
Seismic Permitting Status in the GoM TGS Permitting Activity Recent TGS 3D activity is focused in the eastern CGOM planning area the most prolific producing area of the deepwater GOM Macondo Original TGS permit application filed…
Barents Sea - Hoop Fault Complex 3D 2011 Activity Eastern expansion announced 24 May 2011 adds 750 km2 Western expansion announced on 26 July 2011 adds 3,240 km2 Survey area now includes 7,180 km2 of continuous data…
North Sea 3D Moray Firth 3D North Viking Graben 3D 2011 acquisition completed 2011 acquisition in progress MF-11 adds 2,000 km2 of 3D data NVG 11 adds 1,131 km2 of 3D Near the Kildare and Buchan fields Total continuous coverage in…
North Sea Renaissance - a New Frontier 2D Data coverage West of Shetlands 2011 program includes 7,600 km Acquisition is complete Processing is in progress Total continuous coverage in NSR is 125,000 km Program in partnership…
Renaissance - Mid Norway and Norway Barents Sea Mid Norway MNR 2D 10,000 km Acquisition in progress Total coverage 91,000 km Norwegian Barents Sea NBR 2D 8,000 km Acquisition in progress Total coverage 64,500 km Both projects…
Northwest Africa Atlantic Margin NW Africa Atlantic Margin 20,000 km long offset 2D data planned 10,000 km acquired to date Covering multiple countries offshore areas in the passive margin of NW Africa Processing by TGS Joint…
3D Data Library in Indonesia Tarakan Basin 3D surveys TBN10 1,600 km2 Acquisition complete Processing in progress TBB11 1,820 km2 Acquisition complete Processing in progress Extensive play fairway with recent gas…
3D Vessel Commitments 2D 2011 Vessel Apr May Jun Jul Aug Sep Oct Nov Dec Seisquest Indonesia WG Waz Crew US Polar Duke Barents Sea Oceanic Challenger Moray Firth - UK Option Geo Pacific North Sea Geo Caribbean Sierra Leone…
Guidance Unchanged 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 29
Summary Another strong quarter confirms market recovery and TGS library quality Late sales increased 52% Y/Y Backlog at highest level since 2009 Customer interest and anticipated license round activity has driven record activity…
TGS Performs in all Cycles EBIT Margins vs. Seismic Peers 80 60 40 20 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -20 -40 -60 -80 -100 TGS Comp A Comp B Comp C 31
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