SCAN Geophysical ASA Well positioned with a modern Fleet ... - OTC
SCAN Geophysical ASA Well positioned with a modern Fleet ... - OTC
SCAN Geophysical ASA Well positioned with a modern Fleet ... - OTC
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S C A N<br />
<strong>SCAN</strong> <strong>Geophysical</strong> <strong>ASA</strong><br />
<strong>Well</strong> <strong>positioned</strong> <strong>with</strong> a <strong>modern</strong> <strong>Fleet</strong> for the Future<br />
CEO Lars Johan Frigstad - December 4, 2006
S C A N<br />
<strong>SCAN</strong> History<br />
• 2005 – started its first streamer vessel “Geo Searcher”, owned by Eidesvik<br />
• 2005 – contracted its second vessel “Scan Resolution”, owned by Shipman<br />
• 2005 – got the founders of PGS, Norvestor, as its new main shareholder<br />
• 2006 – purchased 3 early delivery new-builds (high capacity 8 streamers)<br />
• 2006 – completed a share issue of USD 50 mill. at NOK 13 pr share<br />
• 2006 – was listed on the Norwegian <strong>OTC</strong> list, first trading at NOK 13,50 pr share<br />
• 2006 – started operation of Scan Resolution, in 3D mode <strong>with</strong> 4 streamers<br />
• 2006 – purchased 1 new vessel “Stigandi” to be converted to a 2D/3D vessel<br />
• 2006 – completed a USD 30 mill. subordinated convertible bond issue<br />
• 2006 – Q3 figures released, confirming <strong>SCAN</strong>’s planned revenue growth
S C A N<br />
<strong>SCAN</strong> in brief<br />
• <strong>SCAN</strong> is providing 2D and 3D marine seismic acquisition <strong>with</strong> a High Quality <strong>Fleet</strong><br />
- 2 vessels in operation in 2006 (1 2D and 1 3D) – <strong>SCAN</strong> successfully started 3D op. in Q3<br />
- 5 vessels in operation in 2007 (1 new 2D/3D and 2 new high capacity 8 streamer vessels)<br />
- 6 vessels in operation in 2008 Q1 (1 new 3D vessel)<br />
- <strong>positioned</strong> <strong>with</strong>in high-end 2D and small-large size 3D <strong>with</strong> 3-8 streamers <strong>with</strong> long offset<br />
• <strong>SCAN</strong> offers to its clients 2D, 3D, 4D, 2C, 4C and processing services<br />
- <strong>SCAN</strong> offers its Ocean Bottom Stations for 4C seismic at water depths of up to 6000m<br />
- <strong>SCAN</strong> has developed a low cost concept for Shallow Water Seismic <strong>with</strong> Ocean Bottom Cables<br />
- processing of seismic data is outsourced to partners<br />
• <strong>SCAN</strong> has a low cost base compared to the majors<br />
• <strong>SCAN</strong> is focusing on propritary work on contractual basis<br />
• <strong>SCAN</strong>’s strong management team has in average 22 years of seismic experience<br />
• <strong>SCAN</strong> is aiming for listing on the OSE in Q1 2007
S C A N<br />
Introduction to Seismic<br />
Source Recording<br />
Air-gun<br />
• conceptions<br />
- 2D, 3D & 4D<br />
- hydrophones & geophones – “seismic microphones”<br />
- streamers use - hydrophones<br />
- 2C & 4C<br />
Liquids (P-waves)<br />
- OBC & nodes use - hydrophones & geophones<br />
streamer<br />
OBC<br />
Hydrophone Geophones<br />
Nodes<br />
- hydrophones receive P-waves - geophones receive S-waves 3 D<br />
1 2 3 4<br />
2C 4C<br />
2 D<br />
3 D + t im e = 4 D
S C A N Focused Strategy <strong>with</strong>in attractive Seismic Segments<br />
Low-End 2D<br />
1 str x 6-8.000 m<br />
2D 3D<br />
streamer<br />
High-End 2D<br />
1 str. x 9-12.000 m<br />
OBC<br />
Small-Size 3D<br />
≤ 500 km2<br />
3 str. x 3.500 m +<br />
Deep water SW<br />
Medium-Size 3D<br />
≤ 1.000 km2<br />
6 str. x 6.000 m<br />
