Pareto Securities Oil & Offshore Conference President & CEO Jon Erik Reinhardsen Oslo, September 2, 2015
Leading Marine Geophysical Company Imaging & Marine Contract MultiClient Operations Engineering Marine market Diverse Productivity Technology leadership MultiClient library leadership differentiation 48% of 2014 revenues 41% of…
Strategy for Taking the Lead Lessons Learned from Previous Downturns Conservative financial gearing creates cyclical robustness Long term financing in place Preserving dividend capacity MultiClient reduces earnings volatility…
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…
Resilient MultiClient Performance 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 %…
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)…
Cold-stacking Ramform Viking: Reducing Capacity, CAPEX and Costs Further Ramform Challenger and Ramform Explorer will, as earlier announced, be stacked after the North Europe acquisition season To further reduce cost and CAPEX and…
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,…
Order Book 700 600 Order book of USD 259 million by end Q2 2015 500 20% less capacity to fill from Q4 USD million 400 Vessel booking improved post quarter close* 300 95% booked for Q3 2015 55% booked for Q4 2015…
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…
Towed Streamer EM Mapping Resistivity of the Sub-surface Complementary to seismic Growing acceptance from oil companies Step change in efficiency compared to node based acquisition Superior data density resulting in more robust…
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…
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…
Loading...
