Investor Presentation - TGS Reports... · Investor Presentation. Forward-Looking Statements. 2. All...

March 2017

Investor Presentation

Forward-Looking Statements

2

All statements in this presentation other than statements of historical fact, are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include TGS’ reliance on a cyclical industry and principal customers, TGS’ ability to continue to expand markets for licensing of data, and TGS’ ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

©2017 TGS-NOPEC Geophysical Company ASA. All rights reserved

This is TGS

The worlds largest geoscience data company,known for its asset light – multi-client business model

Global multi-client data librarycovering frontier & mature basins

Main offices: Oslo and Houston

Regional offices: London, Perth, Calgary,Singapore, Mexico City and Rio de Janeiro

~600 employees

Traded on Oslo Stock Exchange,part of OBX Index (25 most liquid shares at the OSE)

Market Cap: ~$2.5 billion

Leading global provider of multi-client seismic and geoscience data

Calgary

Singapore

Perth

Houston

LondonOslo

Rio

Mexico

©2017 TGS-NOPEC Geophysical Company ASA. All rights reserved 3

Recent activities

6 5 5 53 3

7

3

0

2

4

6

8

10

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Proprietary revenues

72 82 90 90

38

84 67

145

020406080

100120140160

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Late sales revenues

60% Y/Y

94

5374

3723 26

3917

0

20

40

60

80

100

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Prefunding revenues

172 140 169 13264

114 113165

0

50

100

150

200

250

300

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Total revenues

5

Q4 2016 Net Revenues

-53% Y/Y

-37% Y/Y

25% Y/Y


Project activity – U.S. GOMRevolution XII / XIII• ~7,150 km2 (306 OCS blocks) multi-client full-azimuth survey in

collaboration with Schlumberger in Green Canyon, Atwater Valley and Ewing Bank areas

• Survey utilizes WesternGeco’s proprietary Q-Marine* point-receiver marine seismic system combined with proprietary multi-vessel, Dual Coil Shooting acquisition technique

Fusion M-WAZ reimaging program• M-WAZ reimaging program in collaboration with Schlumberger in

Mississippi Canyon, Atwater Valley and Ewing bank areas• ~23,000 km2 (1,000 OCS blocks ) from 3D WAZ programs

previously acquired from 2008 to 2012

Otos multibeam and seep study• ~289,000 km2 multibeam and 250 cores with advanced

geochemistry analysis covering U.S GOM• Designed to mirror the successful Gigante multibeam and seep

study in the Mexican GOM

Well positioned for future GOM licensing rounds• Core TGS areas continue to see the highest activity level and

benefit from significant lease turnover over the coming years• Two licensing rounds per year from 2017

6

*Mark of Schlumberger


Project activity – Atlantic MarginAM17 Atlantic Margin 3D

• 40,000 km2 project in the central-southern Norwegian Sea – largest 3D survey carried out by any company in Northern Europe

• Covers largely open blocks in a relatively under-explored area with limited drilling to date

• Several blocks expected to be included in the 24thlicensing round in Norway

• Acquisition in 2017 and 2018

North West African Atlantic Margin NWAAM 2017

• Over 11,500 km of multi-client 2D seismic in partnership with PGS completed in Q1 2017

• Designed to infill, extend and complement the TGS NWAAM 2012 2D survey which helped with recent commercial discoveries in the MSGBC basin

• Confirms TGS commitment to the leading frontier basin in Africa, where TGS now has approximately 40,000 km of 2D data and 8,000 km2 of 3D data

7©2017 TGS-NOPEC Geophysical Company ASA. All rights reserved

Project activity – Permian BasinWest Kermit 3D Onshore

• TGS’ first survey in the prolific Permian Basin

• 355 km2 of high-resolution data in Loving and Winkler counties, TX, in the Delaware basin

• Designed to assist in the evaluation and development of multiple zone potential including highly productive Wolfcamp and Bone Spring intervals

• Acquisition in Q2 and Q3 2017 – data available in Q4

Permian Well Database

• Substantial completion of comprehensive Permian well database announced to customers in Q1 2017

• Data from over 430,000 wells (including validated well headers and digital LAS) and multiple interpretive products

• TGS data will allow operators to better assess the positions available in the basin, prepare for A&D activity, and ensure the safe, reliable, and optimal production of their acreage positions


Financials

Maintaining Robust Cash Flow Through the Downturn

Cash conversion rate

10

• Flexible business model gives high cash conversion rates

• Cash conversion has kept up well during downturn

CFFO and CFC

• High cash conversion rates are resulting in solid cash flows despite net revenues halving from peak

