1. Global Geo Services ASA
Global Geo Services ASA
Results Q and
preliminary results 2004 by
Morten Andersen (Chairman)
Trond Christoffersen (CEO)

2. Agenda 2004 summary Strategy Finanicial highlights and results Status
East Timor
Geomariner
Triangle Equipment
MC plans

3. 2004 Summary
Balance sheet improvement Q4:
17.11 Restructuring and conversion
Creditor change: 1.7 MUSD (DnB => Atlas)
Creditor change: 8.5 MNOK (Tudor => Atlas)
Conversion: 8.5 MNOK (Tudor)
21.12 Share issue Enskilda Securities
25.1 MNOK
30.12 Conversion debt SEI
600,000 shares

4. Strategy
Continued focus on balance sheet improvement:
Reduction of debt and converting short term to long term debt
Building financial flexibility and strength for gradual expansion of activities:
Funding future Multi Client investments. Together with partners when appropriate.
Developing corporate structure:
Reviewing opportunities

5. Strategy :
Has been used to turn GGS around from bankrupcy candidate to a company resuming activities positioned for growth :
Will be used to make GGS a top contender in profitability among the seismic companies at the Oslo Stock Exchange

6. Financial highlights Q4 2004
Revenue for Q is NOK 34.2 million (down from NOK million for Q4-2003).
EBITDA is NOK 14.0 million for Q (down from NOK 82.0 million in Q4-2003).
Operating Profit for Q4 is NOK million (down from NOK 41.8 million for Q4-2003).
Amortisation and depreciation was NOK 34.0 million in Q (down from NOK 40.3 million for Q4-2003).
Loss before tax and net loss for Q4 is NOK 17.4 million (down from a profit of NOK 45.9 million in Q4-2003).

7. Financial highlights for the year 2004
Revenue for the year 2004 was NOK 93.7 million (down from NOK million in 2003).
EBITDA is NOK 41.3 million for the year 2004 (down from NOK million in 2003).
Operating Profit for the year 2004 is NOK million (up from NOK million in 2003).
Amortisation and depreciation was NOK million for the year 2004 (down from NOK million for 2003).
Loss before tax and net loss for the year 2004 is NOK million (up from a loss of NOK million in 2003).

8. Financial highlights
RESULTS

15. Financial highlights Amortization
The minimum amortization means that total book value will be maximum 60 % of cost one year after survey completion and reduced to zero four years after survey completion by a further amortization of 20 % each of the following years.

16. Financial highlights
PC-2000 book values:
Now only 213 MNOK of an original investment of more 714 MNOK. Will become zero in June 2006.
PC-2000 estimated sales horison:
5-10 years (both new sales and uplift)
Quarterly results:
Will be hit by about 35 MNOK/quarter until June 2006 causing many quarters in red even though sales and cash flow may be positive.
After June 2006 all PC-2000 sales will go directly to the bottom line.

17. Status East Timor 04
The R/V Zephyr on February 17th completed km of 2D offshore East Timor.
Road shows planned for April and June 05.

18. Status East Timor 04 Fully pre financed through BGP-CNPC
GGS will not book as MC library on balance sheet but book revenues after project cost recovery
Early Participant sale to International Oil Company December 04
Data available April 05
More than a dozen Oil Companies have been to Dili to meet with East Timor Government
First Licensing Round to be announced June 05
Round to close December 05

19. Status Geomariner
Geomariner has completed shallow water 3D survey for Petronas in Bahrain. Has started and nearly completed km Multi Client Pseudo 3D on Ferdowsi prospect.
Locations where Geomariner has been working since July 2005

20. Status Ferdowsi 05
The survey adds on to P3D data previously collected over the neighbouring Golshan structure and is carried out in cooperation with Iran`s NIOC and PEDEC and a group of 3 international oil companies. The Golshan and Ferdowsi area is believed to contain large amounts of natural gas as well as commercial volumes of condensate/oil.
3.200 km more than 90 % complete

21. Status Triangle Equipment
Change of name to NESCOS AS
Tendering for well installations of NESCOS (Target areas GOM, North Sea, West Africa)
Oil company sponsored development of Shifting tool for MRS

22. Status Multi Client plans
GGS is likely in the near future to enter into agreement regarding participation in Multi Client survey in another Middle East country
Iran campaign to be supplemented
Project plans being developed for new surveys outside Middle East after the East Timor survey