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Capital Markets Day – TGS

TGS · Jan 13, 2015 · 101 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. Capital Markets Day – TGS – slide 1
    TGS Capital Markets Day 13 January 2015 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved.
  2. Capital Markets Day – TGS – slide 2
    HSE Fire drills Emergency exits Assembly area outside of building 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 2
  3. Capital Markets Day – TGS – slide 3
    Agenda 08:30 09:00: 2014 Update and 2015 Guidance Robert Hobbs, CEO 09:00 09:20: Financial Review Kristian Johansen, CFO 09:20 09:45: Q&A 09:45 10:00: Coffee break 10:00 10:25: GPS Well Data A differentiator for profitable growth…
  4. Capital Markets Day – TGS – slide 4
    2014 Update and 2015 Guidance Robert Hobbs, CEO 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 5
  5. Capital Markets Day – TGS – slide 5
    Q4 update Delivering on expectations Q4 revenues expected to be approximately 298 MUSD, up 10% from Q4 2013 Record high quarterly 1000 revenues for TGS 800 Expected 2014 full year revenues of 600 approximately 915 MUSD, up 4%…
  6. Capital Markets Day – TGS – slide 6
    TGS performs in all cycles 80% 70% 60% 50% 40% 30% 20% 10% 0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 ROCE WACC Average EBIT margin above 40% stable EBIT performance…
  7. Capital Markets Day – TGS – slide 7
    TGS competitive advantage Asset light business model Global Quality Flexibility Geographically diverse Balance sheet data library Investment decisions not People and culture driven by vessel utilization Leadership in mature…
  8. Capital Markets Day – TGS – slide 8
    Oil price drop will challenge the seismic industry Oil Prices Break-Down Following 3+ years of relatively steady prices in the 100- 120 range, oil prices have dropped below 50 in January 2015 Magnitude and speed of the decline,…
  9. Capital Markets Day – TGS – slide 9
    Countercyclical investment drives future sales The top chart illustrates TGS operational multi- client investment during the last three years in which E&P spending declined year-to-year In each case, TGS took a countercyclical…
  10. Capital Markets Day – TGS – slide 10
    Addressing oil price and E&P spending declines Oil price decline over the past several months has put further pressure on E&P companies to cut back on spending Although many E&Ps have not yet released final budgets for 2015, the early…
  11. Capital Markets Day – TGS – slide 11
    High visibility of 2015 multi-client investments TGS has already committed to a significant 400 part of planned investments for 2015 300 Vessels and land crews secured at favorable terms reflecting challenging market 200 Several…
  12. Capital Markets Day – TGS – slide 12
    Panfilo 11,500 km2 multi-client 3D survey commenced in Q4 2014 Deep water Lund and Henderson protraction areas of Central Gulf of Mexico Survey covers mainly open acreage and targets future lease rounds 2015 TGS-NOPEC…
  13. Capital Markets Day – TGS – slide 13
    Declaration 6,000 km2 multi-client M-WAZ survey commenced in Q4 2014 Mississippi Canyon and Viosca Knoll protraction areas of the Central Gulf of Mexico Data being acquired orthogonal to TGS' underlying Justice WAZ 3D survey…
  14. Capital Markets Day – TGS – slide 14
    Snipe Phase 52 12,000 km multi-client 2D survey commenced in Q3 2014 Long offset, high resolution data in ultra deep water, extending to the U.S. Mexico boundary Supplements TGS existing library in the region and provides…
  15. Capital Markets Day – TGS – slide 15
    Ogo and Nessie FAN Nessie FAN - 54 block multi-client FAN (Full Azimuth Nodal) survey in the South Timbalier protraction area covering a number of existing fields and exploratory acreage Acquisition commenced in Q3 and will…
  16. Capital Markets Day – TGS – slide 16
