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Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company

Tgs-Nopec Geophysical Company · Jul 30, 2015 · 28 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. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 1
    Q2 2015 Earnings Release Robert Hobbs Kristian K. Johansen CEO COO / Interim CFO 30 July 2015
  2. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 2
    Q2 2015 Highlights Q2 Net revenues of 140 MUSD compared to 205 MUSD in Q2 2014 Net late sales of 82 MUSD, down 40% from 137 MUSD in Q2 2014 Net pre-funding revenues of 53 MUSD were down 12% from Q2 2014, funding 45% of TGS…
  3. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 3
    Operational Highlights 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 4
  4. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 4
    Q2 2015 Operations Ramform Valiant 3D JV Atlantic Guardian EM JV Polarcus Adira 3D Ohio Crews Polar Duchess 3D JV Oklahoma Crew Bergen Surveyor P-Cable JV Ogo FAN JV CGG WAZ Crew Hawk Explorer 2D Sanco Swift 3D JV…
  5. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 5
    Q2 Activity North America Mexico Gigante 181,500 km multi-client 2D survey Regional 2D survey commenced in Q2 2015 and expected to complete in H2 2016 Survey includes world class producing trends such as the Perdido fold belt and…
  6. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 6
    Q2 Activity Asia Pacific Australia Monuments 2,500 km2 multi-client 3D survey Acquisition completed in Q2 2015 in partnership with Dolphin Geophysical Extends TGS data coverage in North Carnarvon Basin Nerites Season 2 13,000 km2…
  7. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 7
    Q2 Activity Europe Barents Sea Europa - 2,900 km2 multi-client 3D survey Acquisition completed in Q2 2015 South-East Norwegian Barents Sea Hjalmar 3,000 km2 multi-client 3D survey Acquisition expected to complete in Q3 2015…
  8. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 8
    Q2 Activity North America Onshore Freeport - 1,777 km2 3D multi-client survey Blanchard 1,100 km2 3D multi-client survey Utica play, central Ohio South Central Oklahoma Oil Play (SCOOP), Oklahoma Acquisition will complete in H2…
  9. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 9
    Polarcus Library: Western Atlantic Margin Corridor Letter of Intent to acquire Polarcus multi-client library (excluding Australia) for 27.5 MUSD, target close date early August Deal includes payments of 2014 and 2015 acquisition…
  10. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 10
    Financials 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 11
  11. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 11
    Key Financials Net Revenues EBIT before non-recurring items 191 271 222 205 190 298 172 140 350 140 50% 300 9 120 10 40% 250 100 11 8 200 9 80 30% 9 6 226 5 150 218 137 60 120 111 20% 137 130 72 94 100 138 40 80 82 82 71 10% 50…
  12. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 12
    Net Revenue Breakdown Q2 2015 Q2 2014 GPS GPS 10% 2D 8% 15% 2D 11% 3D 3D 75% 81% Q2 2015 Q2 2014 Other Other 14% 12% AMEAP AMEAP 17% 16% NSA NSA 51% 50% Europe Europe 19% 21% 2015 TGS-NOPEC Geophysical…
  13. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 13
    Q2 2015 Income Statement USD million, except EPS Q2 2015 Q2 2014 Change in % Net revenues 140 205 -32% Cost of goods sold proprietary and other 0.1 0.4 -85% Amortization of multi-client library 55% 74 85 -13% Gross margin 66 119…
  14. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 14
    Q2 2015 Cash Flow Statement USD million Q2 2015 Q2 2014 Change in % Received payments from customers 141 163 -14% Payments for operational expenses (25) (33) 23% Paid taxes (29) (64) 54% Operational cash flow 86 66 30% Investments…
  15. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 15
    YTD 2015 Income Statement USD million, except EPS YTD 2015 YTD 2014 Change in % Net revenues 311 427 -27% Cost of goods sold proprietary and other 0.6 3 -80% Amortization of multi-client library 59% 178 173 3% Gross margin 132 251…
  16. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 16
    YTD 2015 Cash Flow Statement USD million YTD 2015 YTD 2014 Change in % Received payments from customers 478 468 2% Payments for operational expenses (57) (69) 19% Paid taxes (75) (111) 33% Operational cash flow 346 287 21%…
  17. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 17
    Balance Sheet USD million Q2 2015 Q1 2015 Change in % Q4 2014 Assets Cash and cash equivalents 176 352 -50% 256 Other current assets 308 312 -1% 521 Total current assets 484 664 -27% 778 Intangible assets and deferred tax asset 82…
  18. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 18
    Investments per Vintage 700 685 100% 609 600 500 381 60% 400 60% 300 270 48% 200 153 40% 28% 100 20% 2% 6% 0 0% 2011 2012 2013 2014 WIP Original investments Maximum allowed NBV (year-end) Net Book…
  19. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 19
    Net Revenues vs. Net Book Value per Vintage 60% 57% 50% 50% 40% 35% 63% 30% 24% 20% 13% 10% 7% 6% 4% 2% 2% 0% 0% 0% pre-2011 2011 2012 2013 2014 WIP Net revenues Net book value 2015 TGS-NOPEC…
  20. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 20
    Strong Cash Generation Delivers Shareholder Value Dividend per Share (NOK) and Dividend Yield* 2015 Dividend Yield vs OSX Index* 9 8.5 8.5 6.0% 8 5.2% 8 5.5% 7 4.1% 6 6 5.0% 3.4% 3.4% 5 3.1% 5 4 4.5% 2.5% 4 2.2% 2.0% 2.0% 1.9% 3…
  21. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 21
    Outlook 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 22
  22. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 22
    Outlook Demand for seismic data has significantly deteriorated over the first six months of 2015 and the outlook for improvement in the market remains quite uncertain EUR Hjalmar 3D and P-Cable surveys expected to complete in Q3…
  23. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 23
    License Round Activity and TGS Positioning North & South America Africa, Middle East, Asia Pacific Europe / Russia Central GOM Mar 2016 (5-Year Plan) Madagascar 2015 (expected) Norway APA Sep 2015 (bids due) Western GOM Aug 2015…
  24. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 24
    Backlog Historical Backlog (MUSD) 2011 - 2015 350 300 250 200 150 281 293 260 242 224 242 100 211 213 188 185 178 193 153 143 146 134 50 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2011 2012 2012 2012 2012…
  25. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 25
    2015 Projects Schedule NSA EUR AMEAP Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Sanco Swift Australia Australia JV Sanco Sword Australia U.S. Gulf of Mexico Barents Sea 3D & WAZ Polarcus Adira Barents Sea CGG…
  26. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 26
    Summary Q2 net revenues of 140 MUSD Q2 operating profit of 36 MUSD, 26% of net revenues Q2 multi-client investment of 116 MUSD Challenging seismic market characterized by uncertainty. However, long-term future of asset-light,…
  27. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 27
    TGS Performs in all Cycles EBIT margin vs. Seismic peers Return on Capital Employed 80% 80% 70% 60% 60% 40% 50% 20% 40% 30% 0% 20% -20% 10% -40% 0% Peer Average TGS ROCE WACC Average EBIT margin…
  28. Q2 2015 Earnings Call – Tgs-Nopec Geophysical Company – slide 28
    Thank you www.tgs.com 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved.

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