Earnings Release Q3 2011 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 predict…
Q3 2011 Highlights Net revenues were 160 MUSD, up 23% from Q3 2010 Net late sales of 91 MUSD were down 10% from last year Net pre-funding of 54 MUSD was up 124%, prefunding ratio of 49% Operating profit for the quarter was 61 MUSD,…
Net Revenue Breakdown Q3 2011 Q3 2010 GPS 10% GPS 12% 2D 19% 2D 21% 3D 3D 71% 67% Q3 2011 Q3 2010 Proprietary Proprietary 10% 5% EP 18% EP 34% LP 56% LP 4 77%
Net Revenue Breakdown Q3 2011 Q3 2010 Other Other 15% 19% NSA NSA 28% 32% AMEAP AMEAP 18% 13% Europe Europe 39% 36% 5
Financials Kristian K. Johansen Chief Financial Officer 6
Q3 2011 Income Statement Change USD million, except EPS Q3 2011 Q3 2010 in % Net operating revenues 160 130 23% Cost of goods sold - proprietary and other 5 0 1244% Amortization of multi-client library 49% 71 57 24% Gross margin…
YTD 2011 Income Statement Change USD million, except EPS 9M 2011 9M 2010 in % Net operating revenues 428 391 9% Cost of goods sold - proprietary and other 13 2 563% Amortization of multi-client library 43% 168 180 -7% Gross…
Q3 2011 Cash Flow Statement Change in USD million Q3 2011 Q3 2010 % Received payments 101 132 -24% Payments for operational expenses (25) (18) 45% Paid taxes (9) (5) 77% Operational cash flow 66 109 -40% Investments in tangible…
YTD 2011 Cash Flow Statement Change in USD million 9M 2011 9M 2010 % Received payments 435 399 9% Payments for operational expenses (75) (57) 33% Net gain/(loss) from currency exchange (1) (0) 489% Paid taxes (62) (53) 17%…
Balance Sheet Change in USD million Q3 2011 Q3 2010 % Q4 2010 % Assets Cash equivalents 270 210 29% 290 24% Financial investments available for sale 18 25 -26% 21 2% Derivative financial instruments 0.1 - 0.4 0% Other current…
Investments per Vintage Net Book Value (NBV) in % of original investment (year-end) vs. allowed maximum % (year-end) 500 456 450 100 % 400 350 297 300 258 60 % 250 200 60 % 150 132 100 33 % 53 50 20 % 40 % 19 % 31 %…
Net Revenues vs. Net Book Value per Vintage 70% 59% 59% 60% 50% 40% 30% 21% 21% 20% 11% 10% 9% 10% 6% 3% 1% 0% 0% 0% pre-2007 2007 2008 2009 2010 WIP Net revenues Net book value 14
Operational Highlights Robert Hobbs Chief Executive Officer 15
License Round Activity and TGS Positioning Norway: 22nd Round nominations due in Northeast Greenland: January 2012 Opens 1 January 2012 Bids due December 2012 United Kingdom: UK 27th round expected Jan 2012 Newfoundland and…
Q3 2011 - 3D Operations Polar Duke Geo Pacific Ramform Viking Oceanic Challenger Atlantic Explorer Geo Caribbean 17
Q3 2011 - 2D Operations Akademik Fersman Akademik Lazarev Akademik Shatskiy Bergen Surveyor Sanco Spirit Aquila Explorer Artemis Atlantic Northern Explorer 18 Record number of vessels working for TGS in Q3 14 Vessels
Northeast Canada 22,000 km multi-client 2D survey offshore Newfoundland in the Labrador Sea The survey area is north of oil discoveries including Hibernia, Hebron, Terra Nova and White Rose. The seismic survey covers some areas…
3D in Europe Morey Firth 3D 2011 adds 2,400 km2 of new data for a total of 4,200 km2 North Viking Graben 3D 2011 adds 2,325 km2 of new data for a total of 6,800 km2 Partnership with PGS Northern North Sea 3D 1,306 km2 of new 3D…
Barents Sea - Hoop Fault Complex 3D High activity in Barents Sea (Hoop Fault Complex) 2011 Western & Eastern expansion add almost 4,800 km2 in 2011 Survey area now includes 8,300 km2 of continuous data coverage Q3 Contract…
Northeast Greenland 2D Program 2D Seismic 1,800 km multi-client 2D survey in Northeast Greenland in partnership with Fugro Data covering the announced Greenland Licensing Round in 2012/2013 The ice breaker M/V Fennica was used…
Russian Arctic - Laptev and East Siberian Seas 5,050 km of MC 2D in the Laptev and East Siberian Seas in Q3/early Q4 Acquisition in partnership with DMNG. Processing in progress 23
African Transform Margin Update Two surveys in Sierra Leone acquired in 2011 2,535 km2 1,038 km2 Upon completion TGS will have over 6,200 km2 of contiguous multi-client 3D data offshore Sierra Leone TGS has over ten years of…
Namibia 2D 15,000 km multi-client 2D seismic Covering major prospective basins in an underexplored area Expands existing TGS coverage in open acreage and total data coverage when completed will be 38,000 km Processing…
3D Vessel Commitments 2011 2D 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 Geo Pacific North Sea Geo Caribbean Sierra Leone…
Outlook Robert Hobbs Chief Executive Officer 27
Backlog 28
Summary Market Outlook All business segments showing revenue growth Late sale growth of 15% YTD in line with expectations Vessel capacity remains adequate to execute plan Gulf of Mexico Wide azimuth permit awarded Investment…
New 3D Projects Mary Rose 3D 9,700 km2 on Northwest Australia shelf Acquisition to commence in November 2011 Firestone 3D 795 km2 3D in eastern Ohio Utica shale play Recording to commence in Q1 2012 NKFE 2011 1,500 km2 adjacent…
2011 Guidance Maintained 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 slightly above 5% of total revenues 31
Loading...
