Glossary

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2D Seismic:

Acoustic measuring technology which uses single vessel-towed hydrophone streamers. This technique generates a 2D cross-section of the deep seabed and is primarily used when initially reconnoitring for the presence of oil or gas reservoirs.

3D Seismic:

Acoustic measuring technology which uses multiple vessel-towed long hydrophone streamers. This technique generates a 3D model of the deep seabed and is used to locate and analyse oil and gas reservoirs. The basic premise behind seismic is the same as medical ultra sound technology.

3 DiQ (3D Integrated Quantitative):

Technology for the development of integrated (geology, geophysics, reservoir engineering) quantitative oil and gas reservoir models. These models are used to optimise the risks, costs and efficiency of oil and gas field development and production.

A

AM (asset management):

A management system that ensures the efficient use of business equipment such as vessels and measuring equipment. 

Asset monitoring:

Tracking the location and usage of business equipment such as vessels and measuring equipment.

AUV (Autonomous Underwater Vehicle):

An unmanned submersible launched from a 'mother-vessel' but not connected to it via a cable. Propulsion and control are autonomous and use pre-defined mission protocols. In military operations, AUVs are often termed unnamed undersea vehicles (UUVs).

C

Construction Support:

Offshore services related to the installation and construction of structures such as pipelines, drilling platforms and other oil and gas related infrastructure, usually involving the use of ROVs.

D

D&P:

Development & Production (of oil and gas fields).

DGPS (Differential Global Positioning System):

A GPS-based positioning system which uses territorial reference points to enhance accuracy.

DP (dynamic positioning):

An automatic pilot which controls a vessel's engines and rudder, generally to ensure the vessel retains its position. Such systems require input from an accurate positioning system as a reference. Vessel types that employ DP include cruise ships and oceanic research vessels.

E

EM:

Electromagnetic measurements used to measure sub-surface electrical conductivity as a tool to map geological conditions and changes for engineering and exploration use.

F

FLI-MAP:

A system that, with the help of a laser fan beam in a helicopter, generates accurate relief maps.

G

Gas hydrates:

A mixture of semi-solid methane gas and water molecules that are created by water pressure and cold temperatures found deep in the ocean.

Geophysics:

The mapping of sub-surface geological characteristics using non-invasive techniques such as sound, electricity and magnetism.

Geoscience:

A range of scientific disciplines (geology, geophysics, petroleum engineering, bio stratification, geochemistry, etc.) related to the study of rocks, fossils and fluids.

Geotechnics:

The determination of subterranean soil characteristics using invasive techniques such as probing, drilling and sampling.

GLONASS:

Global Navigation Satellite System. A navigational system of satellites that allows small electronic receivers to pinpoint locations to high precision. It operates using time signals submitted along a line of sight by radio signals from satellites. The signals also determine current local time, which allows time synchronisation.

GNSS Global Navigation Satellite System:

A collective term for GPS, the Russian GLONASS system and the future European Gallileo System.

GPS:

Global Positioning System. A navigational system which uses satellites and computers to determine the latitude and longitude of a receiver on Earth by calculating the time difference for signals from different satellites to reach the receiver.

Gravity:

Precision gravity measurements for rock density can indicate changes in geology, including oil and gas reservoirs, mineral deposits and cavities.

GIS:

Geographic Information System designed to capture, store, manipulate, manage and present geographical data by integrating hardware and software

H

HP (high-performance):

Decimetre positioning accuracy.

L

LiDAR:

A measuring system based on laser technology that can make extremely accurate recordings from an aircraft.

LNG:

Liquified Natural Gas.

M

Multiclient data:

Data collected at own risk and expense, which is sold to several clients.

O

Omnistar:

An enhancement of GPS systems, this differential GPS positioning system is specifically for use onshore. This system differentiates itself through its compactness and ease of use.

R

ROV (Remotely Operated Vehicle):

Unmanned submersible launched from a vessel and equipped with measuring and manipulation equipment. A cable to the mother-vessel provides power, video and data communication.

S

Seastar-DP:

DGPS positioning system, specifically for use on board DP vessels.

Seismic:

Acoustic measurement of seabed characteristics and stratification with the objective of detecting oil and gas. These measurements are conducted using specialised vessels equipped with powerful acoustic energy sources and long receiving streamers (hydrophones) to measure 9sub) seabed acoustic echoes.

Skyfix:

DGPS positioning system (see Starfix) which uses different underlying technology to achieve the high degree of accuracy.

Starfix:

Differential GPS positioning system, specifically for use offshore. This system is intended for the professional user and, in addition to a high degree of accuracy, is equipped with a wide range of data analysis and quality control possibilities.

Survey Services:

Services related to the measurement, management and mapping of locations, objects and operations, most of which involve a substantial navigation and positioning component.

U

UAV (Unmanned Airborne Vehicle):

Unmanned autonomous mini-aircraft equipped with electromagnetic measuring equipment.

W

WTI:

West Texas Intermediate is a crude oil benchmark.

C

Capital Employed:

Total assets minus current liabilities

Cash Flow:

The profit for the period attributable to equity holders of the company plus depreciation, amortisation of intangible fixed assets and minority interest.

D

Debt (on 'Private Placement' covenants):

Long-term loans including obligations arising from leasing agreements.

Dividend yield:

Dividend as a percentage of the (average) share price.

E

EBIT:

Result from operating activities.

EBITDA:

Result from operating activities before depreciation and amortisation.

G

Gearing:

Loans and borrowings plus bank overdraft minus cash and cash equivalents, divided by shareholders equity.

I

Interest cover:

Result from operating activities (EBIT) compared with the net interest charges.

N

Net Profit Margin:

Profit as a percentage of turnover.

Net Revenue from Own Services (NROS):

Revenue minus work contracted-out and other external costs.

P

Pay-out Ratio Of The Net Result:

The pay-out ratio of the net result is defined as proposed dividend, multiplied by the number of shares entitled to dividend, divided by one thousand, divided by the net result.

Private Placement:

Long-term financing (10 - 15 years), entered into in May 2002 via a private placement with twenty American and two British institutional investors.

R

Return on Capital Employed:

NOPAT (net operating profit after tax) / full year average capital employed.  Excl. multi-client profits and assets.

S

Solvency:

Shareholders' equity as a percentage of the balance sheet total, whereby the subordinated convertible debenture bond is considered as equity.

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