    Northeast Greenland 13,000 km multi-year program commenced in 2014 Data being processed utilizing TGS proprietary Clari-Fi broadband technology Provides dense 2D coverage over awarded license blocks Upon completion of the…
  17. Capital Markets Day – TGS – slide 17
    Barents CSEM Further expansion of cooperation with EMGS to provide CSEM (controlled source electromagnetic) data to clients in the Barents Sea Approximately 10 new blocks in the Nordkapp and Tiddly areas Will provide clients…
  18. Capital Markets Day – TGS – slide 18
    Nerites Season 2 Australian 13,000 km2 multi- client 3D survey commenced in late 2014 Second season of the Nerites 3D seismic survey to fulfill work program commitment over EPP44 and EPP45 awarded November 2013 Prospective…
  19. Capital Markets Day – TGS – slide 19
    New Zealand 17,000 km 2D multi-client survey commenced in Q4 2014 Within the Reinga, Northland and Taranaki basins, offshore Northwest New Zealand 9 offshore permits granted to oil companies in Reinga- Northland, Taranaki, and…
  20. Capital Markets Day – TGS – slide 20
    Onshore projects Kaybob-Bigstone - 580 km2 3D-3C multi-client survey Expansion of TGS' existing coverage along the Duvernay fairway in West Central Alberta Freeport - 1,217 km2 3D multi-client survey Expansion of TGS existing…
  21. Capital Markets Day – TGS – slide 21
    2015 Guidance TGS expects multi-client investments of approximately 420 MUSD and additional Capex of 15 MUSD in 2015 TGS targets revenues of approximately 750 MUSD for 2015 TGS targets an EBIT of approximately 260 MUSD in 2015…
  22. Capital Markets Day – TGS – slide 22
    Financial Review Kristian Johansen, CFO 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 23
  23. Capital Markets Day – TGS – slide 23
    Strong cash generation through the cycles Cash flow from operations and free cash flow have been positive each year since 663 2006, a significant achievement and in 604 586 contrast to most other seismic companies 473 395 351…
  24. Capital Markets Day – TGS – slide 24
    Solid balance sheet backing TGS strategy Cash balance per Q3 2014 Other 160 Goodwill 84 317 Current liabilities represents 264 MUSD Cash 264 75 Non-current liabilities Dividend of 145 MUSD paid in June 2014 Receivables 365…
  25. Capital Markets Day – TGS – slide 25
    TGS dividend policy It is the ambition of TGS to pay an annual cash dividend that is in line with its long-term underlying cash flow. When deciding the annual dividend amount, the TGS Board of Directors will consider expected cash…
  26. Capital Markets Day – TGS – slide 26
    Strong cash generation supports dividend growth 9 8.5 8.5 6.0% 8 8 5.5% 7 6 6 5.0% 5 5 4 4.5% 4 3 4.0% 2 3.5% 1 0 3.0% 2009 2010 2011 2012 2013 2014 Dividend NOK Dividend yield * Dividend yield calculated based…
  27. Capital Markets Day – TGS – slide 27
    Guidance implies continued dividend support 800 Guidance implies that 2015 cash Tax payments collections are expected to cover Operational cost operational expenses, CAPEX, dividends, taxes and multi-client CAPEX Dividend…
  28. Capital Markets Day – TGS – slide 28
    Investments per vintage (at end Q3 2014) 600 522 100% 500 400 381 386 100% 69% 299 300 270 60% 200 51% 153 37% 100 40% 20% 2% 10% 0% 8% 0 2010 2011 2012 2013 2014 WIP Original investments Maximum…
  29. Capital Markets Day – TGS – slide 29
    Historical comparison Vintage data as of 31.12 Max 100% Max 100% 100% 90% 80% 70% 64% 64% 61% Max 60% 59% 60% 53% 51% 52% 50% 44% 40% 41% 40% Max 40% 32% 32% 29% 30% 30% 27% 28% Max 20% 20% 20% 16% 15% 13%…
  30. Capital Markets Day – TGS – slide 30
    Multi-client library performance Stable return on 2.5 investments with a sales / investment multiple close to 2x despite significant growth in investments Investment growth 0.0 (CAGR) of 8% over the 2008 2009 2010 2011 2012 2013…
  31. Capital Markets Day – TGS – slide 31
