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Q2 2015 Results – Spectrum Asa

Spectrum Asa · Aug 21, 2015 · 24 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 Results – Spectrum Asa – slide 1
    2nd Quarter 2015 Results Unaudited August 21st 2015
  2. Q2 2015 Results – Spectrum Asa – slide 2
    Q2 2015 Highlights Q2-15 Q2-14 Change Net Revenue MUSD 35 MUSD 45 -22% EBITDA MUSD 26 MUSD 34 -26% EBIT MUSD 9 (*) MUSD 10 -13% * Including transaction cost of MUSD 0.9 related to the acquisition of the Fugro MC library Sales of…
  3. Q2 2015 Results – Spectrum Asa – slide 3
    Q2 2015 Highlights Acquisition of the Fugro Multi-Client Library successfully completed New Library builds momentum with our clients Time to enhance and realize value Take Ownership to Sales Reprocessing and Add-On Products…
  4. Q2 2015 Results – Spectrum Asa – slide 4
    Q2 2015 Highlights Mexico campaign started in cooperation with SLB and PGS License round in Brazil sparks oil companies interest in new basins
  5. Q2 2015 Results – Spectrum Asa – slide 5
    Spectrum library expansion
  6. Q2 2015 Results – Spectrum Asa – slide 6
    Q2 2015 Highlights Q2-15 Q2-14 Operational Cash Flow MUSD 15 MUSD 28 MC Investment MUSD 120 MUSD 38 CAGR MC investment 40% 2011-2014 2.0 2.0 1.8 1.8 1.6 1.6 1.4 1.4 1.2 1.2 1.0 Rolling MC Net 1.0 Rolling MC Net revenue 4…
  7. Q2 2015 Results – Spectrum Asa – slide 7
    Q2 2015 MC Revenue by Region Q2 Net revenue MUSD 35 1H 2015 Net revenue MUSD 49 15 12 22 32 2 1
  8. Q2 2015 Results – Spectrum Asa – slide 8
    Financials
  9. Q2 2015 Results – Spectrum Asa – slide 9
    Q2 2015 Income Statement Spectrum Group Quarter Quarter 6 months 6 months ended ended Change ended ended Change (USD 1000) 30.06.15 30.06.14 in % 30.06.15 30.06.14 in % Net revenue 34,743 44,590 -22% 49,630 82,591 -40% Amortisation…
  10. Q2 2015 Results – Spectrum Asa – slide 10
    Multi-Client NBV & Investments Q2 2015 MC investments MUSD 120 Library acquisition MUSD 108 Organic investment MUSD 12 (Prefunding of 23%) Amortization Q2 2015 46.6% (Q2 2014: 52.7%) 250 233 200 150 108 116 112 125 126 131 87…
  11. Q2 2015 Results – Spectrum Asa – slide 11
    Rolling Earnings & Net Sales / Book Value of MC library 2.0 1.8 1.6 1.4 EBITDA 4 quarter rolling / book 1.2 value of MC library rolling 1.0 EBIT 4 quarter rolling / book 0.8 value of MC library rolling 0.6 MC Net revenue 4 quarter…
  12. Q2 2015 Results – Spectrum Asa – slide 12
    Investment per Vintage Net Book Value (NBV) as % of original investment per financial year vs. allowed Maximum NBV MUSD 160 145.5 140 98% 120 84% 100 87.5 83.2 100% 80 57.5 60 51.3 44.9 62% 40 44% 38% 63% 20 40%…
  13. Q2 2015 Results – Spectrum Asa – slide 13
    Balance Sheet Key Figures SPECTRUM GROUP Assets 30.06.15 31.03.15 31.12.14 (USD 1000) (Unaudited) (Unaudited) (Audited) MC Library 233,364 129,328 131,266 Other Intangible Assets 17,085 17,573 15,434 Tangible Assets 5,329 5,630 5,868…
  14. Q2 2015 Results – Spectrum Asa – slide 14
    Q2 2015 Cash Flow Statement SPECTRUM GROUP Quarter Quarter 6 months 6 months 12 months Cashflow ended ended ended ended ended (USD 1000) 30.06.15 30.06.14 30.06.15 30.06.14 31.12.14 Cash flows from operating activities: Profit / (Loss)…
  15. Q2 2015 Results – Spectrum Asa – slide 15
    Operations
  16. Q2 2015 Results – Spectrum Asa – slide 16
    Operations highlights Three active surveys during Q2 Pelotas Phase 2 MC2D Mexico JV MC2D Namibia-South Africa cross border MC2D Sales from the Brazil 13th round surveys Taking ownership of the former Fugro MC library
  17. Q2 2015 Results – Spectrum Asa – slide 17
    Areas of High Interest Relevant Licensing activities Croatia - 2nd round expected in 2015 Peru - round expected in 2015 Brazil - 13th round ongoing Mexico - 1st round ongoing Madagascar - round expected in 2015 Norway - 23rd round in…
  18. Q2 2015 Results – Spectrum Asa – slide 18
    MC2D projects in Q2 Brazil, Pelotas campaign 12,000 km MC2D phase 2 completed and products available Complementing 7,500 km phase 1 data and 12,000 km reprocessed data Partnering with Schlumberger for all data in the Pelotas…
  19. Q2 2015 Results – Spectrum Asa – slide 19
    MC2D projects in Q2 Mexico MC2D JV Combining strength with Schlumberger and PGS Phase 1 program of 70,000 km broadband data 2 months ahead of competition, first mover advantage Cleanest data (no seismic interference) Fast track…
  20. Q2 2015 Results – Spectrum Asa – slide 20
    Brazil license round update Three surveys relevant to the 13th license round: 1. Sergipe Alagoas 30,000 km 2. Bahia Camamu 17,000 km 3. Pelotas Basin 31,500 km Round expected to close October 6th Good synergy with former Fugro…
  21. Q2 2015 Results – Spectrum Asa – slide 21
    Spectrum is the market leader in MC2D MC2D MC3D MC2D(1) MC3D Thousand Km, 2014 Thousand Km2, 2014 45% 39% 7% 6% 2% 1% 0% 25% 23% 21% 20% 7% 2% 1% 0% Market share (%) (1) Excluding WG MC2D (library data unknown) (2) PGS MC3D data…
  22. Q2 2015 Results – Spectrum Asa – slide 22
    Significant MC3D coverage 20,000 km2 Spectrum data Distribution former Fugro MC3D library 140,000 km2 former Fugro data Other 200,000 km2 Seamless Seismic Brazil Netherlands merged data USA Norway Australia Combined…
  23. Q2 2015 Results – Spectrum Asa – slide 23
    Outlook
  24. Q2 2015 Results – Spectrum Asa – slide 24
    Outlook MC investment of MUSD160-180 full year Oil companies adapting to lower oil price regime Seismic market remains challenging Extensive pipeline of new projects Required prefunding is the hurdle for go-ahead

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