View Presentation - PGS

PERFORMANCE THROUGH THE CYCLE
PETROLEUM GEO-SERVICES ASA
CAPITAL MARKETS DAY 2012
OSLO

Agenda Capital Markets Day 2012
• 08:00 Introduction
– Jon Erik Reinhardsen, CEO and President
• 08:25 Financials
– Gottfred Langseth, EVP and CFO
• 08:45 Q&A
• 09:15 Coffee break
• 09:30 Marine Contract
– Per Arild Reksnes, Executive Vice President Marine Contract
• 09:45 MultiClient
– Sverre Strandenes, Executive Vice President MultiClient
• 10:00 Data Processing and Technology
– Guillaume Cambois, Executive Vice President Data Processing and
Technology
• 10:15 Coffee Break
• 10:30 Operations
– Magne Reiersgard, Executive Vice President Operations
• 10:45 Concluding remarks
• 10:50 Q&A
• 11:15 Christmas lunch -2-

Competitively Positioned
Performance Through the Cycle
Jon Erik Reinhardsen, President & CEO
PGS Capital Markets Day
December 18, 2012

Cautionary Statement
• This presentation contains forward looking information
• Forward looking information is based on management
assumptions and analyses
• Actual experience may differ, and those differences may
be material
• Forward looking information is subject to uncertainties
and risks which are disclosed in PGS Annual Report
2011
• This presentation must be read in conjunction with the
Company’s financial statements
-4-

Disclaimer
• The information included herein contains certain forward-looking statements
that address activities, events or developments that the Company expects,
projects, believes or anticipates will or may occur in the future. These
statements are based on various assumptions made by the Company, which
are beyond its control and are subject to certain additional risks and
uncertainties. The Company is subject to a large number of risk factors
including but not limited to the demand for seismic services, the demand for
data from our multi-client data library, the attractiveness of our technology,
unpredictable changes in governmental regulations affecting our markets and
extreme weather conditions. For a further description of other relevant risk
factors we refer to our Annual Report for 2011. As a result of these and other
risk factors, actual events and our actual results may differ materially from
those indicated in or implied by such forward-looking statements. The
reservation is also made that inaccuracies or mistakes may occur in the
information given above about current status of the Company or its business.
Any reliance on the information above is at the risk of the reader, and PGS
disclaims any and all liability in this respect.
-5-

Leading Marine Geophysical Company
Marine
Contract
MultiClient
Operations
Data Processing
& Technology
Marine market
leadership
Diverse
MultiClient library
Productivity
leadership
Technology
differentiation
c. 40% of Q3 2012 LTM
Revenues
c. 50% of Q3 2012 LTM
Revenue
c. 10% of Q3 2012 LTM
Revenue
Marine Contract acquires
seismic data exclusively for oil
and gas exploration and
production companies
MultiClient initiates and
manages seismic data PGS
acquires, markets and sells to
multiple customers on a nonexclusive
basis
Operations supports Marine
Contract and MultiClient with
vessel resources and
manages fleet renewal
strategies
DP&T processes seismic data
acquired by PGS for its
MultiClient library and for
external clients on contract
and manages research and
development activities
Client focus ● Global presence ● Innovation leadership
-6-

Reflections for 2013
• Market activity is high and shows sustained strength
• Oil companies are proactive in securing capacity
• Entering the year with a comfortable order book and good visibility
• Investing in fleet growth and renewal
– Ramform Titan in operation in Q2
– Ramform Atlas in operation in Q1 2014
– Increases GeoStreamer® share of the fleet to approximately 80%
• Macro uncertainty may impact oil price
-7-

2013 Guidance
• EBITDA in the range of USD 940-980 million
• MultiClient cash investments in the range of USD 300-350 million
– Pre-funding level to be above 110%
• Capital expenditures in the range of USD 500-525 million
– Of which approximately USD 300-325 million to new build program
*
-8-

2012 Achievements
-9-
• Business:
– Record MultiClient revenues
– Improving Contract revenues and margins
– Successful completion of the large MultiClient
campaign offshore Angola
– Completed Profit Improvement Program
– Paid dividend in accordance with new dividend
policy
• Technology:
– Launch of SWIM – processing of GeoStreamer
data using multiples
– Successful surveys with Towed EM technology
– Successful installation of the OptoSeis system at
the Jubarte field
• New Builds:
– Established export credit financing for the two first
new Ramform Titan-class vessels
– Exercised options for another two Ramform Titanclass
vessels with 2015 delivery

2012 Guidance
• EBITDA to end below USD 800 million
– High Q4 steaming and yard time as communicated earlier
– Challenging mobilizations and delayed start for large projects in South
Atlantic. Full year Contract margin expected to be approximately 15%
– Somewhat softer MultiClient late sales than expected
• MultiClient cash investments in the range of USD 280-300 million
– Pre-funding level of approximately 150%
• Capital expenditures in the range of USD 400-450 million
– Of which approximately USD 250 million to new build program
*
-10-

Successful Implementation of Profit Improvement Program
• USD 50 million EBIT run rate improvement implemented by end 2012
– Additional savings expected in 2013 and 2014
• Profit improvement initiatives include:
– General belt tightening and organizational cost reduction
– Nordic Explorer converted to 2D GeoStreamer vessel from December 2011
– Yard-stay management: Cost-Quality-Duration
– Procurement initiatives impacting CAPEX and OPEX
– Improved vessel logistics
– Support fleet renewal
Focus on cost and fleet performance delivers margin uplift
-11-

Market Context:
Robust Future Oil Demand
+1.3% p.a.
+0.9% p.a.
• Increased non-OECD
transport and industrial
demand more than offset
efficiency gains and
substitutions
• Decline in existing oil
production is the biggest
challenge to meet future
energy demand
– New tight oil is not seen to
contribute significantly
• Anticipated strong future
demand for seismic services
Source: BP, IHS CERA, Wood Mackenzie, IEA, Pareto Securities.
-12-

Market Context:
Exploration and Production Spending Continues to Grow
Capital spending in USD million
900 000
800 000
700 000
600 000
500 000
400 000
300 000
200 000
100 000
Actual
Estimates
• Global E&P spending is
expected to approach
approximately USD 650
billion in 2013, ~10%
increase from 2012
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
United States Canada Outside North America
160
140
120
• Average oil price is in the
top range of oil companies’
comfort zones*
USD/bbl
100
80
60
40
20
0
02.01.07 02.01.08 02.01.09 02.01.10 02.01.11 02.01.12
Comfort Zone
Brent crude oil
Source: Upper graph from Barclays Capital Global 2013 E&P Spending Outlook. Lower graph from DNB Markets E&P spending report.
*Boundaries of the comfort zone
indicate where the oil price has to
stabilize before oil companies
adjust their budget up or down
-13-