    Flexible cost base neutralizes cyclicality YTD Q3 2014 Breakdown Cost reduction initiatives initiated Cost of Reduction in Imaging Capex after major stock Depreciation options Other upgrade of processing center (2013-2014) 3% 1%…
  32. Capital Markets Day – TGS – slide 32
    Asset light business model with low capex 50 Capex expected to come down further in 2015 40 PRM business Major imaging capex in 30 USD million 2013-14 has improved quality and capacity 20 Strong focus on cost discipline…
  33. Capital Markets Day – TGS – slide 33
    Forex sensitivity P&L exposure: +/- 10% USD exchange rate against all companies with different LCY 6 The forex sensitivities are annualized based on 4 YTD Q3 2014 figures, i.e. a 10% decrease in M USD to the local currencies…
  34. Capital Markets Day – TGS – slide 34
    Sensitivity - Brent Oil Price vs TGS late sales Over the past 15 years (2000-2014), Brent Oil has increased 11 times year-to- year and declined 4 times (using weekly averages) In the 11 years that Brent Oil was higher, TGS Late Sales…
  35. Capital Markets Day – TGS – slide 35
    Shareholder distribution and development Institutional investors in the U.S. registered a net increase of 3.6 million shares since September U.S. shareholders now account for 28% of all shares outstanding and has shown a positive…
  36. Capital Markets Day – TGS – slide 36
    Well positioned to take advantage of downturn Strong cash flow generation through the cycles positions TGS well for a downturn Balance sheet remains strong with no interest bearing debt and solid cash position Proposed dividend of…
  37. Capital Markets Day – TGS – slide 37
    GPS Well Data A Differentiator for Profitable Growth John Adamick, SVP Geologic Products 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 38
  38. Capital Markets Day – TGS – slide 38
    Agenda Introduction to Geologic Products Context within TGS Metadata about the division Why is Well Data Important Case Study I Utica Shale Play Case Study II Well Performance Data Financial Metrics Opportunities for Growth…
  39. Capital Markets Day – TGS – slide 39
    Well positioned in the seismic value chain M U LT I - C L I E N T SERVICES Geophysical Data Geological Data Imaging Services 2D Seismic Digital well data Seismic processing 3D Seismic Directional Surveys Complex depth imaging…
  40. Capital Markets Day – TGS – slide 40
    Data types in the TGS library 2,600,000 km 2D 1,400,000 km and 96,000 km2 gravity 446,000 km2 3D 1,400,000 km aerograv/mag 49,000 km2 WAZ & M-WAZ 8,500,000 Digital Well Logs 10,000 km2 CSEM 105 Interpretation studies 402,000 km2…
  41. Capital Markets Day – TGS – slide 41
    TGS approach to developing a basin Risk Grav/Mag Well data G&G 2D Regional Interpret Further G&G 3D Next generation technology Time 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 42
  42. Capital Markets Day – TGS – slide 42
    TGS approach to well data WELL DATA PERMITS WELL HEADER SCOUT DATA OIL/GAS/WATER VOLUMES TYPES RASTER LOGS FORMATION TOPS WELL PERFORMANCE DIGITAL LOGS DRILL STEM TESTS DIRECTIONALS FRAC DATA 2015 TGS-NOPEC Geophysical Company…
  43. Capital Markets Day – TGS – slide 43
    Geologic Products & Services (GPS) product lines Validated Well Header Raster Wells Digital Wells Formation Tops Directional Surveys Well Performance Data Permit Data Interpretation Product 2015 TGS-NOPEC Geophysical…
  44. Capital Markets Day – TGS – slide 44
    Geologic Products & Services (GPS) Formed in 2007 from A2D (well GPS data) and Aceca (interpretation) 8% entities 335 employees 8-10% of total TGS revenue Seismic 92% Substantial backlog Partially subscription based Very…
  45. Capital Markets Day – TGS – slide 45
    Key business differentiators Seismic business Data is created by TGS Mostly multi-client Extensive database Perpetual license model Worldwide range Amortization over four years Well Data business Raw data is sourced Success…