60% 60%68% 72%

80%71%

63%69%

92%

71%

30%

11%18%

24%33%

19%15%

20%12%

20%

0%10%20%30%40%50%60%70%80%90%

100%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016CFFO/Net revenues FCF*/Net revenues

0

100

200

300

400

500

600

700

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

MU

SD

Cash Flow From Operations (CFFO) Free Cash Flow (FCF)**Cash Flow from Operations – Multi-client Investments

Flexible Business Model Provides Downside Protection

Reduction of cash outflow from 2014 to 2016

11

• Total cash outflow related to operations and investments was reduced by 44% from 2014 to 2016

Still acquiring a lot of dataData acquisition volumes and MC investments

• Due to different mix and full-year benefit from low vessel rates 2017 data volumes is expected to be up ¼ y/y despite flat dollar investments

* Adjusted for mix in different data types from year to year by applying normalization factors** Marine seismic acquisition investments. Investments related to risk share arrangements moved to the years when data acquisition took place

0

20

40

60

80

100

120

Inde

x (2

015=

100)

Data acquistion volumes* MC investments**

35%

46%

70%

41%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Other operating costs

Personnel costs

Capex

MC investments

Adjusted for non-recurring items


Solid Cash Flow Supporting Dividends

Dividend yield*

12

• Ambition to pay a dividend that is in line with its long-term underlying cash flow.

• Quarterly dividend payments• Aim to keep a stable quarterly dividend through the

year• Actual quarterly dividend level paid will be subject to

continuous evaluation of market outlook, cash flow expectations and balance sheet development

Dividend payments indexed

• TGS has been able to keep paying dividends through the down cycle

• Many other oil service companies have had to terminate dividend payments

• TGS was the only oil service company at OSE that paid dividends in 2016

* Subsea 7, Seadrill, Fred. Olsen Energy, Prosafe, Aker Solutions, PGS, Spectrum

0

50

100

150

200

2012 2012 2014 2015 2016Inde

x (2

012=

100)

TGS Other OSE oil service**2016 and 2017 Dividend Yield annualized based on the weighted yield at the time of announcement of quarterly dividends


3.7% 3.6%4.0% 3.9%

4.9% 5.2%

3.6%

2.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

2010 2011 2012 2013 2014 2015 2016* 2017*

Yiel

d (o

n da

y of

an

noun

cem

ent)

Year of Payment

Strong Multi-client Performance over Time

Long-term Sales/Investment development

13

• TGS targets Sales/Investment levels of close to 2x over time

• Well below target past couple of years due to weak market conditions

Sales/Investment benchmarking

• TGS has consistently been among the top performers of the multi-client industry

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2003-16 avr. 1.9x

2007-16 avr. 1.8x2012-16 avr. 1.7x

Ex. sales to associated companies; capitalized investments Source: Company reports


0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

2012 2013 2014 2015 Q1 16 Q2 16 Q3 16 Q4 16

TGS CGG PGS SLBCompany A Company B Company C

Sales/Investment Development according to Plan

14

Sales/Investment per vintage

• Due to the downturn it is anticipated that recent vintages need more time to fulfill return potential than originally expected

• As there is lower likelihood of being overshot in the current weak market, it is fair to assume that the commercial life of certain surveys will be longer than in a normal market

• Overall, sales/investment development is not far from normal expectations, despite weak market conditions

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

Pre-2010 2010 2011 2012 2013 2014 2015 2016Year of completion

Adjusted for impairments "Normalized" development over time


Outlook

Different Cycles – Different Priorities


Sources: Barclays; TGS

478 568 609

932 883 915

612

456

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Recovery phase

Growth and market share Cash flow and risk mitigationCapital efficiency and

profitable growth

Strategic Priorities

2,226

196 937

238 58 24 23 15 3

TGS CGG PGS SPU ION PLCS EMGS MCG SBX

2,3622,955

2,378

256510

360217 30 19

TGS CGG PGS SPU ION PLCS EMGS MCG SBX

Strategy Pays Off - Market Cap Peak vs. Current


TGS has once again proven its resilient business model

Sources: S&P Capital IQ, Oslo Børs

2014 Current

Exploration Spending Likely to Recover Long-term

Two factors point to increased activity in the longer-term

1. Current exploration efforts are unsustainable

2. Cost levels should eventually come down to levels that justify higher spending at current oil prices


1. Current Exploration Efforts are Unsustainable

• Substantial reduction in oil companies’ exploration spending - Seismic spending down more than 60% since peak in 2013