Market Context:
Order Book Transitioning Well Into 2013 Summer Season
USD million
800
700
600
500
400
300
200
100
0
Marine order book (including Contract, MC and DP)
OptoSeis
• Order book end November of
USD 761 million
• Order book driven by directly
awarded projects
– Fully booked for Q1 2013
– ~85% booked for Q2 2013
– ~50% booked for Q3 2013
– ~20% booked for Q4 2013
• Significant increase in larger
surveys
• Successfully booked through the
winter season at attractive pricing
Strong GeoStreamer interest
-14-

-15-
Market Context:
Contract Margin Expansion Expected to Continue
60 %
50 %
• Rebound of Marine Contract
EBIT margin is expected to
continue in 2013
40 %
30 %
20 %
• Supported by healthy growth
in demand
• Demand increase is
expected to exceed supply
increase next 2 years
10 %
0 %
2004 2005 2006 2007 2008 2009 2010 2011 2012 FC 2013 E
Annual average marine contract EBIT margins
• GeoStreamer technology in
high demand

-16-
Market Context:
Activity in Different Regions
Basins Driving 2013 Demand
Growth
Temporarily Slow Basins with
Solid Demand Potential
• The North Atlantic: Strong
exploration and production interest
• West Africa: High activity and
increasing exploration interest
• South America: Increased demand in
Uruguay and Falkland Islands
• India: High activity after two weak
years
• Australia: Increasing activity
• Brazil: Getting closer to launch of
license rounds
• GoM: New technology and
acquisition techniques can trigger
more demand for seismic
• Nigeria: On halt until new
petroleum bill is passed
• Libya and Egypt: Still slow post
Arab spring

PGS’ Strategic Ambition
• To Care
– For our employees
– For the environment and society at large
• To Deliver Productivity Leadership
– Ramform platform + GeoStreamer
– Reducing project turnaround time
• To Develop Superior Data Quality
– GeoStreamer (GS, SWIM, ++)
– Data Processing Innovations
– Reservoir knowledge
• To Innovate
– First dual sensor streamer solution
– First with 20+ towed streamer capability
– Unique reservoir focused solutions
• To Perform Over the Cycle
– Profitable with robust balance sheet
– Absolute focus on being best in our market segment
PGS - A Clearer Image
-17-

Strategic Ambition:
To Care - Safety First
• Leadership in HSEQ is a core
value for PGS and good for
business
• Our ambition is to be best in
class with zero injury to people
and minimum harm to
environment
• To achieve this we will identify,
assess, mitigate and manage
risk to PGS employees,
contractors and environment
-18-

Strategic Ambition:
To Deliver Productivity Leadership
Ramforms
Other vessels
Titanclass
2 ordered for 2013 delivery & 2 for 2015 delivery
PGS Apollo
• Ramform fleet is
improving further
with 4 new Titanclass
vessels
S-
class
V-
class
Ramform Sterling
Ramform Sovereign
Ramform Valiant Ramform Viking Ramform Vanguard
Atlantic Explorer
Pacific Explorer
2D
Nordic Explorer
• GeoStreamer
contributes to
productivity
leadership
• Industrialized
approach to fleet
renewal
Ramform Challenger
Ramform Explorer
Sanco Spirit
Ramform productivity is a key differentiator
-19-

Strategic Ambition:
To Develop Superior Data Quality
Depth
Inline
Conventional
-20- GeoStreamer GS

Strategic Ambition:
To Innovate
Full Waveform
Inversion
GeoStreamer
GS:
Offers the full deghosting
solution
SWIM:
GeoStreamer
enhanced
imaging
More reliable
reservoir
characterization
????
GeoStreamer – The New Business and Technology Platform:
• Gives higher resolution, better depth imaging and improved
operational efficiency
• Improves the seismic value chain from acquisition to processing
-21-

Strategic Ambition:
To perform Over the Cycle
1400
Net debt
• Well capitalized to handle macro turbulence
and unforeseen market weakness
1200
1000
• Solid balance sheet supports long-term value
creation
– Current low net debt level providing capacity for
new build program
USD million
800
600
400
• Proven ability to generate healthy cash from
operations through the cycle
– Proactive MultiClient/Contract capacity
allocation
200
0
-22-
Q2 2008 Q3 2012
• Ability to renew and build quality capacity
industrially through the cycle
– Productivity is key
– Critical mass is important
– Market share is not an objective
– Flexibility to charter non-core capacity

2013 Guidance
• EBITDA in the range of USD 940-980 million
• MultiClient cash investments in the range of USD 300-350 million
– Pre-funding level to be above 110%
• Capital expenditures in the range of USD 500-525 million
– Of which approximately USD 300-325 million to new build program
*
-23-

In Conclusion:
A Well Positioned Focused Marine Seismic Company
• Strong market fundamentals
• Improving productivity & scale
– Building four new Ramform Titan-class vessels
– Leading 3D MultiClient library returns, with further
improvements anticipated
• GeoStreamer delivers improved data quality,
strong performance and better pricing
• Leading edge Data Processing capabilities
• Technology differentiation with the
GeoStreamer platform and Towed EM
• Strong balance sheet
Competitively Positioned – Performance Through the Cycle
-24-

Financials
Gottfred Langseth, EVP & CFO
PGS Capital Markets Day
December 18, 2012

Key Topics
• Financial performance
• Debt structure
• Balance sheet
• MC investment and prefunding
trends
• CAPEX trends
• Cost trends
• Tax position
• Foreign currency
• Sensitivities
-26-

Financial Performance Through the Cycle
USD million
500
450
400
350
300
250
200
150
100
50
-
Q1
07
Revenues
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12
USD million
300
250
200
150
100
50
-
Q1
07
EBITDA
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12
200
180
160
EBIT*
300
250
Cash Flow from Operation
140
120
200
USD million
100
80
60
USD million
150
100
40
20
50
0
Q1
07
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12
0
Q1 07
Q2 07
Q3 07
Q4 07
Q1 08
Q2 08
Q3 08
Q4 08
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
*Excluding reversal of impairment of USD 0.9 million in Q2 2012 and USD 1.3 million in Q4 2010 and excluding impairments of USD 2.6 million in Q4 2011, USD 79.9 million in Q3
2010, USD 0.5 million in Q1 2010, USD 52.4 million in Q3 2009 USD 48.2 million in Q2 2009, USD 50.6 million in Q1 2009, USD 161.1 million in Q4 2008 and excluding gain from
sale of Ramform Victory of USD 72 million in Q1 2008.
-27-