  46. Capital Markets Day – TGS – slide 46
    Why is well data important Well data records critical borehole data and touches every aspect of exploration and production Well data has an infinite shelf-life Well data provides essential data about rock properties and provides a…
  47. Capital Markets Day – TGS – slide 47
    Seismic resolution vs. well log resolution 10m
  48. Capital Markets Day – TGS – slide 48
    Establishing the well data seismic connection Sonic & Density Wireline Logs Calculated Reflectivity Synthetic Seismogram Actual Seismic Trace 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 49
  49. Capital Markets Day – TGS – slide 49
    Integrated data and interpretation example Facies GDE Seq Lith Forties T6 T5 Maureen T1 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 50
  50. Capital Markets Day – TGS – slide 50
    North American well and seismic coverage 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 51
  51. Capital Markets Day – TGS – slide 51
    Global well and seismic coverage 2015 TGS-NOPEC 52 Geophysical Company ASA. All rights reserved.
  52. Capital Markets Day – TGS – slide 52
    Case study 1: Utica (enhancing value of seismic) 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 53
  53. Capital Markets Day – TGS – slide 53
    Seismic reconnaissance (whats hot and whats not) Well Data Sales Pattern - one month in 2014 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 54
  54. Capital Markets Day – TGS – slide 54
    Case study 2: Well performance data 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 55
  55. Capital Markets Day – TGS – slide 55
    Caprito Field - Delaware formation A/D opportunity 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 56
  56. Capital Markets Day – TGS – slide 56
    Caprito Field - Delaware formation A/D opportunity 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 57
  57. Capital Markets Day – TGS – slide 57
    Financial Metrics 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 58
  58. Capital Markets Day – TGS – slide 58
    Well data cumulative sales and investment performance 500 400 300 MUSD 200 100 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Cumulative Investment Cumulative Revenue Cumulative Gross Cashflow 2015…
  59. Capital Markets Day – TGS – slide 59
    Average well log revenue by vintage year 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 60
  60. Capital Markets Day – TGS – slide 60
    Opportunities for future growth Expansion of product lines in core markets Extension of existing data types New data types Derivatives The sum may be greater than the parts Geographical expansion M&A opportunities 2015…
  61. Capital Markets Day – TGS – slide 61
    License Rounds Key to continued late sales growth Stein Ove Isaksen, SVP Eastern Hemisphere 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 62
  62. Capital Markets Day – TGS – slide 62
    Late sales drivers TGS Revenue License Rounds Proprietary Prefunding Exploration success De-risking drilling programs Block spending commitments Govt. / TGS Acreage promotion Late Sales Reservoir management 2015…
  63. Capital Markets Day – TGS – slide 63
    Example of license rounds driving TGS revenue Brazil Revenues & 2013 Licensing Rounds Data sales associated with 11th Round activity Data sales associated with Pre-salt Round activity Pre-salt 11th Round Round Aug-12…
  64. Capital Markets Day – TGS – slide 64
    License round models Variety of license round models encouraging various degrees of competition: Scheduled vs. Sporadic Bids vs. Development Proposals Open Auction vs. Direct Negotiation Small Blocks vs. Large Blocks Open Acreage…
  65. Capital Markets Day – TGS – slide 65
    Norway Licensing Rounds 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 66
  66. Capital Markets Day – TGS – slide 66