• This has resulted in historically low exploration success• Only 2.7bn barrels of new conventional oil supply was discovered in 2015, the lowest since 1947

(Wood Mackenzie)• Global reserve replacement ratio well below 1 in 2015-16

19

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Organic Reserve Replacement Ratio

Source: SEB Research

6

7

8

9

10

11

12

13

14

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Year

s

Integrated Oil Companies Avg. Oil Reserve Life

Source: Nordea


2. Costs are Coming Down

• Substantial cost reductions in E&P and service industries – break-even prices have fallen almost 50% from peak

• Historically the largest oil companies have been able to produce decent return on capital at real oil prices of around USD 50 per barrel

20

Source: Nordea, EIA, TGS

0

20

40

60

80

100

120

0%

5%

10%

15%

20%

25%

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Bre

nt U

SD

/bl

RO

CE

ROCE Brent (RHS)

Avg. ROCE 1990-2015: 12%Avg. real Brent: USD 53 per bbl

0

20

40

60

80

100

120

140

160

USD/bbl

Brent oil priceBreak-even after CAPEX (USD/bbl)Break-even after CAPEX and div. (USD/bbl)


Integrated oil companies’ break-even oil price ROCE 10 largest integrated oil companies vs. Real Brent oil price

TGS MC Library – Managing Risk & Return

Low beta

21

Medium beta High Beta

• Lower returns but high IRR• Prefunding in excess of 70% - low or

no net investment• Project characteristics

• Awarded acreage• Onshore areas • Farm-ins / relinquishments• Low downside risk

• Return targets >2x investment• Prefunding of 30-50%• Open acreage and regular license

rounds• Established multi-client areas• Many clients

• Return targets >2.5x investment• Low or no prefunding• Risk sharing with suppliers• G&G knowledge driven projects• Higher risk and volatility


License Round Activity and TGS Positioning

22

Europe / Russia• Norway APA – H1 2017 (Round Launch)• Norway 24th Round – H1 2017 (Round Launch)• UK Supplementary Round – 7 Mar 2017 (bids due)• Greenland – Dec 2017 & 2018 (bids due)

Africa, Middle East, Asia Pacific• Ongoing uncertainty on timing of African

licensing rounds• Australia – Feb & Mar 2017 (bids due)• New Zealand – 2017 (consultation underway)• Indonesia – H2 2017 (Round announcements)

North & South America • Central GOM – Mar 2017 (2012-17 Plan)• Central & Western GOM – Aug 2017 (2017-22 Plan)• Newfoundland & Labrador – Nov 2017 (Scheduled Land Tenure)• Nova Scotia – Oct 2017 (3-Year Rolling Plan)• Canada Onshore – at least monthly• Brazil – 14th Offshore and Pre-Salt Rounds in 2017• Mexico – Round 2.1 & 2.2 in H1 2017, further rounds into 2019


23

Backlog

146185 178

213 224260

193242

182125 103

71

281 293

145

510

50

100

150

200

250

300

350

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Historical Backlog (MUSD) 2012 - 2016


2017 Projects Schedule*Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Dong Fang Kan Tan 1

Atlantic Explorer

Atlantic Guardian CSEM

Fugro Multibeam

TDI Brooks Coring

NWAAM JV

U.S. GOM

2D &

Oth

er

EUR AMEAP

U.S. GOM

Barents Sea JV

WesternGeco Coil Crew

Polarcus Vessel I

Polarcus Vessel II

Polar Duchess

East Canada JV

West Kermit West Kermit

U.S. GOM JV

3DLa

nd

NSA

*Acquisition schedule excludes Fusion M-WAZ Reprocessing, other processing projects and GPS investments

Atlantic Margin

Atlantic Margin

Atlantic Margin


Guidance

• Based on the current investment plan, TGS provides the following guidance for 2017:

• New multi-client investments* at approximately the same level as in 2016

• Additional multi-client investments expected from sales of existing surveys with risk sharing arrangements

• Pre-funding of new multi-client investments* expected to be approximately 40-45%

*New multi-client investments excluding investments related to surveys with risk sharing arrangements