Return on Capital Employed
60%
50%
• Historically strong returns
over the cycle
40%
30%
20%
• Returns below cost of capital
in 2010 and 2011
– Proactive Contract/MC
allocation and capital
discipline are levers to avoid
returns below cost of capital
in the future
10%
0%
2005 2006 2007 2008 2009 2010 2011 2012 FC 2013 E
Adj return on Cap empl
Post tax return
• Weighted average cost of
capital is estimated to 9-10%
(after tax)
Return on capital employed is calculated as EBIT (excluding impairments and other operating income/expense) as a percentage of average net capital
employed (sum of shareholder’s equity and net interest bearing debt adjusted for deferred tax assets and net assets on discontinued operations). Post tax
return is calculated by deducting the reported tax expense from EBIT. Adjustments have been made to exclude Onshore and Production which have been
discontinued in the period. 2005 is N GAAP all other years are IFRS based.
-28-

Attractive Debt Structure
Long term Credit Lines
and Interest Bearing
Debt
Nominal Amount
as of September
30, 2012
Estimated
December 31,
2012
Total
Credit
Line
Financial Covenants
USD 600 million Term Loan
(“TLB”), Libor + 175 basis
points, due 2015
USD 470.5 million USD 470.5 million None, but incurrence
test: total leverage ratio
< 3.00:1
Revolving credit facility
(“RCF”), Libor + 225 basis
points, due 2015
Undrawn Undrawn USD 350
million
Maintenance covenant:
total leverage ratio <
2.75:1
Japanese ECF, 12 year
with semi-annual
installments. 50% fixed/
50% floating interest rate
Undrawn Undrawn USD 250
million
None
USD 300 million Senior
Note, coupon of 7.375%,
due 2018
USD 300 million USD 300 million None, but incurrence
test :
Interest coverage
ratio > 2.0:1
-29-

Japanese Export Credit Financing Established
• Japanese Export Credit Financing (“ECF”) totaling USD 250 million secured for the
first two new builds
– To be drawn with one half at delivery of each vessel
– In process of seeking similar facility for the two 2015 new builds
• Lenders are Japan Bank for International Cooperation ("JBIC") and Sumitomo
Mitsui Banking Corporation ("SMBC")
– Nippon Export and Investment Insurance ("NEXI") insuring the SMBC portions of the
loans
• Tenor of 12 years from delivery of the vessels with equal semi-annual installments
– First priority security in the two vessels
– 50% fixed interest rate/50% floating
• Expected interest rate at draw down of approximately 2.30%
-30-

Maturity Profile of Debt and Drawing Facilities
0
-200
January 2011 December 2011
RCF
due May
2012
Extended
Jan 2011
RCF
due May
2015
Scenario December
December 2012 2012
RCF
due May
2015
• Maturity of the undrawn USD
350 million Revolving Credit
Facility was extended from
2012 to 2015 in 2011
USD million
-400
-600
-800
-1000
-1200
-1400
Average
remaining
maturity
Term
Loan B
due June
2015
Convertible
bond
due Dec.
2012
2.8
years
Repurchased
USD 148m
New notes
issue
Term
Loan B
due June
2015
Convertible
bond due
Dec. 2012
Senior
Notes
due Dec
2018
3.9
years
New ECF
facility
Term
Loan B
due June
2015
Senior
Notes
due Dec
2018
Japanese
Export
Credit
$250m
due 2025
4.0
years
-31-
• Seven year USD 300 million
Senior Notes issued in
November 2011
– Established in the US corporate
bond market – the world’s most
liquid debt market
• Japanese Export Credit
Financing is an attractive
replacement of the Term Loan
B in the debt structure by 2015

Net Debt expected to Increase in 2013 Due to New Builds
400
Q2 2008
Debt
Cash
Debt reduction
and cash
increase Q3 2012
Debt increase
and cash
decrease
Q4 2013 FC
• Net interest bearing debt reduced
by almost USD 850 million since
2008
USD million
200
0
-200
-400
-600
-800
Net debt
$381m
Net debt
$1.223m
Net debt
~$700m
• Net debt will increase in Q4 2012
and in 2013 primarily due to the
new build program
• Policy to keep net debt below 1 X
EBITDA in a strong market and 2
X EBITDA in the weak parts of the
cycle
-1000
-1200
• Corporate credit ratings from S&P
and Moody’s of BB and Ba2
respectively
-1400
-32-

Strong Balance Sheet and Solid Cash Flow
1000
Illustration of 2013 cash flow drivers
ECF facility and
net change in
cash
New build CAPEX
• Key balance sheet metrics*:
– Liquidity reserve of USD 640.1
million
– Net interest bearing debt of USD
381.1 million
– Equity ratio of 62%
USD million
CF from
operations
Dividend
Interest
CAPEX ex new
builds
• Cash flow from operations in
2013 expected to support a
significant portion of new build
CAPEX
MC investments
• USD 250 million of Japanese
Export Credit Financing
expected to be drawn in 2013
0
Sources 2013 Uses 2013
• No need for further equity to
complete new build program
-33- * As of end Q3 2012

Solid MultiClient Projects
MC Investments USD million
350
300
250
200
150
100
50
-
62
30
46
87
215 224
183
166
204
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
FC
2013 E
• 2012: USD 280-300 million of
MultiClient cash investment with
approximately 150% pre-funding
• MultiClient cash investments in
2013 driven by Uruguay project
and North Sea campaigns
– Current estimate USD 300-350
million
160 %
MC pre-funding
140 %
120 %
100 %
80 %
60 %
40 %
20 %
106 %
143 %
88 %
151 % 143 %
112 %
92 %
119 % 110 %
• 2013 pre-funding level expected to
be above 110%
• Approximately 40% of 2013 active
fleet capacity used for MultiClient
0 %
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
FC
2013 E
-34-

Conservative Approach To MultiClient Book Values
USD million
350
300
250
200
150
100
140
120
60 %
50 %
40 %
30 %
20 %
10 %
0 %
2009 2010 2011 LTM Q3 2012
Annual Average MC book value MC cash investment Amortization rate
$357m MC book value by vintage
• MultiClient book value has
remained fairly stable over the last
years while investments have
increased
• A significant portion of MC book
values are related to surveys in
progress
– YTD MC revenues from surveys in
progress in relation to net book
value of surveys in progress is
approximately 2.6
USD million
100
80
60
40
20
0
Completed
during 2007
and prior
years
Completed
during 2008
Completed
during 2009
Completed
during 2010
Completed
during 2011
Completed
during 2012
Surveys in
progress
-35-
• Amortization is done based on
relation between cost and total
forecasted sales and categorized
into 5% intervals ranging from 30-
95%
– 2013 Amortization expected to be in
the range of 45-50%

Capital Expenditures – 2013 Trends and Projections
600
500
400
• 2013 CAPEX is expected to
be approximately USD 500 -
525 million, of which USD
300-325 million relates to
new builds
USD million
300
200
• Approximately USD 75 million
of CAPEX for GeoStreamer
and related equipment
(excluding new builds)
100
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
FC
New Builds GeoStreamer Maintainance and improvement Data Processing
-36-
2013 E
• Run rate for maintenance
CAPEX (i.e. total CAPEX
excluding investment in
capacity increase) is
estimated to USD 140-170
million annually