    Norway licensing rounds Norway Exploration Round 2005 2008 2010 2012 2015 Participating Companies 24 46 37 36 40 nominating Number of Licenses awarded 13 21 24 24 - Successful Companies 17 34 29 29 - 2014/15 Norway Exploration…
  67. Capital Markets Day – TGS – slide 67
    Barents Sea 2014 APA area Legend Seafloor Sampling P Cable - 2D P Cable - 3D 3D Seismic 2D Cubed CSEM BSSE14RE 2D APA Area 23 Round Hearing Block 23 Round Nominations Licensed Blocks OPEN CURR 2015 TGS-NOPEC…
  68. Capital Markets Day – TGS – slide 68
    Barents Sea 23rd round nominations Legend Seafloor Sampling P Cable - 2D P Cable - 3D 3D Seismic 2D Cubed CSEM BSSE14RE 2D APA Area 23 Round Hearing Block 23 Round Nominations Licensed Blocks OPEN CURR 2015…
  69. Capital Markets Day – TGS – slide 69
    Barents Sea 23rd round hearing blocks Legend Seafloor Sampling P Cable - 2D P Cable - 3D 3D Seismic 2D Cubed CSEM BSSE14RE 2D APA Area 23 Round Hearing Block 23 Round Nominations Licensed Blocks OPEN CURR 2015…
  70. Capital Markets Day – TGS – slide 70
    2D reprocessing BSSE Legend Seafloor Sampling P Cable - 2D P Cable - 3D 3D Seismic 2D Cubed CSEM BSSE14RE 2D APA Area 23 Round Hearing Block 23 Round Nominations Licensed Blocks OPEN CURR 2015 TGS-NOPEC Geophysical…
  71. Capital Markets Day – TGS – slide 71
    3D database Legend Seafloor Sampling P Cable - 2D P Cable - 3D 3D Seismic 2D Cubed CSEM BSSE14RE 2D APA Area 23 Round Hearing Block 23 Round Nominations Licensed Blocks OPEN CURR 2015 TGS-NOPEC Geophysical Company…
  72. Capital Markets Day – TGS – slide 72
    Controlled source electromagnetics (CSEM) Legend Seafloor Sampling P Cable - 2D P Cable - 3D 3D Seismic 2D Cubed CSEM BSSE14RE 2D APA Area 23 Round Hearing Block 23 Round Nominations Licensed Blocks OPEN CURR 2015…
  73. Capital Markets Day – TGS – slide 73
    P Cable Legend Seafloor Sampling P Cable - 2D P Cable - 3D 3D Seismic 2D Cubed CSEM BSSE14RE 2D APA Area 23 Round Hearing Block 23 Round Nominations Licensed Blocks OPEN CURR 2015 TGS-NOPEC Geophysical Company ASA.…
  74. Capital Markets Day – TGS – slide 74
    Sea floor sampling Legend Seafloor Sampling P Cable - 2D P Cable - 3D 3D Seismic 2D Cubed CSEM BSSE14RE 2D APA Area 23 Round Hearing Block 23 Round Nominations Licensed Blocks OPEN CURR 2015 TGS-NOPEC Geophysical…
  75. Capital Markets Day – TGS – slide 75
    License rounds driving TGS revenue Norway Revenues Norway and 22nd Licensing Round NPD invite Deadline 22nd Round Deadline Awards 22nd NPD invite nominations block round Round nominations Announced 22nd round nominations…
  76. Capital Markets Day – TGS – slide 76
    GOM Licensing Rounds 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 77
  77. Capital Markets Day – TGS – slide 77
    Central Gulf of Mexico lease sale Central GOM Lease Sale 2000 2010 2012 2013 2014 Participating Companies 63 77 56 52 50 Number of Bids 469 468 593 407 380 Sum of High Bids 301M 949M 1,705M 1,215M 851M Sum of All Bids 455M…
  78. Capital Markets Day – TGS – slide 78
    Central GOM license rounds and TGS data 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 79
  79. Capital Markets Day – TGS – slide 79
    Central GOM license rounds and TGS data 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 80
  80. Capital Markets Day – TGS – slide 80
    Central GOM license rounds and TGS data 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 81
  81. Capital Markets Day – TGS – slide 81
    Central GOM license rounds and TGS data 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 82
  82. Capital Markets Day – TGS – slide 82
    Central GOM license rounds and TGS data 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 83
  83. Capital Markets Day – TGS – slide 83
    Central GOM license rounds and TGS data 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 84
  84. Capital Markets Day – TGS – slide 84
