TGS - 2011 Pareto Oil and Offshore Conference 1 September 2011 Robert Hobbs - CEO
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…
TGS in Brief 3
TGS Profile Leading provider of multi-client seismic TGS Main Offices data and related geoscientific products to the oil & gas industry Stavanger Oslo London Main offices: Houston and Oslo Houston Regional offices: London,…
TGS Business Model Multi-client focus (95%) Develop, manage, own and control G&G data Sell licenses to data (a Product not a Service) Customers get use of the data at a fraction of the cost Mitigate financial risk with pre-funding…
TGS Core Businesses Permanent Reservoir Geophysical Data Monitoring Geological Imaging Services 2D Seismic Integrated Permanent Digital well data Seismic processing 3D Seismic Reservoir Monitoring Directional Surveys Complex…
Key Financials 7
1H 2011 Highlights Net revenues were 268.1 MUSD, up 3% from 1H 2010 despite lower investments Net late sales of 182.8 MUSD were up 33% from last year Net pre-funding of 63.4 MUSD were down 44%, funding 60% of TGS operational multi-…
Revenue Development per Year Pre-funding vs. Late Sales Geographical Composition 600 600 17 25 84 102 98 500 500 33 55 75 92 400 19 400 145 57 195 380 86 134 300 338 300 64 321 44 79 118 8 301 312 102 36 70 200 200 41…
Balance Sheet as of 30 June 2011 As of 30 June 2011, TGS does not Other 125 Current have any interest bearing debt Goodwill 205 liabilities 86 123 Non-current Cash and cash equivalents Cash & liabilities represents USD 307…
MC Library Status as of 30 June 2011 Book Value vs Investments per Vintage 400 351 Accounting standards recommend to 350 100 % match revenues and costs in time. 297 300 258 TGS capitalizes the direct costs of 250 surveys as…
Revenues Q2 2011 vs. Book Value per Vintage Net Revenues vs Book Value per Vintage 60% More than 70% of the total NBV is associated with projects that are less 49% than one year old 50% 40% Revenue is generated across all 40%…
Operational Highlights and Future Outlook 13
License Round Activity and TGS Positioning Norway: APA bids due 14 September 2011 Northeast Greenland: Pre-Round 2012 Norway 22nd expected Q4 2012 Ordinary Round 2013 (nominations due in Q2 2012) United Kingdom: UK 27th round…
Seismic Permitting Status in the GoM TGS Permitting Activity Recent TGS 3D activity is focused in the eastern CGOM planning area the most prolific producing area of the deepwater GOM Macondo Original TGS permit application filed…
Activity Status In Other Key Geographic Areas Northern Europe 3D West Africa High activity in Barents Sea (Hoop Fault Complex) NW Africa Atlantic Margin 2011 Western & Eastern expansion add 3,240 km2 and 750 20,000 km long offset 2D…
Vessel Commitments 3D 2D 2011 Vessel Apr May Jun Jul Aug Sep Oct Nov Dec Seisquest Indonesia WG Waz Crew US Polar Duke Barents Sea Oceanic Challenger Moray Firth - UK Option Geo Pacific North Sea Geo Caribbean Sierra Leone…
TGS Business Model Proven Successful... EBIT margins vs. seismic peers Industry EBIT volatility* (1Q04 2Q11) 80 * Coefficient of variation, EBIT-% 60 Seismic peer B 160.3% 40 Subsea construction (median) 78.0% 20 Seismic peer A…
TGS Enters the Land Seismic Market with Firestone 3D Oil and Gas Capex in Offshore and Onshore 2006- 2011 Extensive knowledge gained from profitable 500 onshore multi-client business (well data) Global Capex (bn) 400 Increased…
Project: Firestone 3D Utica Shale Large formation existing below the Marcellus Analogous to Eagle Ford shale in Texas PA 307 square miles Columbiana and Carroll Firest one 3 D counties, Ohio OH Positioned in the Liquids Rich…
Guidance Unchanged Multi-client investments 280 330 MUSD Average pre-funding 55 65% Average multi-client amortization rate 41 47% Net revenues 600 650 MUSD Contract revenues of approximately 5% of total revenues 22
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 -20 -40 -60 -80 -100 TGS Comp A Comp B Comp C 23
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