Growth and Project Driven Cost Changes in 2013
USD million
1200
1000
800
600
400
2012 cost will
be ~ $65m
lower than
indicated
25
Rollforward of PGS cash cost indication*
40 40 10 15
30
• 2012 cash cost to end
lower than indicated a
year back
– Lower project related
costs and impact of the
Profit Improvement
Program
• Modest 2013 inflationary
cost increase expected
200
0
2012 cash Lower
cost technical,
indicated in maritime
2011 and project
related
costs
PIP and
other
reduced
costs
2012 cash
cost
Project
related cost
and other
DP volume
growth
Less yard
stays and
related cap
cost
More
capacity
2013 cash
cost
• Ramform Titan to enter
operations in Q2 2013
• Growth in Data
Processing continues
*Illustration of cost change excludes impact of steaming deferral and employee bonuses
-37-

Beneficial Tax Position
• Deferred tax assets
- Deferred tax assets (USD 152 million at end Q3 2012) will continue to benefit
current tax expense for the coming years
- Current tax mainly relates to withholding taxes and local taxation in countries
of operation where PGS has no deferred tax assets. Will vary significantly
depending on area of operation
• Tonnage Tax regimes
- Operations of most vessels in tonnage tax regimes positively impacts tax
expense, with increasing impact in 2012 and 2013
- Benefit to tax expense could be USD 30-50 million annually in a strong market
• Effective tax rate
- Fluctuates due to various reasons: foreign exchange movements, utilization
and recognition of deferred tax assets, area of operation, impact from tonnage
tax regimes and other permanent differences
- Looking ahead, an average effective reported tax rate of approximately 25%
or below is likely
-38-

Foreign Exchange and Sensitivity
Cash reciepts relating to operating income
Cash flow relating to operating payments
USD
NOK
GBP
EUR
Other
USD
NOK
GBP
EUR
Other
• On an annual basis
– A 10% change of the USD vs. NOK has an annual net EBIT
impact of USD 20-25 million before currency hedging activities.
A 10% change vs. GBP has an effect of USD 9-12 million
• The Company hedges
– Material monetary balance sheet items in non-USD currencies
– Specific material firm commitments, e.g. ship building
contracts
– Operational cash flow up to the duration of the contract
backlog
• Hedging of operational cash flow has been reduced
– Currently approximately NOK 330 million and GBP 3 million
bought on forward contracts
– Hedge of BRL 120 million in place against the exposure arising
from cash deposit held in Brazil, approximately 65% of the
deposit
– Vessel new build contracts are USD denominated
.
-39-

Key Sensitivities
• Technical downtime/mobilization delays
– One month for high capacity vessel could amount to loss revenue of USD 10-15 million
+ risk of schedule impact and equipment cost
– Small event may have significant consequence due to time required for retrieval/
deployment
• Contract versus MultiClient
– One more 3D vessel month on MultiClient versus contract corresponds to a reduced
EBIT of approximately USD 2.0 million in investment period
• MultiClient late sales
– Sensitive to oil price, legislative changes and license rounds
– Regional variability from quarter to quarter
• Fuel price
– 10% change represents USD ~1 million per month of operating cost
– Price risk is placed with the customer on a majority of contract work
• Marine contract margin
– One percentage points increased marine contract EBIT margin approximates USD 8-9
million in increased EBIT/year
-40-

Robust Cycle Management
• Investment in growth drivers with
competitive advantage based on
technology and productivity
• Solid financial profile and liquidity
reserve
• Flexibility to handle market
volatility
• No significant debt maturities
before 2015
Robust Performance Through the Cycle - Reducing Cyclical Exposure
-41-

Marine Contract – Positioned for Growth
Per Arild Reksnes, Executive Vice President Marine Contract
PGS Capital Markets Day
December 18, 2012
-42-

Marine Contract – What Does the Business Unit Do?
Marine Contract work is where PGS acquires seismic data under
exclusive contracts with its customers. In 2012 and 2013 approximately 60%
of PGS fleet capacity is allocated to Marine Contract.
-43-

Agenda
• Market Outlook
• Step change in Electromagnetics
• Landmark for Permanent Reservoir Monitoring
• Summary
-44-

Marine Contract value proposition:
When Better Data Quality AND Higher Efficiency Matter
Meeting the client’s need for tailor
made services:
• Safe and environmentally sound
• Leading technology enabling high
efficiency and data quality
• Flexible and innovative solutions to
survey requirements
• Reliable, on-time, on-budget
• Global reach
Resulting in a positive experience for
our customers and profitability for PGS
-45-

2013: Seismic Demand Expected to Continue to Grow
Arctic Ocean: Growing but
unlikely to be substantial
North Atlantic:
near/medium term
• Strong growth in Barents Sea
• North Sea/Norw.Sea:High activity
• Canada back on the seismic map, but low
activity in Labrador/Baffin
GoM: Not yet back
to previous levels
Caribbean
:
& Central
America: Now a
significant province
Mediterranean: Still affected
by Arab spring, but high
interest in East Med, incl.Egypt
South Atlantic:
• West African margin key,
with Angola as the hot spot
• Brazil still slow
• Uruguay/Falklands
/Namibia/South Africa: Big
surveys 2013
Indian Ocean:
• High activity
East Africa
margin
• India back
North Pacific:
• Sakhalin – some
activities expected
• China growing
Oceania:
• Australian waters
key market
• Indonesia high
potential
• Malaysia stable hiend
demand
-46-

Supply vs Demand: Heading for a Better Balance
Total 3D volume in '000 sq.km
Number of streamers
550
500
450
400
350
300
250
200
150
100
50
0
700
600
500
400
300
200
100
2006 2007 2008 2009 2010 2011 2012
• From 2006 to end 2012 demand
for seismic has grown by
approximately 120% measured by
sq.km.
• Expected capacity increases
measured in number of streamers:
– 6% increase in 2012
– 5% increase in 2013
– 2% increase in 2014
– 7% increase in 2015
0
Q1 06 Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Q1 15
-47-

High Visibility for H1 2013 - Negotiating Projects for H2
• PGS has a solid backlog for 2013,
with good pricing
– GeoStreamer vessels in high
demand
– Large surveys a significant part of
backlog
PGS: Sold vs unsold vessel capacity 2013
• Number of leads end of 2012
substantially higher than end of
2011:
– Trend of larger surveys continues
– High interest for Ramform Titan
class
2011 2012
-48-
Value of leads and bids

Market Outlook Marine Contract Seismic
• PGS contract margins supported by
– Strong market demand, healthy balance
between supply and demand
– Favorable fleet cost development
– Fleet upgrades
– High demand for GeoStreamer technology
– Ramform vessels ideal for large surveys
– Capabilities of the new Ramform Titan
class
• Low-end fleet still unlikely to command
good margins, but small exposure for PGS
-49-