Multi-client investments and pre-funding

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

100

200

300

400

500

600

2011 2012 2013 2014 2015 2016 2017guidance

MU

SD

MC investments related to risk shareNew multi-client investments*

Thank you

www.tgs.com

NSA60%Europe

22%

AMEAP4%

Other14%

Q4 2015

NSA66%

Europe21%

AMEAP5%

Other9%

Q4 2016

2D25%

3D68%

GPS7%

Q4 2016

27

Net Revenue Breakdown

2D45%

3D43%

GPS12%

Q4 2015


25 24 2228

18 17 2024

0

5

10

15

20

25

30

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Operating expenses *

-12% Y/Y

* Include personnel costs and other operating expenses. Adjusted for restructuring costs and larger impairments of operating items

10574 99

230

62 69 7492

0

50

100

150

200

250

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Amortization and impairment *

110

-76

49-20

63

-3529 33

-100

-50

0

50

100

150

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Free cash flow *

28

Operating Expenses, EBIT, Free Cash Flow

57% - rate

37 38 46 31

-19

2411

45

-40%

-20%

0%

20%

40%

-30-20-10

01020304050

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

EBIT *

EBIT EBIT Margin

* Q1-Q4 2016 reflects the new amortization policy effective from 1 January 2016

* Earnings before interest and taxes and excluding larger impairments and restructuring costs

* Defined as cash flow from operational activities minus operational cash investments in multi-client projects


876 919 976 839 830 823 816 812

0

200

400

600

800

1,000

1,200

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Multi-client library - NBV

163116 135

8853 62 68

88

0%10%20%30%40%50%60%70%80%90%100%

0

50

100

150

200

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Pref

undi

ng ra

tio

Ope

ratio

nal i

nves

tmen

ts

Operational investments and prefunding ratio

Operational investments Prefunding ratio

29

Multi-Client Library

13%

1%

10% 10%17%

48%

0%5%

14%17% 19%

44%

0%

10%

20%

30%

40%

50%

60%

Fullyamortized

2013 2014 2015 2016 WIP

Net revenues Net book value

Net revenues vs net book value – year of completion

270

381

609

427

250

467

0

100

200

300

400

500

600

700

2012 2013 2014 2015 2016 WIP

Original investments Net Book Value

20 %

29% 54%16%

0%10%

68%

Investments – year of completion


*Q4 2016 prefunding rate excluding risk-sharing arrangements

30

Q4 2016 Income Statement

USD million, except EPS Q4 2016 Q4 2015 Change in %Net revenues 165 132 25%Cost of goods sold – proprietary and other 0.1 0.4 -77%

Amortization of multi-client library 57% 92 230 -60%

Gross margin 72 -99 173%Personnel costs 16 15 5%

Other operating expenses 11 22 -49%

Cost of stock options 0.1 0.2 -45%

Depreciation 3 3 -8%

Operating profit 25% 42 -140 130%Net financial items -3 -2 -96%Profit before taxes 23% 39 -142 127%Taxes 15 -20 174%

