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Danske Markets Conference – Petroleum Geo Services (PGS)

Petroleum Geo Services (PGS) · Aug 20, 2015 · 16 slides

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Slides

  1. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 1
    Danske Bank Markets Summer Update EVP & CFO Gottfred Langseth Oslo, August 20, 2015
  2. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 2
    Resilient MultiClient Performance Q2 2015 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…
  3. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 3
    Financial Summary Revenues EBITDA* 250 430 395 394 210 216 212 400 382 202 201 366 359 200 337 182 171 300 293 USD million 150 USD million 251 256 139 128 125 200 100 100 50 - - EBIT** Cash Flow from…
  4. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 4
    Condensed Consolidated Statement of Operations Summary Q2 Q2 Percent H1 H1 Percent USD million (except per share data) 2015 2014 change 2015 2014 change Revenues 255.8 337.0 -24 % 506.9 629.5 -19 % EBITDA* 125.1 170.6 -27 % 252.6…
  5. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 5
    Proactive Cost Reductions Continue in 2015 1200 -90 -65 -40 -60 1000 -115 +10 +20 800 USD million 600 400 200 0 2014 cash cost Cost reduction 2014 cash cost Vessel capacity Fuel Foreign Other cost Yard and…
  6. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 6
    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…
  7. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 7
    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…
  8. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 8
    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…
  9. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 9
    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…
  10. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 10
    Marine Contract Bidding Activity 3 500 3 000 Very low bidding activity impacts industry pricing and 2 500 utilization USD million 2 000 Best contract opportunities are currently in Asia Pacific, especially Myanmar, with…
  11. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 11
    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…
  12. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 12
    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…
  13. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 13
    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)…
  14. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 14
    Solid MultiClient Pre-funding 180 % 160 % 140 % Pre-funding level in H1 2015 has averaged 144% MC pre-funding 120 % 100 % Driven by projects in Africa, Europe and Australia 80 % 155 % 151 % 143 % 143 % 144 % 60 % 112…
  15. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 15
    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…
  16. Danske Markets Conference – Petroleum Geo Services (PGS) – slide 16
    Thank you Questions

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