Towed EM Proven in Commercial Operations
2012 surveys:
• Both MultiClient and exclusive data
acquired over seven known
fields/prospects with a variety of
geological settings
o Water depths 100-350m
o Target depths 1300-2200m
• Production figures in excess of 110
vessel kms per day
• Minimal technical downtime
• Data acquisition in variable seastates
• 4-5 knots acquisition speed
2013 plans: Minimum 3 months EM
acquisition in North Sea and Barents Sea
Inverted EM data acquired Nov. 2012
over Bentley, Bressay, Kraken
• Significant improvements from previous
prototype systems
• System well-suited for shelf
exploration and appraisal

Towed EM – Technology Leapfrog
• Step change 1 – Efficiency:
• Production rates orders of magnitude
ahead of existing systems
• Step change 2 – Quality
• Dense sampling
• Real-time quality control
• On-board processing
• High signal to noise
QC data over Troll
• Step change 3 – Unique survey offering
• Seismic and EM in simultaneous
operations
• Step change 4 – platform flexibility
• EM and seismic combined reduces
utilization risk
QC data over a target > 2km

Laying Foundations in Permanent Reservoir Monitoring
• Pilot PRM project for Petrobras
– The world’s first PRM system deployed
deeper than 1000m
– The world’s first turnkey PRM project
• Optoseis fiber optical system
• Installation
• Seismic acquisition and processing
• Passive seismic monitoring and
processing
• Seabed system deployed
– 35 kms of sensor cable
– Around 700 4-component sensors
– Approximately 1350 m water-depth
– First data acquisition planned to start 21
Dec.
• PGS in a strong position for Brazil
PRM market

Permanent Reservoir Monitoring Market: Set to Grow
PRM enables Increased Oil Recovery
and gives:
• A cost effective life-of-field solution
• High data quality due to fixed receiver
positions, full azimuth coverage, and 4-
component sensors
• More efficient & frequent 4D surveys
• Faster turnaround => Higher value for
reservoir management
Currently deployed or awarded: More
than 1200 km of PRM sensor cables
From deployed and awarded PRM projects
Leads for 2013-2015: More than 1000
km of sensor cables
PGS’s
OptoSeis
system is DNV
certified for
down to 3000m
water depth

Summary Marine Contract Services
• Unique combination of productivity and leading technology
• Strong demand in 2013, particularly for high end products
• Growth potential longer term through fleet expansion and
markets for new technology
-54-

MultiClient
Sverre Strandenes, Executive Vice President
PGS Capital Markets Day
December 18, 2012

MultiClient: Outline
• Introduction – Value
Proposition
• Highlights 2012
• Library performance
Four corners covered
• Opportunities 2013

MultiClient –
Supporting our Clients’ Exploration Success
• Ambitions:
– Helping oil companies to find
hydrocarbons faster and more cost
effectively, with less risk
• Investment rationale:
– We acquire, process and interpret data
where we believe there are hydrocarbon
prospects
Four corners covered
• Exploration knowledge through 80 +
staff in Reservoir
• Leverage PGS technology and
operational performance
• Flexible business models and solutions

PGS Allocating More Capacity to MultiClient
• Combining several seismic surveys into
one larger survey to reduce unit cost
Prefunding percentage
% 3D capacity in MC
• Risk mitigation through pre-funding from
oil companies
150
130
110
90
70
50
20
24
30 30
43
40
50
40
30
20
• PGS owns / has exclusive rights to license
the data to oil companies
• Basis for wide and flexible range of
opportunities
• Improved earnings through pro-active
capacity management over the cycle
30
10
-10
2008 2009 2010 2011 2012E 2013F
10
0
• Increased enthusiasm for the MultiClient
business model
Consistent, high pre-funding levels
• Targeting on average 40 % of 3D fleet to
MultiClient
Significant, long term earnings potential – helps managing business over the cycle

Geographical Distribution of Revenues: 2011-2012
MultiClient sales 2011
MultiClient sales 2012E
Africa &
Middle East
18 %
Asia Pacific
17 %
North &
South
America
29 %
Europe
36 %
Africa &
Middle East
41 %
North &
South
America
22 %
Europe
33 %
Asia Pacific
4 %
Diverse portfolio – Regaining position in West Africa; reduced activity in Asia Pacific

GeoStreamer NW Europe Campaign in its 4 th Season
GeoStreamer only
16000
Sq Km
140
Legacy data
Sq. kilometers
14000
12000
10000
8000
6000
4000
Investment
PF Revenue
120
100
80
60
40
2000
20
0
2009 2010 2011 2012
0
GeoStreamer data
• 35,000 sq km of GeoStreamer MC3D
acquired so far
• Licensed by more than 50 oil co’s
• Representing the new definitive database
in the North Sea
• Applications from exploration through field
development and production

26,000 km2 GeoStreamer MC3D Successfully Acquired
in Kwanza Basin, Angola
• World’s largest 3D survey about to complete
very successfully
– Well ahead of schedule
– Block awards 1 st Jan 2012; first shot 08:39 Jan 1
– Fast track products Dec 2012; drilling in 2013
– GeoStreamer high resolution capabilities used to
avoid shallow drilling hazards
– Pre-Salt discoveries have increased
industry interest
• Exceptional operational performance
– Managing extreme barnacle growth with streamer
spreads continuously in the water for the entire
project
– 1.2 million man hours without a single recordable
safety incident
• Project comprises PF and LS revenues

Library Performance Measures
• Revenues = Pre-funding + Late sales
– PGS Pre-funding stage until delivery of final
processed data; thereafter Late sale
• Pre-funding level
• Investments
mUSD
800
700
600
500
Investments
Net Book Value
Net Revenue
Net Revenue/NBV
Net Revenue/Inv
3
2.5
2
– PGS investment = capitalized cash cost
• Net Book Value
• Amortization
– PGS amortizes over 5 years following
completion of project; amortization rate set
from project business plan, updated annually
based on sales forecast review
400
300
200
100
0
2008 2009 2010 2011 2012
1.5
1
0.5
0
• We monitor these parameters in
combination
LTM Revenues
(Q4 11 – Q3 12)
NBV, Inv estimated Y/E 2012
Significant increase in revenues and investment – maintaining controlled NBV

Library Peer Performance
800
Net Book Values
• Numbers from public reports
700
$ million
$ million
600
500
400
300
200
100
0
1200
1000
800
600
400
2007 2008 2009 2010 2011 End Q3
2012
Revenues
Peer A
Peer B
Peer C
Peer D
PGS
Peer A
Peer B
Peer C
Peer D
• Note:
– 2012 NBV = end Q3
– 2012 Revenues = Q1-Q3 only
– Peer A, B, D contain both marine
and land numbers
• PGS library characteristics:
– Lowest Net Book Value
– Most conservative NBV
– Strongest development in
Revenue/NBV ratio
200
PGS
0
2007 2008 2009 2010 2011 Q1-Q3
2012

