2nd Quarter 2015 Financial Results Active Cash and Cost Management in Challenging Market Environment All results are presented before Non-Recurring Charges & write-off, unless stated otherwise
Q2 2015: Highlights Challenging market conditions impacting Q2 revenue Data Acquisition: weak pricing conditions in marine and low fleet availability rate Equipment: reduced volume GGR: sustained SIR activity and solid Multi-Client…
Q2 2015: Operational performance backed by efficient rollout of our Transformation Plan Group Revenue (In million ) Group Revenue at 473m, down (17)% q-o-q Equipment at 107m, down (15)% 689 Data Acquisition at 223m, down (24)%…
Operational Review 5
Equipment: Impacted by lower volumes Revenue (In million ) Marine Equipment Total sales at 107m, down (15)% q-o-q Land Equipment Low volumes driven by marine sales 196 76% Land and 24% Marine equipment 74 125 Internal sales…
Data Acquisition: Difficult market conditions Data Acquisition Revenue Total revenue at 223m, down (24)% q-o-q Land & MP (In million ) External revenue at 119m, down (45)% Marine 481 42% of the fleet dedicated to multi-client…
GGR: Continuing sustained profitability GGR Revenue Total revenue at 257m, up 8% q-o-q (In million ) SI & Reservoir MC Revenue Multi-Client at 120m, up 21% q-o-q 300 Multi-client capex up 11% in Q2 257 239 190 Prefunding sales…
Financial Review 9
Q2 2015: Cash management is paying off EBITDAs (In million ) EBITDAs at 112m A 23.6% margin 194 Operating Cash Flow at 101m 145 112 Not including (21)m non-recurring payments related 28.1% 25.5% 23.6% to the Transformation…
Debt Profile: Improved by our successful Convertible Bonds exchange offer Debt Maturity Profile as of Q1-End 2015 130 Public Exchange Offer on 2019 275 54 CB 90% successful 650 25 500 431 75 140 334 o As of June-end 2015, no…
Managing the liquidity and covenant headroom 4,0x 700m Net debt and liquidity by June-end 3,5x 600m Net Debt at 2,497m 3,0x 500m o Gearing at 95% 2,9x 2,9x 2,5x 2,7x 400m o Leverage ratio (Net Debt over LTM EBITDA) 2,5x 2,4x…
Outlook
Focus on delivery of Transformation Plan and Capex discipline Market environment continues to be challenging with low visibility, particularly in Marine Acquisition Marine Acquisition: margin expected to remain weak Equipment: volume…
Thank you
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Appendix
Appendix 1: Senior Debt status by Year-end 2013 Debt Maturity Profile by Year-End 2013 All amounts in m Closing FX rate at 1.38 325 Maturity at 4.3 years 59 56 RCF 30% drawn 2.1bn to repay/refinance 440 59 89 over the…
Appendix 2: Senior Debt status by Q2-end 2015 Debt Maturity Profile as of Q2-End 2015 All amounts in m Closing FX rate at 1.12 Maturity at 4.7 years 67 RCF 50% drawn 297 0.75bn to repay/refinance over the 2015-2019 period…
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