Earnings Release Q4 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 predict…
Q4 2011 Highlights Net revenues were 180.9 MUSD, up 2% from Q4 2010 Operating profit for the quarter was 62.7 MUSD, 35% of net revenues, compared to 81.4 MUSD (46% of net revenues) in Q4 2010 Impairment of 19.5 MUSD recognized in Q4…
Net Revenue Breakdown Q4 2011 Q4 2010 GPS GPS 10% 9% 2D 39% 2D 37% 3D 3D 51% 54% Q4 2011 Q4 2010 Proprietary Proprietary 2% 5% EP EP 15% 17% LP LP 81% 80% 4
Net Revenue Breakdown Q4 2011 Q4 2010 Other Other 15% 15% NSA 31% NSA 42% AMEAP AMEAP 20% 22% Europe Europe 32% 23% 5
Financials Kristian K. Johansen Chief Financial Officer 6
Q4 2011 Income Statement Change USD million, except EPS Q4 2011 Q4 2010 in % Net operating revenues 181 178 2% Cost of goods sold - proprietary and other 0 3 -86% Amortization of multi-client library 42% 74 68 8% Gross margin…
Q4 2011 Cash Flow Statement Change in USD million Q4 2011 Q4 2010 % Received payments 213 150 41% Payments for operational expenses (23) (23) -2% Net gain/(loss) from currency exchange (1) (1) -57% Paid taxes (0) (7) -98%…
2011 Income Statement Change USD million, except EPS 12M 2011 12M 2010 in % Net operating revenues 609 568 7% Cost of goods sold - proprietary and other 13 5 164% Amortization of multi-client library 43% 242 248 -3% Gross margin…
2011 Cash Flow Statement Change in USD million 12M 2011 12M 2010 % Received payments 648 550 18% Payments for operational expenses (98) (80) 22% Net gain/(loss) from currency exchange (2) (1) 27% Paid taxes (62) (60) 4%…
Balance Sheet per 31.12.11 Change in USD million Q4 2011 Q3 2011 % Q4 2010 % Assets Cash equivalents 336 270 24% 290 24% Financial investments available for sale 19 18 4% 21 2% Derivative financial instruments - 0.1 0.4 0% Other…
Investments per Vintage Net Book Value (NBV) in % of original investment (year-end) vs allowed 3% maximum % (year-end) 400 371 350 100 % 299 300 258 64 % 250 200 60 % 150 132 138 100 % 30 % 100 20 % 40 % 53 32…
Q4 Net Revenues vs. Net Book Value per Vintage 60% 54% 54% 50% 40% 30% 20% 20% 12% 12% 12% 10% 10% 9% 8% 4% 3% 3% 0% 0% 0% pre-2007 2007 2008 2009 2010 2011 WIP Net revenues Net book value 14
Operational Highlights Robert Hobbs Chief Executive Officer 15
License Round Activity and TGS Positioning Norway: 22nd Round nominations due in Northeast Greenland: January 2012 Opens 1 January 2012 22nd Round blocks announced Bids due December 2012 summer 2012 United Kingdom: UK 27th round…
Q4 2011 - 3D Operations Polar Duke Atlantic Explorer Geo Atlantic Patriot WAZ Crew Geo Caribbean Viking Vision 17
Q4 2011 - 2D Operations Akademik Fersman Akademik Lazarev Akademik Shatskiy Sanco Spirit Aquila Explorer Artemis Atlantic Northern Explorer 18
Constitution Wide Azimuth Complex Existing surveys Freedom 16,610 km2 Liberty 3,094 km2 Justice 7,911 km2 2012 plans Patriot - 11,665 km2 Acquisition commenced in December, 2011 Multi-WAZ survey Acquired 90 degrees to original…
Australia An Area of Growth Mary Rose - 9,700 km2 Acquisition commenced in November 2011 Mary Rose NE 3,100 km2 Acquisition commenced in December 2011 Additional programs in development for 2012 20
TGS Enters Angola Market Angola is the 2nd largest oil producer in Africa 3D data totaling 12,500 km2 Covering deep water blocks 35, 36 and 37 Highly prospective pre-salt blocks recently awarded by state-owned Sonangol Data…
Growth in Onshore US Market Firestone 3D Expanded to 1,040 km2 Designed to illuminate the Utica Shale Play Acquisition to commence Q1 2012 Survey positioned in the high- value liquids phase of the Utica Play Location of…
Western Expansion in Onshore US - Bucklin 710 km2 of 3D data Designed to illuminate the Mississippi Lime Oil Play Located in Ford and Kiowa Counties, Kansas TGS second onshore multi-client project in an unconventional…
Continued High Activity in NW Europe Norway 22nd Round in 2012 Vessels under contract M/V Polar Duchess Commence in April 2012 Approximate duration of 6 months M/V Armani Commence in April 2012 Approximate duration of 5 months TGS…
North and South Viking Graben Multi-year 3D seismic project in one of the most prolific areas of the North Sea Located near recent Sverdrup discovery (Avaldsnes) Project totals 6,857 km2 Acquired utilizing GeoStreamer…
Northeast Greenland Project 2011 program added 1,800 km of new seismic data Data acquired for lease round due to close December 2012 Operationally challenging however meticulous planning made for acquisition success 26
Canada and Greenland Eastern Canada 22,000 km multi-client 2D survey in the Labrador Sea began in 2011 Partnership with PGS and uses GeoStreamer technology Vessel will return in 2012 to acquire the remaining 11,300 km West…
Arctic TGS Data Available in: Laptev Sea 3,855 km acquired in 2011 East Siberian Sea 1,300 km acquired in 2011 Barents Sea 5,384 km2 acquired in 2011 Norwegian Sea 17,632 km acquired in 2011 Sea of Greenland Baffin Bay Offshore…
Outlook Robert Hobbs Chief Executive Officer 29
E&P Spending Increase Expected in 2012 in Millions 2011E 2012E % Change Barclays E&P spending survey 2012 US Spending 111,735 122,444 10% Roughly 350 oil and gas companies Canada Spending 36,076 37,260 3% worldwide surveyed about…
Summary Market outlook 2011 revenue guidance successfully realized Healthy 2012-outlook for E&P and seismic spending Lease sales in key geographic markets expected to trigger continued growth in late sales However, continued…
2012 Guidance Multi-client investments 315 365 MUSD Average pre-funding 50 60% Average multi-client amortization rate 41 47% Net revenues 700 760 MUSD Contract revenues approximately 5% of total revenues 34
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 2011 -20 -40 -60 -80 -100 TGS Comp A Comp B Comp C 35
Loading...