Pre-funding versus Late sales
• Why Pre-funding is a good thing:
– Mitigates risk
– Frontloads cashflow
– Confirms client interest and Late sales
potential
350
300
250
200
150
100
50
Late Sales
Investments
350
300
250
200
150
100
50
• “Converted contract” is good for MC
– North Sea is the area where MC projects
most frequently are developed from contract
opportunities
– There is always Late sales potential
– Under equal terms, MultiClient will always be
an advantage
• PGS Late sales keep up with increased
investments, in spite of high Pre-funding
0
100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
Global Late sales
Late Sales
Investments
2007 2008 2009 2010 2011 2012 E
Europe Late sales
0

Major 2013 Frontier Area MC2D Projects
• MC2D GeoStreamer GS in Greece:
– PGS awarded the rights to acquire MC2D data for new
License Round offshore Greece.
– Acquisition of 8,500 km of GeoStreamer GS MC2D data
started November 2012.
– High level of interest from the industry
• MC2D GeoStreamer GS survey in Namibia:
– Namcor awarded PGS the exclusive rights to acquire
MC2D GeoStreamer GS data ahead of the Deep Water
License Round – to start in Q1
– PGS also awarded rights to acquire MC3D surveys in
Namibia to support exploration needs
• MC2D GeoStreamer GS in Canada:
– Y-o-Y investment building regional footprint in partnership
with TGS as first-mover in frontier region
– Confirmation of Statoil’s Mizzen resource volumes proves
northwards extension of working petroleum system
• Scientific Research 2D data in Russian Arctic
– 9000 km of scientific research data acquired in Russian
Arctic, currently being processed in Russia. Will be
licensed internationally
Greece MC2D Program
Canada MC2D Program
Mizzen
Yellow polygon - Gulf of Mexico for scale

Major MC3D Projects 2013
• Uruguay:
– Establishment of major new geo-market for PGS
– Acquisition of largest ever MC3D in S. America,
15,500 km2, with strong industry support
– Potential to further grow program well into 2014
• Brazil:
– Completion of 5,100 km2 BS-1 South survey on
flank of prolific sub-salt trend in Santos Basin
• Angola:
– Additional 3,700 km2 of GeoStreamer MC3D
• Europe:
– The great market uptake for our business
concept and GeoStreamer technology continue
– Preparing for 5 th season of GeoStreamer
Offshore Uruguay Rnd I & II Blocks
Uruguay
Namibia
Plate reconstruction

Equity Transactions: Library for Equity
• A number of oil companies are pursuing business models where license acreage are
traded in return for PGS library and/or services
• PGS acquired an extensive large portfolio of license equity in Namibia and North West
Europe over the past years - currently being divested
• AziNam Ltd
– PGS recently divested its holdings in 8 blocks in
Namibia to AziNam
– AziNam currently holds ownership of 10% - 48%
in 13 blocks covering 69,000 km 2 offshore
Namibia
• AziNor Petroleum Ltd
– PGS is in process of divesting its holdings in
several blocks in North West Europe to AziNor
– AziNor will hold ownership in 22 licenses
covering 55 blocks in Norway, UK and West of
Ireland
• Azimuth Ltd is majority shareholder of AziNam and AziNor
• Azimuth is majority owned by Seacrest Capital Ltd. PGS holds a 45 % stake in
Azimuth

Summary
• Activity level 2013:
– Investment level ~$ 300-350 million
– Expected Pre-funding level above 110%
– About 40 % of 3D fleet allocated to
MultiClient
Estimated geographical distribution
of revenues 2013
• Trends:
– MultiClient remains an attractive
business model for the oil companies
– Increasing trend of super-size MC3D’s
outside GoM
– Current ratio of MultiClient / Contract
gives PGS more stable and higher
earnings over the cycle
– Technology/GeoStreamer, in-house
G&G expertise and reservoir
understanding are key differentiators in
an increasingly competitive MC market
Africa & Middle
East
21 %
Asia
Pacific
7 %
North & South
America
40 %
Europe
32 %

Data Processing & Technology
Guillaume Cambois, EVP
PGS Capital Markets Day
December 18, 2012
-69-

Data Processing and Technology – What Does the
Business Unit Do?
Data Processing and Technology has two departments: Data
Processing provides a full range of processing, advanced imaging,
and reservoir-related processing services to a global exploration and
production customer base - and to PGS’ MultiClient business.
Geoscience & Engineering constitutes PGS’ R&D center.
-70-

Data Processing &Technology: A New Paradigm
• Data processing growth
– Market buoyant with increased demand for highend
imaging and broadband solutions
– New technologies to improve broadband images
• GeoStreamer: The new business and
technology platform
– Full de-ghosting solution
– Proven for reservoir characterization and 4D
– SWIM: a processing solution that will change
the way we acquire marine seismic data
-71-

Growth in DP External Revenue and Market Share
• Almost doubling
external revenues over
5 years – 11% annual
compound growth rate
• Steadily increasing
market share
• Recognized expertise
in high-end imaging
and GeoStreamer
processing
Growth supported by GeoStreamer, high-end imaging
and productivity improvements
-72-

R&D Focus – Leadership in Efficiency and Technology
USD Millions
80
70
60
50
40
30
20
10
0
2009 2010 2011 2012 (E)
Gross technology investment
• GeoStreamer GS
• Towed EM
• Continuous improvement of
fleet efficiency
• Data Processing: High-end
imaging and automation
• 2013 spending anticipated
higher with focus on
streamer technology and
processing
Focus on differentiation
-73-

GeoStreamer: The New Business and Technology Platform
Broadband and Beyond: New Developments Add to Differentiation
Full Waveform
Inversion
GeoStreamer
GS:
Offers the full deghosting
solution
SWIM:
GeoStreamer
enhanced
imaging
More reliable
reservoir
characterization
????
GeoStreamer – The New Business and Technology Platform:
• Gives higher resolution, better depth imaging and improved operational
efficiency
• Improves the seismic value chain from acquisition to processing
-74-

GeoStreamer: A Success Story
• 2007: GeoStreamer launch at the EAGE convention
• 2009: Introduction of GeoStreamer 3D
– First commercial 3D survey for Lundin in the North Sea
• 2011: GeoSource launch at the EAGE convention
• 2012: First GeoStreamer GS 3D survey
• 2012: SWIM launch at the EAGE convention
-75-
“You found what is now
referred to as Johan
Sverdrup – the world’s
largest discovery last
year. Why were you
successful?”
“We were thinking
completely different, and
that led to the breakthrough.
We used a new technology
developed by PGS, called
the “GeoStreamer” – a cable
towed behind the vessel –
and covered the entire area.
That was absolutely crucial
to understand the field.”
Hans Rønnevik
Lundin Exploration Manager
Offshore.no
PGS translation