Shallow Water<br />
2D/ 3D<br />
1-300m water depth<br />
Large Survey 3D<br />
≥ 1.000 km 2<br />
8 - 16 str. x 6.000 m<br />
land cable<br />
TZ Land
S C A N <strong>SCAN</strong> has a <strong>modern</strong> <strong>Fleet</strong> – well <strong>positioned</strong><br />
Market segment<br />
10+<br />
Streamers<br />
3-8<br />
Streamers<br />
High-end 2D<br />
Low-end 2D<br />
Main focus industry players<br />
SMNG COSL GSI Caspian Geo<br />
Offshore Seismic Survey Polar Expedition<br />
NOREX
S C A N Key Adm. – more than 200 years of seismic experience<br />
• Lars Johan Frigstad<br />
• Stephane Touche<br />
• Arne Ottdal<br />
• Kjell Karlsson<br />
• Alf Hesthag<br />
• Pål Slaatsveen<br />
• Keith Prior<br />
• Andrey Razin<br />
• Patrick Pitaud<br />
President & CEO<br />
Lars J. Frigstad<br />
- CEO – ex PGS (13 years seismic experience)<br />
- COO – ex CGG (15 years)<br />
SVP & COO VP QHSE QHSE Assistant<br />
Stephane Touche Arne Ottdal Alexandra Bihr<br />
VP CFO VP Sales&Market. VP Operations Technical Man. VP SWS<br />
Tove Presterud Kjell Karlsson Alf Hesthag Andrey Razin Patrick Pitaud<br />
Fin. Controller Office Manager Lawyer Sales&Mark. FE Vessel Manager Technical Superv. Crewing Techn. Eng. SWS<br />
Jorunn Mørk Monika Minge Patrick Murphy Jean-Y. Beninger Pål Slaatsveen Keith Prior Victor Mironenko Pierre Corre<br />
Accountant Sales&Mark. Am. Op. Supervisor Purchasing Man. Crewing<br />
Øyvind Thorsen TBA René Wallach Yuri Razin Katerina Razina<br />
- VP HSE – ex Seabird (8 years + 37 years maritime)<br />
- VP Sales & Marketing – ex Geco, PGS and CGG (35 years)<br />
- VP Operations – ex Geco and Fugro (25 years)<br />
- Vessel Manager – ex PGS (26 years)<br />
- Vessel Manager – ex Western (29 years)<br />
- Technical Manager - former President of Large (22 years)<br />
- VP Shallow Water – ex CGG (30 years)
S C A N M/V Geo Searcher – 2D/3D<br />
• capacity for High-End 2D & Small-Size 3D<br />
- built 1982/2005<br />
- high streamer capacity - up to 1 x 12 km in 2D mode - or 3 x 4.6 km in 3D mode<br />
- high shooting capacity - up to 7500 cuin @ 2000 PSI<br />
- TC over 3 years + optional 3 x 1 years (Eidesvik)
S C A N M/V Scan Stigandi – 2D/3D<br />
• capacity for High-End 2D & Small-Size 3D<br />
- built 2002/2007<br />
- high streamer capacity - up to 1 x 12 km in 2D mode - or 3 x 4.6 km in 3D mode<br />
- dual source <strong>with</strong> high shooting capacity - up to 8000 cuin @ 2000 PSI<br />
- expected delivery in May 2007 – to be the most <strong>modern</strong> 2D vessel in the market
S C A N M/V Scan Resolution – 3D – 4/6 streamers<br />
• capacity for Medium-Size 3D<br />
- built 1983/1990/2000/2006<br />
- streamer capacity of 4 x 6 km streamers – planned upgraded to 6 x 6 km<br />
- state of the art APG Bolt air guns <strong>with</strong> 2 x 4000 cuin @ 2000 PSI<br />
- TC over 3 years + optional 3 x 1 years (Shipman – the Østervold Group)
S C A N 3 purpose built Vessels – 3D – 8 streamers – long offset<br />
• capacity for Medium/Large-Size 3D<br />
- expected deliveries: Nov and Dec-07 and Jan-08<br />
- the highest 8 streamer capacity in the market: up to 8 x 10 km – long offset<br />
- purpose built state of the art seismic vessels<br />
- sale-lease-back in progress
S C A N A strong Project Man. Org. in place for the new-buildings<br />
Stephane Touche (<strong>SCAN</strong>) Lawyer/Olav Vikar (Thommassen)<br />
Keith Prior (<strong>SCAN</strong>)<br />
Sigmund Sorensen (PolarKonsult, Project Manager)<br />
Frank Johnsen (PolarKonsult, ABG Surat)<br />
