Second Quarter and First Half 2015 Results Earnings Presentation
Resilient MultiClient Performance Financial performance: EBITDA of USD 125.1 million MultiClient pre-funding revenues of USD 112.0 million Pre-funding level of 152% Liquidity reserve of USD 545.7 million Marine contract revenues…
Order Book 700 Order book of USD 259 600 million by end Q2 2015 20% less capacity to fill from Q4 500 Vessel booking improved USD million 400 post quarter close* 95% booked for Q3 2015 300 65% booked for Q4 2015…
Financials Unaudited Second Quarter and First Half 2015 Results
MultiClient Revenues per Region Pre-funding and Late Sales Revenues Combined 250 Resilient MultiClient sales 200 performance in Q2 2015 150 Pre-funding revenues were USD million highest in Europe followed by Africa and…
Vessel Utilization Seismic Streamer 3D Fleet Activity in Streamer Months 100 % Sequential improvement 90 % of utilization from Q1 to 80 % Q2 70 % Utilization expected to 60 % improve further in Q3 50 % Approximately 50% of 40 %…
Group Cost* Focus Delivers Results 300 Strong cost development 283 271 270 270 277 continues with H1 2015 cost 27% 265 266 down from H1 2014 250 241 204** Q2 cost sequentially up from Q1 200 188** due to: Higher vessel…
Consolidated Statements of Cash Flows Summary Q2 Q2 H1 H1 USD million 2015 2014 2015 2014 Cash provided by operating activities 83.1 40.2 295.4 222.1 Investment in MultiClient library (73.6) (99.6) (137.6) (215.8) Capital expenditures…
Balance Sheet Key Numbers Strong Financial Position June 30 June 30 December 31 USD million 2015 2014 2014 Total assets 3 297.4 3 665.7 3 563.0 MultiClient Library 749.9 727.9 695.2 Shareholders' equity 1 799.9 2 012.3 1 901.6 Cash…
Attractive Debt Structure No Maturities Before 2018 Long term Credit Lines and Interest Nominal Total Financial Covenants Bearing Debt Amount as Credit Line of June 30, 2015 USD 400.0 million Term Loan (TLB), Libor USD 395.0 None, but…
Operational Update and Market Comments Unaudited Second Quarter and First Half 2015 Results
Current Market Characteristics Cautious spending pattern among oil companies continues to impact seismic demand Low visibility in all regions Very low prices for contract work with some further price pressure Further capacity…
Marine Contract Bidding Activity 3 500 Very low bidding activity 3 000 impacts industry pricing and 2 500 utilization USD million 2 000 Best contract opportunities are currently in Asia Pacific, especially Myanmar,…
Global Supply and Demand Trends 600 Total 3D volume in '000 sq.km. 500 400 15-20% decline in sq.km acquired is expected in 2015, compared to 300 2014 200 100 Average 2015 streamer capacity 0 expected down 13%, compared…
Streamer Operations July 2015 Ramform Vanguard Nordic Explorer - EM (Barents Sea) Ramform Viking Ramform Challenger Ramform Valiant Ramform Explorer Atlantic Explorer 2D Ramform Atlas (Canada) (North Sea ) Sanco Spirit…
Sale and Operating Leaseback of PGS Apollo The only non-Ramform designed 3D vessel in the PGS fleet and best suited for such a transaction 10-year bareboat charter, with an option for a 5- year extension at a reduced rate Option to…
Good MultiClient Sales Performance from All Vintages 900 Strong sales progress for all 800 vintages 700 Moderate net book values (NBV) for surveys completed 2010- 600 2015 USD million 500 Work In Progress (WIP)…
PGS Mexico MultiClient 2D Campaign PGS was the first seismic company to obtain permits and acquire data in Mexico 12,500 GeoStreamer line kilometers well tie program already completed with Fast Track data available 75,000 100,000…
In Conclusion: Well Positioned to Navigate the Challenging Market Resilient MultiClient performance Robust balance sheet No debt maturities before 2018 Reducing costs further Cost effective operations Improved productivity…
2015 Guidance EBITDA in the lower range of USD 550-700 million MultiClient cash investments of approximately USD 300 million Pre-funding level above 100% Capital expenditures of approximately USD 225 million Of which almost…
Thank you Questions
Appendix PGS Seismic Fleet Ramforms Conventional Delivery 2016 Titan class Ramform Titan Ramform Atlas Ramform Hyperion PGS Apollo Ramform Tethys S class Ramform Sterling Ramform Sovereign 2D/EM/Source V class Ramform…
Appendix Productivity Leadership is Key for Differentiation Relative cash cost efficiency per streamer per day PGS vessels Competitors vessels PGS cold-stacked vessels Recently decommissioned or expected to be decommissioned during…
Appendix Main Yard Stays Next 12 Months Vessel When Expected Type of Yard Stay Duration Apollo July 2015 Approximately Upgrade of deflectors 10 days and other in-sea equipment Sanco Spirit October 2015 Approximately Renewal…
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