Case Study: North Sea Frigg Area
Reservoir Characterization with Conventional Data Gives Little Insight
Window attribute of
P-impedance below
Top Frigg TWT
Frigg Field
Frigg Northeast
Frigg East
Conventional
-76-

Case Study: North Sea Frigg Area
GeoStreamer Data Helps Delineate Reservoir Features
Residual gas visible in
Top of Frigg Northeast
structure
Odin
Field
Lower Eocene
Frigg formation
sand channels
(red-brown colours)
Window attribute of
P-impedance below
Top Frigg TWT
Residual gas visible in Top of
structural culminations along sand
channels at Frigg East
Frigg
GWC
GWC
GWC: Gas Water Contact
Frigg Field
Frigg Northeast
Frigg East
GeoStreamer -77-

Case Study: North Sea Frigg Area
GeoStreamer Data Enables Accurate Lithology Estimation
Residual gas visible in
Top of Frigg Northeast
structure
Odin
Field
Lower Eocene
Frigg formation
sand channels
(yellow bodies)
Residual gas visible in Top of
structural culminations along sand
channels at Frigg East (red bodies)
Frigg
GWC
GWC
GWC: Gas Water Contact
Frigg Field
Frigg Northeast
Frigg East
GeoStreamer -78-

GeoStreamer: Increasingly Used in 4D Seismic
Only Broadband Solution Backward Compatible with Conventional Data
Conventional data
GeoStreamer
reconstructed
Marginal difference shows
backward compatibility
-79-

Subsurface Illumination of a Conventional Spread
Crossline View of a Ten-Streamers Dual-Source Marine Acquisition
Subsurface illumination about half the spread width
-80-

Conventional Subsurface Coverage at Target Depth
Sail Lines Overlap Half of Streamer Spread for Continuous Coverage
Illumination area
-81-

Illumination of a Shallow Target
No Reflections Beyond Critical Angle
Beyond critical angle
-82-

Subsurface Illumination of a Conventional Spread
Narrower Illumination of Shallow Targets
Conventional
coverage
-83-

Conventional Subsurface Coverage of Shallow Target
More Sail Lines Needed for Continuous Coverage
-84-

GeoStreamer Image of Shallow Target (100m)
Sail Lines Designed for Deeper Target Leave "Acquisition Footprint"
-85-
-85-

"Multiple Reflections" Offer More Diverse Illumination
GeoStreamer Provides Unique Access to Down-Going Waves
-86-

SWIM: Separated-Wavefield IMaging
A GeoStreamer Specific Tool to Increase Subsurface Coverage
SWIM
coverage
Conventional
coverage
-87-

SWIM Subsurface Coverage with Conventional Sail Lines
Continuous Coverage Regardless of Target Depth
SWIM illumination
-88-

Conventional Subsurface Coverage of Shallow Target
More Sail Lines Needed for Continuous Coverage
-89-

Conventional GeoStreamer Image of Shallow Target
Sail Lines Designed for Deeper Target Leave "Acquisition Footprint"
-90-
-90-

-91-
-91-
GeoStreamer SWIM Image of Shallow Target
Continuous Coverage Removes Acquisition Footprint – A Clearer Image
Satellite view
of present day
deltaic channel

SWIM Subsurface Coverage with Conventional Sail Lines
Continuous Coverage Regardless of Target Depth
-92-

SWIM Subsurface Coverage Without Overlap
Full Coverage Obtained with Fewer Sail Lines – Increased Efficiency
-93-

The New Marine Seismic Acquisition Paradigm
• The more GeoStreamers towed behind the vessel,
the clearer the SWIM image
– Every receiver becomes a secondary source
• The clearer the SWIM image,
the less need for vessel sail lines
– Wider illumination area using SWIM
• Hence, the higher the vessel capacity,
the more efficient the acquisition
– Fewer sail lines, less infill
Ramform Titan and SWIM: a Seismic Shift in Marine Acquisition
-94-

Data Processing &Technology: a New Paradigm
• Steady DP growth in a buoyant market
– Global presence
– GeoStreamer proprietary processing
– High-end data processing capabilities
– Increased productivity reduces cycle time for customers
• GeoStreamer: The new business and technology platform
– Fully deghosted pre-stack solution
• Reference broadband solution for seismic reservoir characterization
– Routinely used for time-lapse seismic monitoring (4D)
• The only proven broadband technology backward compatible with conventional data
– Breakthrough imaging technology SWIM:
• Clearer images of the subsurface at any depth
• Potential for more efficient marine seismic acquisition
• Ramform Titan + SWIM = Seismic Shift in Marine Acquisition
-95-

Safe and Efficient Operations
Magne Reiersgard, Executive Vice President
Operations
PGS Capital Markets Day
December 18, 2012

Operations – What Does the Business Unit Do?
Operations supports both Marine Contract and MultiClient with
reliable and efficient production as well as resource planning
and fleet renewal strategies
-97-

Outline
Risk management and system focus in
HSEQ
The fleet to beat is getting even
better
GeoStreamer Technology
Rollout status
Cost curve
Summary and Conclusion
COMING SOON

Improvement in HSEQ Drives Sustainable Excellence in
Operations
Per million man hours
1.5
1.0
0.5
0.0
PGS Total HSEQ Statistics
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
TRCF 12 month rolling LTIF 12 month rolling
PGS HSEQ Management Systems sets
the framework for high quality product
and service :
• Focus on managing risk in operations
and job tasks
• Continuous improvement of processes
and systems
• Focus on crew communications and
development
• Drive to reduce exposure to personnel
by new designs of vessels and
equipment
• Obtained ISO14001 certification
• Focus on Corporate Responsibility

The Best Performing Fleet in the Industry
• Maintaining “best in class”
levels of technical downtime
and operational performance
2012 performance at All Time High
Ramform Titan-class and
GeoStreamer technologies to
deliver further sustainable
improvements
Further focus on reducing
unproductive time through
rigorous planning activities

Why Ramform Titan-class
• HSEQ
– More streamers requires more space for
safe operations
– Automated back deck
– 2 Stern operated workboats
• Efficiency
– Shorter deployment and retrieval
– Repair and maintenance at sea
– Barnacle cleaning while in operation
• Performance
– 24 x 12000 m capacity
– 150 days endurance
– GeoStreamer
• Comfort
– 60 single cabins, 10 double
– Improved work environment and facilities

Continuously Ahead of Competition
1992 - 1996
1998 - 1999 2007 - 2009
2012 - 2014
Competition
4 – 6 streamers
6 – 8 streamers 8 - 12 streamers
10 - 20 streamers
PGS
8 - 12 streamers
12 - 18 streamers
12 – 22 streamers
14 - 24 streamers
• PGS builds vessels to optimize cost and efficiency over the vessels’
useful life
• Growing capacity over the cycle rather than trying to time the market
-102-
• Larger vessels enable safer and more efficient high quality seismic

