TGS Presentation of the 2nd Quarter 2009 Results August 6th 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…
Q2 2009 Financial Highlights Gross Sales volume up 4% compared to Q2 2008 Net Late Sales 84.5 MUSD, up 6% from Q2 2008 Net prefunding 33.8 MUSD, down 18% from Q2 2008 covering 43% of operational Investments (77.7 MUSD, down 13% from…
Q2 2009 CASH FLOW Q2 2009 Q2 2008 Payments from Sales Received 76.7 85.5 Operational Costs Paid (14.9) (28.4) Gain/(Loss) from Currency Exchange 1.8 (1.3) Taxes Paid (19.1) (28.2) Operational Cash Flow 44.5 27.7 Investments in Fixed…
6M 2009 Financial Highlights Net Revenues 194.9 MUSD, down 19% from 6M 2008 Net Late Sales 114.4 MUSD, down 16% from last year Net Pre-funding revenues 68.2 MUSD, down 3% from last year Proprietary and Other revenue 12.3 MUSD, down…
6M 2009 CASH FLOW 6M 2009 6M 2008 Payments from Sales Received 206.8 283.6 Operational Costs Paid (35.8) (53.8) Gain/(Loss) from Currency Exchange 1.2 (5.0) Taxes Paid (31.8) (45.4) Operational Cash Flow 140.4 179.3 Investments in Fixed…
Balance Sheet Key Figures 6/30/2009 % 3/31/2009 % 12/31/2008 % Assets Cash 184.7 19% 228.6 25% 148.3 16% Investments Available for Sale 40.7 4% 46.5 5% 51.1 5% Other Current Assets 241.2 25% 163.7 18% 298.1 31% Total Current Assets…
Multi-Client Library 10
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 June 30th 2009 Net Book Value per Vintage vs allowed NBV at end of 2009. 350.0 Allowed: 100% 300.0 Allowed: 60% 250.0 Allowed: 20% 63% 200.0 150.0 43%…
Q2 2009 Multi-Client Net Revenues & Ending NBV - Seismic Surveys 57% 60% 55% 50% 40% 30% 30% 16% 20% 14% 10% 6% 10% 4% 5% 4% 0% 0% 0% Pre-2005 2005 2006 2007 2008 WIP Net Revenues in % of total Net Book Value…
Operations & Outlook Robert Hobbs Chief Executive Officer TGS-NOPEC Geophysical Company
Q2 2009 vs. Q2 2008 Net Revenue Breakdown Q2 2009 Q2 2008 Contract Pre-funding Contract 5% 27% 10% Pre-funding 31% Late Sales Late Sales 68% 59% Geological Geological Products 2D Products 12% 29% 17% 2D 35% 3D 3D…
Q2 2009 vs Q2 2008 Geographical Net Revenue Breakdown 70% 60% 50% 40% Q2 2009 Q2 2008 30% 51% 20% 54% 49% 10% 46% 0% Eastern Hem siphere Western Hem isphere 16
Q2 Operational Review 2D Activity Geo Baltic Geo Arctic Hawk Explorer Bergen Surveyor Mezen / Aquila Northern Genesis Explorer 17
Q2 Operational Review 3D Activity Ramform Viking GeoBarents WG WAZ BOS Arctic 18
GOM WAZ Programs Freedom 14500 km2 19
GOM WAZ Programs Freedom Extension 700 km2 Freedom 14500 km2 20
GOM WAZ Programs Freedom Extension 700 km2 Freedom 14500 km2 Liberty 3000 km2 21
Western Hemisphere North America Hernando 3D Phase 1 Survey combination agreement with PGS Expanded original 300 block survey to 365 OCS blocks (8500 km2) Costs and revenue on late sales split between parties based on…
Eastern Hemisphere W. Africa Regional 2D Survey Well-tie to significant recent discoveries in western Ghana 9,928 km completed in Ghana 3,500 km deepwater Benin project completed Both programs image open blocks with significant…
Eastern Hemisphere Northwestern Sumatra Seismic Program 5600 km of MC 2D Extended 1800 km of regional coverage into S. Java Acquisition complete early Q3 24
2009 Renaissance Season Continuation of three multi-year 2D projects Total of 40,000 km of 2D to be acquired during the 2009 season 2009 season will take total Barents Sea database to 180,000 km Surveys are conducted in…
Hoop 3D 4300 km2 over the Hoop Fault Complex in the Barents Sea Survey plan guided by 2D coverage and CSEM tests Coverage over open acreage and 20th Round award blocks Acquisition to be complete early Q4 26
Market Conditions Improved market for MC data from Q1 2009 Customer spending patterns remain difficult to predict Cautious market environment prevails Flexible business model and strong balance sheet position us well Availability…
Expectations for 2009 Multi-client investments USD 230 270 million Average pre-funding 45 55% Average multi-client amortization rate 35 40% Net revenues USD 470 530 million Contract revenues 5 10% of total revenues Cost reduction…
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 31
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