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Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company

Tgs-Nopec Geophysical Company · Apr 25, 2013 · 31 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. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 1
    TGS Q1 2013 Earnings Release Robert Hobbs Kristian K. Johansen Chief Executive Officer Chief Financial Officer
  2. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 2
    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…
  3. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 3
    Q1 2013 Highlights Record high Q1 revenues of 211 MUSD, up 10% from Q1 2012 Continued strong profitability with operating profit (EBIT) of 89 MUSD, corresponding to an EBIT margin of 42% High Q1 investment activity with new…
  4. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 4
    Net Revenue Breakdown Q1 2013 Q1 2012 GPS 7% GPS 2D 10% 16% 2D 25% 3D 3D 68% 74% Q1 2013 Q1 2012 Proprietary Proprietary 2% 14% Pre- funding Pre- 26% funding 39% Late sales 59% Late sales 60% 4
  5. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 5
    Net Revenue Breakdown Q1 2013 Q1 2012 Other Other 10% 12% AMEAP NSA 13% 38% NSA 64% AMEAP 39% Europe 13% Europe 11% 5
  6. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 6
    Financials Kristian K. Johansen Chief Financial Officer 6
  7. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 7
    Key Financials Net Revenues EBIT before non-recurring items 281 300 13 245 120 50% 250 215 7 211 45% 191 6 100 29 40% 181 4 200 5 35% 160 80 136 15 139 204 30% 150 11 109 113 60 89 94 101 118 25% 127 82 100 91 146 89…
  8. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 8
    Q1 2013 Income Statement Change USD million, except EPS Q1 2013 Q1 2012 in % Net operating revenues 211 191 10% Cost of goods sold - proprietary and other 16 0.4 3750% Amortization of multi-client library 38% 70 74 -5% Gross…
  9. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 9
    Q1 2013 Cash Flow Statement Change in USD million Q1 2013 Q1 2012 % Received payments 262 186 41% Payments for operational expenses (48) (23) 106% Paid taxes (36) (16) 122% Operational cash flow 179 147 22% Investments in…
  10. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 10
    Balance Sheet Change in USD million Q1 2013 Q4 2012 % Assets Cash equivalents 412 339 22% Milestones for earn-out payment Financial investments available for sale 4 4 0% for the acquisition of Stingray in Other current assets 348…
  11. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 11
    Investments per Vintage 3% 20700 % 100% 679 600 500 61% 400 299 300 270 200 153 60% 132 37% 100 20% 40% 4% 18% 23% 0% 0 2009 2010 2011 2012 WIP Original investments Maximum allowed NBV (year-end) Net…
  12. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 12
    Net Revenues vs. Net Book Value per Vintage 80% 70% 68% 60% 50% 44% 40% 30% 20% 17% 18% 17% 12% 9% 10% 6% 6% 3% 0% 1% 0% pre-2009 2009 2010 2011 2012 WIP Net revenues Net book value 12
  13. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 13
    Operational Highlights Robert Hobbs Chief Executive Officer 13
  14. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 14
    License Round Activity and TGS Positioning Northeast Greenland Pre-round for Kanumas Consortium closed with awards expected Q2 2013 Ordinary Round expected in Q4 2013 Norway 22nd Concession Round closed with Canada Onshore…
  15. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 15
    Q1 2013 Operations British Columbia Crew Geo Barents 3D Alberta Crew Kansas Crew Geo Caribbean 3D Ohio Crew Geco Eagle 3D Akademik Shatskiy 2D Geo Arctic 2D Polarcus Asima 3D 15
  16. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 16
    Liberia Sunfish 6,200 km2 3D survey commenced January 2013 with data available Q3 2013 prior to expected 2013 Liberia Bid Round TGS library in Liberia already includes 24,750 km 2D data and 18,350 km2 3D data Continued…
  17. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 17
    Sierra Leone SL-13 Infill 9,191 km 2D survey commenced March 2013 with data available Q4 2013 TGS library in Sierra Leone already includes 5,750 km 2D data and 6,268 km2 3D data Further extension of TGS data library in highly…
  18. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 18
    Angola 3D Extension Original 3D 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 3D completed in April…
  19. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 19
    Central Gulf of Mexico March 2013 Central Lease Sale 52 companies submitted 407 bids on 320 tracts Good alignment between areas of interest and TGS data Amerigo - 7,500 km2 Acquisition commenced December 2012 with preliminary…
  20. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 20
    Barents Sea - Finnmark Platform 3,500 km2 3D survey commenced March 2013 with data available Q3 2013 Data processing will be performed by TGS using Clari-FiTM Operational adjustments to survey associated with fish spawning…
  21. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 21
    Commercial Agreement with Fugro to Broker Data Exclusive right to license and market the majority of Fugros multi-client 2D library and receive commission fees on the sales of this data The agreement covers more than 1,000,000 km…
  22. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 22
    Strong Position in Onshore Market 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…
  23. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 23
    Reprocessing of Multi-client Library Brazil Largest 2D library in Brazil (in partnership with WesternGeco) Approximately 25,000 km of 2D data in Santos Basin reprocessed (originally acquired in 1999-2000) Significant additional…
  24. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 24
    Reprocessing of Multi-client Library Using Clari-FiTM Clari-FiTM Processing methodology that increases bandwidth and improves imaging May be applied to conventionally acquired pre- or post-stack data Addresses ghost and filtering…
  25. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 25
    Outlook Robert Hobbs Chief Executive Officer 25
  26. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 26
    Key Drivers for Continued Seismic Outperformance Geographic region Share of Q1 2013 revenues Key drivers for future investments and growth EUR Recent discoveries in mature markets in North Sea triggers increased optimism and demand…
  27. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 27
    Acquisition Capacity Secured EUR NSA AMEAP Option 3D Vessels committed per 31 Mar 2013 3D Vessel Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Geco Eagle Angola Geo Caribbean Gulf of Mexico Polarcus Asima Liberia Geo…
  28. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 28
    Backlog Historical Backlog (MUSD) 2009 2013 241.7 250.0 210.9 200.0 188.0 152.8 152.6 142.7 146.4 150.0 134.3 125.6 131.8 124.4 116.8 109.9 107.6 106.4 98.1 100.0 50.0 - Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3…
  29. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 29
    Summary Record high Q1 revenues of 211 MUSD, up 10% from Q1 2012 Continued strong profitability with operating profit (EBIT) of 89 MUSD, corresponding to an EBIT margin of 42% Cash flow from operations of 179 MUSD, up 22% from Q1…
  30. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 30
    TGS Performs in all Cycles EBIT Margins vs. Seismic Peers* 80% 60% 40% 20% 0% -20% -40% -60% -80% -100% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TGS Peer Range…
  31. Q1 2013 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 31
    Thank you 2013 TGS-NOPEC Geophysical Company ASA. All rights reserved.

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