Net Income 15% 24 -122 120%EPS, Undiluted 0.24 -1.20 120%

EPS, Fully Diluted 0.23 -1.19 120%


Sheet1

USD million, except EPSQ4 2016Q4 2015Change in %

Net revenues16513225%

Cost of goods sold – proprietary and other0.10.4-77%

Amortization of multi-client library57%92230-60%

Gross margin72-99173%

Personnel costs16155%

Other operating expenses1122-49%

Cost of stock options0.10.2-45%

Depreciation33-8%

Operating profit25%42-140130%

Net financial items-3-2-96%

Profit before taxes23%39-142127%

Taxes15-20174%

Net Income15%24-122120%

EPS, Undiluted0.24-1.20120%

EPS, Fully Diluted0.23-1.19120%

Sheet2

Sheet3

31

Q4 2016 Cash Flow Statement

USD million Q4 2016 Q4 2015 Change in %

Received payments from customers 111 140 -21%

Payments for operational expenses (27) (24) -15%

Paid taxes (5) (17) 72%

Operational cash flow 79 99 -21%

Investments in tangible and intangible assets (2) (1) -105%

Investments in multi-client library (45) (119) 62%

Investments through mergers and acquisitions - (8) 100%

Interest received 0.2 0.8 -75%

Interest paid (0.05) (0.09) 46%

Dividend payments (14) - N/A

Proceeds from share issuances - 0.8 -100%

Change in cash balance 18 -27 165%


Sheet1

USD millionQ4 2016Q4 2015Change in %

Received payments from customers111140-21%

Payments for operational expenses(27)(24)-15%

Paid taxes(5)(17)72%

Operational cash flow7999-21%

Investments in tangible and intangible assets(2)(1)-105%

Investments in multi-client library(45)(119)62%

Investments through mergers and acquisitions- 0(8)100%

Interest received0.20.8-75%

Interest paid(0.05)(0.09)46%

Dividend payments(14)- 0N/A

Proceeds from share issuances- 00.8-100%

Change in cash balance18-27165%

Sheet2

Sheet3

32

Balance Sheet

The Company holds no interest-bearing debt

USD million Q4 2016 Q3 2016 Change in % Q4 2015AssetsCash and cash equivalents 191 173 10% 163Other current assets 353 275 28% 308Total current assets 544 449 21% 471Intangible assets and deferred tax asset 83 88 -6% 90Other non-current assets 11 21 -49% 25Multi-client library 812 816 0% 839Fixed assets 23 23 -2% 30Total Assets 1,473 1,397 5% 1,455LiabilitiesCurrent liabilities 262 198 32% 218Non-current liabilities 6 7 -13% 6Deferred tax liability 41 37 12% 33Total Liabilities 309 242 28% 257Equity 1,164 1,155 1% 1,198Total Liabilities and Equity 1,473 1,397 5% 1,455


Sheet1

USD millionQ4 2016Q3 2016Change in %Q4 2014Q4 2015

Assets

Cash and cash equivalents19117310%256163

Other current assets35327528%521308

Total current assets54444921%778471

Intangible assets and deferred tax asset8388-6%8590

Other non-current assets1121-49%4425

Multi-client library812816-0%818839

Fixed assets2323-2%4330

Total Assets1,4731,3975%1,7681,455

Liabilities

Current liabilities26219832%393218

Non-current liabilities67-13%76

Deferred tax liability413712%2933

Total Liabilities30924228%428257

Equity1,1641,1551%1,3391,198

Total Liabilities and Equity1,4731,3975%1,7681,455

Sheet2

Sheet3

Dividend stable at USD 0.15 per share

• Shareholder authorization to distribute quarterly dividend payments from Q1 2016• Aim to keep a stable quarterly dividend through the year• Actual quarterly dividend level paid will be subject to continuous evaluation of market

outlook, cash flow expectations and balance sheet development

• Q1 2016: USD 0.15 per share dividend paid on 23 February 2016• Q2 2016: USD 0.15 per share dividend paid on 1 June 2016• Q3 2016: USD 0.15 per share dividend paid on 25 August 2016 • Q4 2016: USD 0.15 per share dividend paid on 18 November 2016• Q1 2017: USD 0.15 per share dividend to be paid on 23 February 2017 (shares will trade ex-

dividend on 9 February 2017)


5 NOK6 NOK

8 NOK 8.5 NOK

8.5 NOK

USD 0.15per Quarter

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

2011 2012 2013 2014 2015 2016 2017*

USD

per

sha

re

Year of Payment*Quarterly Dividends, defined in USD from 2016Historical NOK dividends converted to USD using FX rate on ex-dividend date

Q1

Q2

Q3

Q4Q4

Q1

3.7% 3.6%4.0% 3.9%

4.9%5.2%

3.6%

2.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

2010 2011 2012 2013 2014 2015 2016* 2017*

Yiel

d (o

n da

y of

ann

ounc

emen

t)

Year of Payment

Dividend Paid* (2010 – 2017) Dividend Yield (2010 – 2017)

*2016 and 2017 Dividend Yield annualized based on the weighted yield at the time of announcement of quarterly dividends

Investor PresentationForward-Looking StatementsThis is TGSRecent activitiesQ4 2016 Net RevenuesProject activity – U.S. GOMProject activity – Atlantic MarginProject activity – Permian BasinFinancialsMaintaining Robust Cash Flow Through the DownturnFlexible Business Model Provides Downside ProtectionSolid Cash Flow Supporting DividendsStrong Multi-client Performance over TimeSales/Investment Development according to Plan�OutlookDifferent Cycles – Different PrioritiesStrategy Pays Off - Market Cap Peak vs. CurrentExploration Spending Likely to Recover Long-term1. Current Exploration Efforts are Unsustainable2. Costs are Coming DownTGS MC Library – Managing Risk & ReturnLicense Round Activity and TGS PositioningBacklog2017 Projects Schedule*GuidanceSlide Number 26Net Revenue BreakdownOperating Expenses, EBIT, Free Cash FlowMulti-Client Library Q4 2016 Income StatementQ4 2016 Cash Flow StatementBalance SheetDividend stable at USD 0.15 per share

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