4th Quarter & Full-Year 2016 Financial Results Weak volumes in difficult market conditions Financial restructuring process engaged All results are presented before Non-Recurring Charges & write-off, unless stated otherwise
Agenda 2016 operational review Transformation Plan delivery 2016 financial review 2017 outlook and financial restructuring 3
2016 Operational Review 4
2016 key highlights Revenue at 1,196m EBITDAs at 328m Operating income at (213)m Oceanic Endeavour at work in the Black Sea in Q4 2016 Good execution of our Transformation Plan with strong cost reduction programs Net debt…
GGR: profitability hampered by higher multi-client amortization GGR Revenue Total revenue at 784m, down (29)% y-o-y SI & Reservoir (In million ) MC Revenue Multi-Client sales at 383m, down (30)% y-o-y 1,384 Multi-Client sales…
Equipment: persistent low external volumes Revenue Marine Equipment (In million ) Land Equipment Total sales at 255m, down (42)% y-o-y 802 Sales split: 56% Land and 44% Marine 287 Land sales: Sercel 508XT in India, Russia and…
Contractual Data Acquisition: weak activity and low pricing conditions Total revenue at 238m, down (61)% y-o-y Contractual Data Acquisition Revenue (In million ) Land & MP Marine revenue at 133m, down (70)% y-o-y Marine 1,057…
Non-Operated Resources (N.O.R) EBITDAs at (22)m Non-Operated Resources OPINC (In million ) Operating income at (84)m 60 2014 2015 2016 Increase in cold-stacked vessels and corresponding equipment: (17) (28) 3 vessels…
Transformation Plan Delivery 10
Transformation Plan: 2016 implementation in a tough market Portfolio GGR 60% and Contractual Data…
Transformation Plan: 2014-2016 achievements Marine monthly cost structure(1) G&A expenses Base (m) 100 216 (61)% 72 (75)% 147 99 36 84 25 YE 2013 YE 2014 YE 2015 YE 2016 2013 2014 2015 2016 Headcount(2) Total Capex(3)…
2016 Financial Review 13
2016 Q4 and full-year P&L In Million Q4 2016 FY 2016 Total Revenue 328 1,196 Group EBITDAs excluding NOR 105 350 NOR (5) (22) Group EBITDAs 100 328 Group OPINC excluding NOR (52) (129) NOR (18) (84) Group OPINC (70) (213) Equity…
2016: tight cash management throughout the year EBITDAs EBITDAs at 328m (m) 994 27.4% margin sustained in a tough environment 661 Operating Cash Flow at 522m 32.1% 328 31.4% 27.4% Capex strictly monitored at 395m 2014 2015…
Too heavy debt burden Debt and Liquidity by end December Group Liquidity at 539m with RCF fully drawn Group Net Debt at 2,312m as of December 2016 versus 2,304m by September-end Maintenance covenants disapplied at year end…
Outlook and financial restructuring
Outlook Market conditions: no improvement expected in 2017 2017 operating results expected to be in line with 2016, with a weak Q1 due to vessel swap and mobilization Multi-client cash capex expected to be at 250-300m, with cash…
Financial restructuring process engaged Mandataire ad hoc appointed on February 27th Requested waivers to appoint a mandataire ad hoc and obtained consents To better organize and facilitate discussions with and between all…
A global best-in-class Geoscience company Over Around 86 years 800,000 5,800 5 million Sercel land channels of pioneering km of permanent deployed worldwide offshore data employees Among the worlds top15 500 50 locations…
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