The Ultra High - end Segment
Productivity Capacity
# Streamers Km Streamer in
water
Sqkm/ day
6 48.6 39 307
8 64.8 52 230
10 81 65 185
12 97.2 78 154
14 113.4 91 132
16 129.6 104 115
18 145.8 117 102
Duration in days
Based on 8.1km long streamers towed at 100m separation, 20% time added for infill,
acquiring 130 km of data per day and a total full fold survey size of 10,000 sq.km

The Ultra High-end Segment:
Several Production Records
• Ramform S-class records
– Monthly production record: 3,056 sq.km acquired (12 streamers x
8,100 meters with 120m separation)
– Weekly production record: 919 sq.km acquired
– Daily production record: 143.6 sq.km acquired
– BP Ceduna 3D S Australia: 12,030 sq.km in 186 days, 65 sq.km/day,
remote and harsh environment
– Petrobras, Largest deployment ever: 14 streamers x 8,100 meters
with 50 meter separation – regular operations for almost 4 years
• Ramform S and V-class 17 streamer tow with 50 meter separation
• Kwanza MC3D Angola, Ramform Valiant and PGS Apollo
– 25,500 sq.km in 470 days, 54 sq.km/day, remote and harsh environment
– No recovery of streamers during project
– No recordable safety incidents

Ramform Titan-class – Delivery
On budget and on time
RAMFORM TITAN
RAMFORM ATLAS
RAMFORM TITAN 3
RAMFORM TITAN 4
2013 2014 2015

Strategic Ambition:
To Deliver Productivity Leadership
Ramforms
Other vessels
Titanclass
2 ordered for 2013 delivery & 2 for 2015 delivery
PGS Apollo
• Ramform fleet is
improving further
with 4 new Titanclass
vessels
S-
class
V-
class
Ramform Sterling
Ramform Sovereign
Ramform Valiant Ramform Viking Ramform Vanguard
Atlantic Explorer
Pacific Explorer
2D
Nordic Explorer
• GeoStreamer
contributes to
productivity
leadership
• Industrialized
approach to fleet
renewal
Ramform Challenger
Ramform Explorer
Sanco Spirit
Ramform productivity is a key differentiator
-106-

GeoStreamer Technology roll-out
More of the Ultra-High End
GeoStreamer operations
– Atlantic Explorer
• (6 streamers)
– Ramform Explorer
• (10 streamers)
– Ramform Challenger
• (10 / 12 streamers)
– Ramform Valiant
• (12 streamers)
– Ramform Viking
• (12 streamers)
– Ramform Vanguard
• (12 streamers)
– PGS Apollo
• (10 Streamers)
– Sanco Spirit (2D)
– Nordic Explorer (2D)
In exploration mode with 100 meter streamer separation
Planned GeoStreamer rollout
– Ramform Titan Q113
• (16 streamers)
– Ramform Atlas Q413
• (16 streamers)
– Ramform Sterling H114
• (14 streamers)
– Ramform Titan 3 Q115
• (16 streamers)
– Ramform Titan 4 Q415
• (16 streamers)
– Ramform Sovereign H116 latest
• (14 streamers)
8K offset.
Only S-class left to do before 100% GeoStreamer

Favorably Positioned on the Industry Cost Curve
Relative cash cost efficiency per streamer per day
PGS fleet is positioned to generate the industry’s best margins
Source: The cash cost curve is based on PGS’ internal estimates and typical number of streamer towed, and excludes GeoStreamer productivity effect. The
graph shows all seismic vessels operating in the market and announced new-builds. The Ramform 9&10 are incorporated with 15 streamers, S-class with 14
streamers and the V-class with 12 streamers.
-108-

Summary and Conclusion
• 2012 Operational performance at
all times high level
• Ramform Titan-class program is
on track, and will deliver further
sustainable improvements
• Our track record demonstrates
the Ramform benefits
• GeoStreamer technology
deployment heading towards
100% fleet coverage
COMING SOON

Main Yard Stays Next 6 Months
Vessel When Expected
Duration
Type of Yard Stay
Ramform
Explorer
Scheduled
December 2012 /
January 2013
Approximately
22 days
Intermediate class
Ramform
Sovereign
Scheduled
March / April 2013
Approximately
22 days
Renewal class
Pacific
Explorer
Scheduled
June 2013
Approximately
22 days
Renewal class
-110-

Competitively Positioned
Performance Through the Cycle
Concluding Remarks
Jon Erik Reinhardsen, President & CEO
PGS Capital Markets Day
December 18, 2012

Leading Marine Geophysical Company
Marine
Contract
MultiClient
Operations
Data Processing
& Technology
Marine market
leadership
Diverse
MultiClient library
Productivity
leadership
Technology
differentiation
c. 40% of Q3 2012 LTM
Revenues
c. 50% of Q3 2012 LTM
Revenue
c. 10% of Q3 2012 LTM
Revenue
Marine Contract acquires
seismic data exclusively for oil
and gas exploration and
production companies
MultiClient initiates and
manages seismic data PGS
acquires, markets and sells to
multiple customers on a nonexclusive
basis
Operations supports Marine
Contract and MultiClient with
vessel resources and
manages fleet renewal
strategies
DP&T processes seismic data
acquired by PGS for its
MultiClient library and for
external clients on contract
and manages research and
development activities
Client focus ● Global presence ● Innovation leadership
-112-

PGS’ Strategic Ambition
• To Care
– For our employees
– For the environment and society at large
• To Deliver Productivity Leadership
– Ramform platform + GeoStreamer
– Reducing project turnaround time
• To Develop Superior Data Quality
– GeoStreamer (GS, SWIM, ++)
– Data Processing Innovations
– Reservoir knowledge
• To Innovate
– First dual sensor streamer solution
– First with 20+ towed streamer capability
– Unique reservoir focused solutions
• To Perform Over the Cycle
– Profitable with robust balance sheet
– Absolute focus on being best in our market segment
PGS - A Clearer Image
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2013 Guidance
• EBITDA in the range of USD 940-980 million
• MultiClient cash investments in the range of USD 300-350 million
– Pre-funding level to be above 110%
• Capital expenditures in the range of USD 500-525 million
– Of which approximately USD 300-325 million to new build program
*
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In Conclusion:
A Well Positioned Focused Marine Seismic Company
• Strong market fundamentals
• Improving productivity & scale
– Building four new Ramform Titan-class vessels
– Leading 3D MultiClient library returns, with further
improvements anticipated
• GeoStreamer delivers improved data quality,
strong performance and better pricing
• Leading edge Data Processing capabilities
• Technology differentiation with the
GeoStreamer platform and Towed EM
• Strong balance sheet
Competitively Positioned – Performance Through the Cycle
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Thank You – Questions?