Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q3 2011 Earnings Presentation
12 slides from Electromagnetic Geoservices Asa's earnings presentation, Nov 17, 2011
Slide 1: EMGS ASA – Third Quarter Presentation 2011
EMGS ASA – THIRD QUARTER PRESENTATION 2011 CEO, Roar Bekker CFO, Svein Knudsen Hotel Continental, 17 November 2011 DISCLAIMER This quarterly presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actu
Slide 2: Highlights Q3
HIGHLIGHTS Q3 Financial results • Revenues of USD 45.5 million • EBITDA of USD 11.9 million Excellent operational performance • Record-high productivity by BOA Thalassa • Seven weeks steaming/dry dock Acquisition of OHM • Flexible scalability secured • Final stages of integration Strong market • USD
Slide 3: Financial Highlights and Key Operational Figures
FINANCIAL HIGHLIGHTS Financial results Revenues and revenues per vessel month (USD Million) 60,00 7,0 • Revenues of USD 45.5 million 50,00 6,0 • EBITDA of USD 11.9 million 40,00 5,0 4,0 • Net income of USD 7.5 million 30,00 3,0 20,00 2,0 10,00 1,0 YTD performance 0,00 0,0 Q3'10 Q4'10 Q1'11 Q2'11 Q3'
Slide 4: Capital Structure
CAPITAL STRUCTURE Assets (USD million) Equity and liabilities (USD million) 180 180 160 160 140 140 120 120 100 100 80 80 60 60 40 40 20 20 0 0 30.09.2010 30.09.2011 30.09.2010 30.09.2011 Current assets other than cash Shareholders equity Liabilities Cash Convertible loans Interest bearing debt Non-
Slide 5: Update on Contract with Pemex and Contract with Petrobras
UPDATE ON CONTRACT WITH PEMEX Strong operational performance Production as of 30 September 2011 Projected cumulative • Thalassa revenues: USD 25.5 million production (square kilometres) • Minimal weather downtime Daily production (square kilometres) Actual cumulative production (square EM integrated
Slide 6: Vessel Activity and Backlog; OHM Acquisition Provides Flexible Vessel Capacity
VESSEL ACTIVITY AND BACKLOG Q3 2011 Q4 2011 Q1 2012 Q2 2012 July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun BOA Thalassa PEMEX PEMEX BOA Galatea Red Sea Ghana Petrobras Northern Atlantic Guardian Europe PEMEX Petrobras EM Leader Petrobras Asia Norway Norway EM Express Contract negotiations: Multi-c
Slide 7: Vessel Charters and Market Update
VESSEL CHARTERS 18 Dec Thalassa 3 x 12 months 17 July Galatea 3 x 12 months 25 Feb White Guardian 2 x 2 months Firm Optional Leader 3, 6 or 12 month charters Express 3, 6 or 12 month charters 2010 2011 2012 2013 2014 2015 2016 2017 2018 MARKET UPDATE Order book as of 30 September 2011 (USD Million)
Slide 8: Expanding Application of 3D EM: Basalt/Salt
EXPANDING APPLICATION OF 3D EM: BASALT/SALT Multi-client survey, Norwegian Sea • 3000 km2 • Sub-basalt imaging in Møre basin • Pre-funded by ExxonMobil Magnetotelluric (MT) method • Uses natural signals • Deep penetration, low resolution Non DHI* applications • Complex salt/basalt areas • Frontier e
Slide 9: EMGS Strategy Towards 2015 and Outlook
EMGS STRATEGY TOWARDS 2015 Build the EM market and retain # 1 position through technology leadership Expand application window Accelerate customer Increase customer Broaden scope adoption penetration Build confidence in EM OUTLOOK Strong order backlog and visibility Solid and flexible platform for g
Slide 10: Q&A
Q&A auemgs APPENDIX auemgs
Slide 11: Consolidated Income Statement and Balance Sheet
CONSOLIDATED INCOME STATEMENT USD million QUARTER ENDING NINE MONTHS ENDING 30.09.2011 30.09.2010 30.09.2011 30.09.2010 Revenues 45.5 22.8 114.6 48.2 Charter hire, fuel and crew expenses 18.6 5.2 45.9 17.9 Employee expenses 11.0 7.4 30.3 20.6 Other operating expenses 4.0 3.7 13.3 9.6 EBITDA 11.9 6.5
Slide 12: Consolidated Statement of Cash Flow; Largest Shareholders
CONSOLIDATED STATEMENT OF CASH FLOW USD million QUARTER ENDING 30.09.2011 30.09.2010 Net cash flow from operating activities 0.5 (34.2) Net cash flow from investing activities 1.0 (12.4) Net cash flow from financial activities 19.7 46.2 Net increase in cash 21.2 (0.4) LARGEST SHAREHOLDERS (AS OF 16
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