    Central GOM license rounds and TGS data 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 85
  85. Capital Markets Day – TGS – slide 85
    Central GOM license rounds and TGS data 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 86
  86. Capital Markets Day – TGS – slide 86
    Central GOM license rounds and TGS data Lease Expiries CGOM 400 200 0 2014 2015 2016 2017 2018 2019 2020 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 87
  87. Capital Markets Day – TGS – slide 87
    License rounds driving TGS revenue Central GOM Gulf of Mexico Revenues & March 2013 Lease Sale 47% of revenues in three months prior to Lease Sale Lease Sale Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13…
  88. Capital Markets Day – TGS – slide 88
    Licensing Rounds in New Areas 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 89
  89. Capital Markets Day – TGS – slide 89
    Newfoundland-Labrador scheduled land tenure Licensing cycles based on the level of seismic and drilling information available in each region resulting in continual, overlapping round activity 4-year cycle (Low Activity area)…
  90. Capital Markets Day – TGS – slide 90
    Mexico licensing round Round 1 is not expected to have a significant impact on TGS late sales Subsequent rounds anticipated over many years should drive sales from planned TGS investments in Mexico TGS 2D Data acquisition…
  91. Capital Markets Day – TGS – slide 91
    Future Expected Licensing Rounds 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 92
  92. Capital Markets Day – TGS – slide 92
    Other licensing round examples Country Round New Licensing TGS Data Comment Frequency Area or New Approach Norway Regular Annual APA, Exploration Round every 2 years Offshore USA Regular 5-year Plan Newfoundland-Labrador Regular…
  93. Capital Markets Day – TGS – slide 93
    License Round Activity and TGS Positioning North & South America Africa, Middle East, Asia Pacific Europe / Russia Central GOM Mar 2015 (5-Year Plan) Madagascar 2015 (expected) Norway APA awards 1H 2015, next round Western GOM Aug…
  94. Capital Markets Day – TGS – slide 94
    Concluding Remarks and Strategic Priorities Robert Hobbs, CEO 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 95
  95. Capital Markets Day – TGS – slide 95
    Strong track-record in navigating through downturns TGS business model and strategy 80% has historically performed well in 70% challenging markets 60% Industry leading return on capital 50% employed with returns above 20% at…
  96. Capital Markets Day – TGS – slide 96
    Backlog Backlog end of year (MUSD) TGS is entering into 2015 with 350 a record high backlog 300 Backlog consists of prefunding 250 of already committed investments, late sales on WIP 200 projects as well as GPS Well 150 Data…
  97. Capital Markets Day – TGS – slide 97
    NSA 2015 projects schedule EUR AMEAP Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Sanco Swift Australia 3D & WAZ Sanco Sword Australia Polarcus Adira Gulf of Mexico CGG StagSeisTM Crew Gulf of Mexico Ogo FAN Gulf…
  98. Capital Markets Day – TGS – slide 98
    2015 guidance TGS expects multi-client investments of approximately 420 MUSD and additional Capex of 15 MUSD in 2015 TGS targets revenues of approximately 750 MUSD for 2015 TGS targets an EBIT of approximately 260 MUSD in 2015…
  99. Capital Markets Day – TGS – slide 99
    TGS values TGS is responsible To our customers by providing quality products and exemplary service To our employees, we commit to treat one another with respect and dignity, recognizing the merit of each and every individual To the…
  100. Capital Markets Day – TGS – slide 100
    Summary Very challenging market expected for the next 24 months Shale and OPEC supply combined with demand concerns puts pressure on oil price Oil companies under pressure to reduce Capex TGS perfectly positioned to take advantage…

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