Kishore Bedekar (PolarKonsult, ABG Surat) SeaTech (Design Bureau, Singapore)<br />
Surveyors (PolarKonsult)<br />
- Hull<br />
- Machinary & Piping<br />
- Nautic<br />
- Electric<br />
- Automation<br />
ABG (Mumbai & Surat)<br />
• the process on track at the ABG Shipyard<br />
- however, deliveries delayed to Nov, Dec-07 and Jan-08 due to a flood hitting the entire region<br />
- a professional Project Management team Managed by Polarkonsult on site and in Norway<br />
- hull shape improved <strong>with</strong>out any delay in delivery timing – state of the art design<br />
- the vessel’s streamer capacities increased by 67% to 8 x 10 km cable <strong>with</strong>out any delay<br />
- ABG appears professional, and the cooperation <strong>with</strong> the yard is very good
S C A N<br />
8<br />
7<br />
6<br />
5<br />
4<br />
3<br />
2<br />
1<br />
0<br />
<strong>SCAN</strong>’s <strong>modern</strong> <strong>Fleet</strong> is rigged for the Future<br />
Source: Carnegie/<strong>SCAN</strong><br />
<strong>SCAN</strong> 3D Vessels Total 3D Vessels<br />
36 km streamer capacity 252 km streamer capacity<br />
1978<br />
1979<br />
1980<br />
1981<br />
1982<br />
1983<br />
1984<br />
1985<br />
1986<br />
1987<br />
1988<br />
1989<br />
1990<br />
1991<br />
1992<br />
1993<br />
1994<br />
1995<br />
1996<br />
1997<br />
1998<br />
1999<br />
2000<br />
2001<br />
2002<br />
2003<br />
2004<br />
2005<br />
2006<br />
2007<br />
2008<br />
• 88% of <strong>SCAN</strong>’s streamer capacity relates to new vessels built in 2002-2008<br />
- 3 high capacity 8 streamer vessels from 2007-2008 are all on long term charters<br />
- 1 high-end 2D/3D vessel from 2002 – the most <strong>modern</strong> 2D vessel – is on long term charter<br />
- the vessels from 82-83 both have a very high standard – secured for another 5 and 6 years<br />
- <strong>SCAN</strong> expects clients to be more focused on high quality vessels in the future
Geo Searcher<br />
Scan Resolution<br />
Scan Stigandi<br />
Scan Superior<br />
Scan Finder<br />
Scan Profile<br />
S C A N Very good Vessel Activity throughout 2006<br />
2 0 0 6<br />
Jan Feb March April May June July Aug Sept Oct Nov Dec<br />
Transit<br />
India<br />
Conversion Poland<br />
GXT India 2D 17,000 km<br />
Transit<br />
to Med<br />
Numhyd<br />
Tun. 2D<br />
1000 km<br />
Conversion<br />
3D Malta<br />
Med Oil / TGS<br />
Tunisia 3D 610<br />
sqkm<br />
Tech. Stop<br />
Algeciras<br />
Transit to<br />
Venzuela<br />
NIO Pakistan<br />
4630 km<br />
Major Oil<br />
Company<br />
Venezuela 3D<br />
Block 3 -<br />
315 sqkm
S C A N <strong>SCAN</strong> attractive <strong>positioned</strong> in 2007 as capacity is scarce<br />
Geo Searcher<br />
Scan Resolution<br />
Scan Stigandi<br />
Scan Superior<br />
Scan Finder<br />
Scan Profile<br />
2 0 0 7<br />
Jan Feb March April May June July Aug Sept Oct Nov Dec<br />
Major Oil<br />
Company<br />
Venezuela 3D<br />
Cardon3 - 530<br />
sqkm<br />
Asia 2D<br />
Conversion Europe<br />
West Atlantic Area<br />
Building ABG India<br />
Asia 2D<br />
Building ABG India<br />
Building ABG India<br />
Atlantic Area<br />
Atlantic Area Atlantic Area<br />
Asia 2D<br />
Asia Area
S C A N <strong>SCAN</strong> will operate in a broad geographical Range<br />
<strong>SCAN</strong> offices/representations<br />
Main areas targeted for marketing and operations
S C A N<br />
<strong>SCAN</strong> <strong>Geophysical</strong> <strong>ASA</strong><br />
Rådhusgaten 23<br />
0158 Oslo<br />
Norway<br />
Tel: + 47 24 11 10 00<br />
Fax: + 47 24 11 10 10<br />
E-mail: mail@scangeo