TGS Q4 2012 Earnings Release 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…
Q4 2012 Highlights Record high revenues of 281.4 MUSD, up 56% from Q4 2011 Continued strong profitability with operating profit (EBIT) of 117.9 MUSD, up 88% from Q4 2011 EBIT margin of 42% compared to 35% in Q4 2011 High Q4…
Net Revenue Breakdown Q4 2012 Q4 2011 GPS 6% GPS 10% 2D 20% 2D 39% 3D 51% 3D 74% Q4 2012 Q4 2011 Proprietary Proprietary Pre- 2% 5% funding Pre- 17% funding 23% Late sales Late sales 72% 81% 4
Net Revenue Breakdown Q4 2012 Q4 2011 Other Other 7% 15% NSA AMEAP 31% 19% NSA 44% AMEAP 22% Europe 29% Europe 32% 5
Financials Kristian K. Johansen Chief Financial Officer 6
Q4 2012 Income Statement Change USD million, except EPS Q4 2012 Q4 2011 in % Net operating revenues 281 181 56% Cost of goods sold - proprietary and other 5 0.4 1013% Amortization of multi-client library 44% 119 74 61% Gross…
Q4 2012 Cash Flow Statement Change in USD million Q4 2012 Q4 2011 % Received payments 292 213 37% Payments for operational expenses (39) (23) 73% Net gain/(loss) from currency exchange 3 (0.5) -678% Paid taxes (12) (0.1) 8567%…
YTD 2012 Income Statement Change USD million, except EPS 12M 2012 12M 2011 in % Net operating revenues 932 609 53% Cost of goods sold - proprietary and other 7 13 -46% Amortization of multi-client library 43% 387 242 60%…
YTD 2012 Cash Flow Statement Change in USD million 12M 2012 12M 2011 % Received payments 862 648 33% Payments for operational expenses (119) (98) 22% Net gain/(loss) from currency exchange - (2) -100% Paid taxes (80) (62) 29%…
Balance Sheet Change in USD million Q4 2012 Q3 2012 % Q4 2011 Assets Cash equivalents 339 205 65% 336 Financial investments available for sale 4 4 0% 19 Other current assets 458 404 13% 278 Total current assets 801 612 31% 632…
Investments per Vintage 3% 20700 % Net Book Value ()NBV) in % of Original Investment (year-end) 600 558 100% 500 400 59% 299 270 300 258 100% 200 153 132 40% 41% 100 60% 20% 20% 28% 0% 6% 0 2008…
Q4 Net Revenues vs. Net Book Value per Vintage 70% 60% 60% 50% 47% 40% 30% 23% 20% 20% 14% 11% 9% 10% 8% 3% 2% 2% 1% 0% 0% 0% pre-2008 2008 2009 2010 2011 2012 WIP Net revenues Net book value 15
Operational Highlights Robert Hobbs Chief Executive Officer 16
License Round Activity and TGS Positioning Northeast Greenland: Pre-round for Kanumas Consortium closed with awards expected Mar 2013 Ordinary Round closes Oct 2013 Norway: 22nd Concession Round closed with Canada - Onshore…
Q4 2012 Operations British Columbia Crew Akademik Shatskiy 2D Saskatchewan Crews Sanco Spirit 2D Akademik Fersman 2D Kansas Crew Ohio Crew Geo Caribbean 3D Akademik Shatskiy 2D Polar Explorer 2D Ramform Sterling 3D…
Northwest Africa NWAAM: 11,042 km 2D* expansion across Mauritania completed November 2012 TGS library in NWAAM already includes 17,674 km 2D* data and 2,567 km2 3D data Liberia: Sunfish 3D 7,800 km2 survey commenced January…
Angola 3D Extension Original survey 12,500 km2 Conjugate margin pre-salt basins, similar to hydrocarbon rich basins offshore Brazil Acquisition completed in late November 2012 Extension 4,064 km2 Data processing performed…
Australia The Three Bears 460 km2 Acquisition completed December 2012 Honeycombs 2,536 km2 Acquisition completed October 2012 Mary Rose 8,800 km2 Acquisition completed April 2012 Mary Rose NE 3,500 km2 Acquisition completed…
Central Gulf of Mexico Amerigo - 7,500 km2 Acquisition commenced December 2012 and will complete Q2 2013 Leverages adjacent TGS 3D data 12,000 m offsets allow for a deeper image Broadband Clari-Fi processing Preliminary data…
Northeast Greenland 2012 activity - NEG12* 3,446 km 2D data in Northeast Greenland 2013 licensing round: Greater than 7,500 km of data inside the Kanumas licensing round area Additional TGS data available in NE Greenland:…
Eastern Canada Labrador Sea* 22,000 km multi-client 2D survey offshore Newfoundland in the Labrador Sea Newfoundland Flemish Pass* 20,000 km multi-client 2D survey over Northeast Newfoundland Shelf 7,864 km acquired in 2012 and…
Onshore Surveys Ille Lake 3D United States Canada Firestone 3D - expanded to 658 km2 in liquid rich Neptune South - 218 km2 of 3D data in the Bakken Oil play Utica play Unity North - 130 km2 of 3D data in the Birdbear play of…
Clari-Fi TM Original processing Processing methodology that increases bandwidth and improves imaging May be applied to conventionally acquired pre- or post-stack data Addresses ghost and filtering effects Opportunities for…
Geological Products & Services TGS added 299,000 new LAS wells to its industry leading digital well log database in Q4 2012: 47,000 US LAS wells 252,000 Canada LAS wells 5,860 DS+ (directional surveys) also added 27
Outlook Robert Hobbs Chief Executive Officer 28
E&P Spending Increase of 7% Expected For 2013 Barclays expect 2013 global E&P spending to surpass 640 BUSD More than 300 oil and gas companies worldwide participated in the Barclays Capital survey about their spending intentions…
Acquisition Capacity Secured EUR NSA AMEAP Option 3D Vessels committed per 31 Jan 2013 3D Vessel Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Geco Eagle Angola Geo Caribbean Gulf of Mexico Option Polarcus Asima Liberia…
Summary Record high revenues in Q4 2012 of 281.4 MUSD (up 56% Y/Y) Full year revenue guidance exceeded with 2012 revenues of 932.2 MUSD Operating profit of 117.9 MUSD, 42% of net revenues (up 88% Y/Y) Full year 2012 operating…
TGS Performs in all Cycles ROCE vs. Seismic Peers EBIT Margins vs. Seismic Peers 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% -20% -20% -40% -40% -60% -60% -80% -80% -100% -100% -120% 1998 1999 2000 2001 2002 2003 2004…
Thank you 2013 TGS-NOPEC Geophysical Company ASA. All rights reserved.
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