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Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company

Tgs-Nopec Geophysical Company · Nov 4, 2010 · 29 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 1
    Earnings g Release Q3 Q 2010 Kristian K. Johansen Robert Hobbs Chief Financial Officer Chief Executive Officer 1
  2. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 2
    Forward-Looking o a d oo g Statements State e ts All statements in this p presentation other than statements of historical fact, are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions…
  3. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 3
    Q3 2010 Financial Highlights Net Revenues were 130.1 MUSD, up 4% from Q3 2009 Net late sales of 100 100.3 3 MUSD MUSD, up 30% from last year Net pre-funding of 23.9 MUSD, down 36%, funding 38% of TGS operational multi-client…
  4. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 4
    Q3 2010 Income Statement Q3 2010 Q3 2009 Change % Net Operating Revenues 130.1 125.0 5.1 4% COGS - Proprietary & Other 04 0.4 4.5 4 5 (4 1) (4.1) -91% 91% MC Amortization 46% 57.4 43.6 13.8 32% Gross Margin 72.3 77.0 (4.7) -6%…
  5. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 5
    Q3 2010 Cash Flow Statement Q3 2010 Q3 2009 Payments from Sales Received 131 6 131.6 133 3 133.3 Operational Costs Paid (17.5) (21.9) Gain/(Loss) from Currency Exchange 0.4 2.8 Taxes Paid (5.2) (5.6) Operational Cash Flow 109.3…
  6. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 6
    9 Months 2010 Financial Highlights Net Revenues were 390.7 MUSD, up 22% from 9M 2009 Net late sales of 238.2 238 2 MUSD were up 21% from last year Net pre-funding of 136.5 MUSD were up 29%, funding 53% of our operational…
  7. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 7
    9 Months 2010 Income Statement 9M 2010 9M 2009 Change % Net Operating Revenues 390.7 319.9 70.7 22% COGS - Proprietary & Other 19 1.9 5.9 5 9 (3 9) (3.9) -67% 67% MC Amortization 48% 179.7 122.7 57.0 47% Gross Margin 209.0 191.4…
  8. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 8
    9 Months 2010 Cash Flow Statement 9M 2010 9M 2009 Payments from Sales Received 399.1 340.1 Operational Costs Paid (56.6) (57.7) G i /(L Gain/(Loss) ) from f Currency C Exchange E h (0 2) (0.2) 41 4.1 Taxes Paid (52.6) (37.4)…
  9. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 9
    Balance Sheet 9/30/2010 % 6/30/2010 % 12/31/2009 % Assets Cash 209.9 18% 172.0 16% 243.5 21% Investments Available for Sale 24.6 2% 24.6 2% 27.2 2% Other Current Assets 308.6 27% 309.3 28% 339.8 30% Total Current Assets 543.1 47% 505.9…
  10. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 10
    Multi-Client Library 10
  11. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 11
    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…
  12. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 12
    Net Book Value vs. Investments per vintage - iin relation l ti tto allowed ll dNNett B kV Book l att year end Value d Allowed 600 100% 500 400 55% Allowed 40% 300 Allowed 0% Allowed 60% 200 32% 49% Allowed 20% 100…
  13. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 13
    Net Revenues vs. Net Book Value per vintage 70% 64% 60% 56% 50% 40% 30% 18% 20% 16% 15% 12% 13% 10% 1% 2% 2% 1% 0% 0% Pre-2006 2006 2007 2008 2009 WIP Net Revenues Net Book Value 13
  14. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 14
    Operations 14
  15. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 15
    Net Revenue Breakdown Q3 2010 Q3 2009 GPS GPS 13% 11% 2D 21% 2D 36% 3D 3D 53% 66% Q3 2010 Q3 2009 Proprietary Proprietary 5% 8% EP 18% EP 30% LP LP 62% 15 77%
  16. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 16
    Net Revenue Breakdown Q3 2010 Q3 2009 Western Hemisphere Western 48% Hemisphere 52% E Eastern Eastern Hemisphere Hemisphere 48% 52% 16
  17. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 17
    Q3 2010 - 3D Operations Ramform Viking Atlantic Explorer Nadia WG WAZ Crew GeoCaribbean 17
  18. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 18
    Q3 2010 - 2D Operations Q p Academik Lazarev Geo-Arctic Bergen Surveyor Aquila Explorer 18
  19. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 19
    A Leader in GOM WAZ Over 27,000 km2 of data in the Central GOM WAZ coverage over approximately pp y 25% of the deepwater subsalt play Freedom 16,600 km2 Liberty 3,050 km2 Justice 7,800 km2 Justice Completion July 16 (93% Complete)…
  20. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 20
    Superior Location Data positioned in the most prolific producing trend in the GOM Several major j significant g discoveries and developments recently announced Maturity of area exposes projects to both exploration l ti and d…
  21. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 21
    The Africa Transform Margin Seismic Leader Continued investment in the African Transform margin since 2000 Recent exploration success in Sierra Leone and Ghana 2D Seismic Surveys Sierra Leone 5,784 km Liberia 24,773 km Ghana 17,781…
  22. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 22
    The Seismic Data Leader in Greenland Baffin Bay 2010 Over 18,000 km 2D planned for 2010 Over 40,000 O 40 000 kkm ttotal t l seismic in the Baffin Bay area Greenland seismic library approximately 120,000 km TGS investment…
  23. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 23
    North Sea East Shetland Basin (ESB10) 1 100 km2 HD 3D 1,100 JV with PGS North Viking Graben (NVG10) 3,500 km2 3D JV with PGS Moray Firth (MF10) 1,650 km2 HD 3D 23
  24. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 24
    Offshore Norway y 2D Renaissance Long g Offset Eighth year of Renaissance joint venture with Fugro New Data: Barents Sea 15,000 km Mid Norway 10,000 10 000 km North Sea 15,000 km Vessels: Fugro Academik Lazarev Geo Arctic TGS…
  25. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 25
    Outlook 25
  26. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 26
    Backlog 200 190 180 158 157.7 160 152.8 140 132 131.8 123.8 122.5 125.6 119.5 120 107.6 106.4 98.1 100 80 60 40 20 0 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2…
  27. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 27
    Outlook 2010 Investment program has progressed as planned despite: Uncertaintyy regarding g g the regulatory g y environment in the US Gulf of Mexico Delayed multi-client survey activity in deepwater Angola TGS and customers…
  28. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 28
    Expectations p for 2010 Multi-client Multi client investments USD 300 330 million Average pre-funding 50 60% Average multi-client amortization rate 42 48% Net revenues USD 550 600 million Contract revenues of approximately 5% of…
  29. Q3 2010 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 29
    TGS Performs in all Cycles Profit Margin (EBIT) versus Peer Group 80 60 40 20 Ebitt Margin % 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -20 20 -40 -60 -80 -100 TGS Comp A Comp B Comp C 29

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