Earnings Release Q1 2012 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…
Q1 2012 Highlights Net revenues were 191.3 MUSD, up 45% from Q1 2011 Operating profit for the quarter was 88.9 MUSD, 46% of net revenues, compared to 59.0 MUSD (45% of net revenues) in Q1 2011 Multi-client investment of 101.2 MUSD…
Net Revenue Breakdown Q1 2012 Q1 2011 GPS 10% GPS 2D 12% 16% 2D 26% 3D 3D 74% 62% Q1 2012 Q1 2011 Proprietary Proprietary 2% 8% EP 28% EP 39% LP 59% LP 64% 4
Net Revenue Breakdown Q1 2012 Q1 2011 Other 12% Other 20% NSA NSA 38% 32% AMEAP 39% AMEAP 32% Europe Europe 11% 16% 5
Financials Kristian K. Johansen Chief Financial Officer 6
Q1 2012 Income Statement Change USD million, except EPS Q1 2012 Q1 2011 in % Net operating revenues 191 132 45% Cost of goods sold - proprietary and other 0.4 4 -90% Amortization of multi-client library 39% 74 48 53% Gross…
Q1 2012 Cash Flow Statement Change in USD million Q1 2012 Q1 2011 % Received payments 186 198 -6% Payments for operational expenses (23) (25) -10% Net loss from currency exchange (1) (1) -47% Paid taxes (16) (33) -52% Operational…
Balance Sheet Change in USD million Q1 2012 Q4 2011 % Assets Cash equivalents 421 336 25% Financial investments available for sale 15 19 -21% Other current assets 291 278 5% Total current assets 727 632 15% Intangible assets and…
Investments per Vintage 3% Net Book Value (NBV) in % of original investment (year-end) vs. allowed maximum % (year-end) 500 452 450 100 % 400 350 299 300 61 % 258 250 200 152 150 132 40% 100 40 % 29% 60% 27%…
Net Revenues vs. Net Book Value per Vintage 80% 74% 70% 60% 58% 50% 40% 30% 20% 18% 11% 10% 7% 8% 8% 5% 6% 4% 0% 1% 0% pre-2008 2008 2009 2010 2011 WIP Net revenues Net book value 12
Operational Highlights Robert Hobbs Chief Executive Officer 13
License Round Activity and TGS Positioning Norway: 22nd Round nominations due in January 2012 Northeast Greenland: 22nd Round blocks to be Opened 1 December 2011 announced summer 2012 and Bids due 15 December 2012 awarded spring…
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 Continued Expansion Mary Rose 8,800 km2 Acquisition completed in April 2012 and processing in progress Mary Rose NE 3,500 km2 Acquisition completed in April 2012 and processing in progress Gnaraloo 2,100 km2…
Growth Opportunities in Angola Angola is the 2nd largest oil producer in Africa Covering deep water blocks 35, 36 and 37 3D data totaling 12,500 km2 Highly prospective pre-salt blocks recently awarded by state-owned…
Continued High Activity in NW Europe Norway 22nd Round and UK 27th Round in 2012 Vessels under contract M/V Polar Duchess Commenced in April 2012 Approximate duration of 6 months M/V Amani Commenced in April 2012 Approximate…
Finnmark Platform 3D FP-12 adds 2,400 km2 of 3D data in the Norwegian Barents Sea Survey designed parallel to the margin of Finnmark Platform The survey covers 5 blocks recommended by Dept. of Oil and Energy to be included in…
2012 Norway 2D Activity North Sea Renaissance 2012 (NSR-12)* Commenced in April 2012 8,200 km Regional infill West of Shetland M/V Akademik Shatskiy Norwegian Barents Sea 2012 (NBR-12)* Commenced in March 2012 12,000 km…
Unconventional Oil Expected to Grow Rapidly Unconventional reservoirs are a key element of future energy supply 45% to 50%* of North American liquids production expected to come from unconventional assets by the end of the decade…
Outlook Robert Hobbs Chief Executive Officer 23
Key Drivers for Continued Seismic Outperformance Geographic region Share of Q1 2012 revenues Key drivers for future investments and growth EUR Recent discoveries in mature markets in North Sea triggers increased optimism and demand…
Acquisition Capacity Secured EUR NSA AMEAP Option Vessel Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Viking Vision Mary Rose NW Australia Geo Atlantic NW Australia. Geco Eagle Angola Option WG Waz Crew Patriot (GOM) WAZ Ramform…
Proposed 2011 Dividend of NOK 6 Per Share Strong commitment to return cash to shareholders Healthy cash generation and strong cash Dividend 2009 - 2011 balance Business model proven through the cycles Last 3 year average payout…
Summary Record high revenues in Q1 2012 of 191.3 MUSD (up 45% Y/Y) Solid operating profit of 88.9 MUSD, 46% of net revenues (up 51% Y/Y) All-time high backlog totaling 242 MUSD Guidance revised Multi-client investments 375 425 MUSD…
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 2005 2006…
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