Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q4 2021 Earnings Presentation
15 slides from Electromagnetic Geoservices Asa's earnings presentation, Feb 3, 2022
Slide 1: Q4 2021 Results
Q4 2021 RESULTS Oslo, 3rd February 2022 Bjørn Petter Lindhom, CEO Anders Eimstad, CFO
Slide 2: Disclaimer
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 actual results to differ. Such forward-looking information and statements are based on current expectations, estimates
Slide 3: Operational and financial highlights for the quarter
Q4 2021 Operational highlights for the quarter • Atlantic Guardian completed fully funded multi-client project in the North Sea • Vessel utilisation for the fourth quarter 2021 was 44% compared with 0% in the corresponding quarter in 2020 • Vessel entered warm-stack mid-November Financial highlights
Slide 4: Operations, Market and Outlook
Operations, Market and Outlook
Slide 5: 2021 Operational lookback
2021 Operational lookback • First full year operating with the new flexible business model • Completed 3 acquisition projects • Mexican Ridges fully funded Multi-Client project with recognized revenue of USD 7.2 million • Southeast Asia proprietary project with both exploration and appraisal objecti
Slide 6: 2021 Financial lookback
2021 Financial lookback • Significant improvement in financial results, and Annual Revenue & Net Income / Loss (MUSD) turning negative profitability in 2020 back to positive 100 in 2021 • Revenue of USD 28.9 million (unaudited). Up from 80 USD 24.9 million (audited) in 2020 60 • Full year adjusted E
Slide 7: Multi-Client Library continues to perform
Multi-Client Library continues to perform • >150,000 km2 3D EM data in Norway, Mexico, Brazil, Annual Multi-Client Revenue (MUSD) USA, Canada, Uruguay and Indonesia 35 • Current book value USD 2.4 million 30 • 2021 full year Multi-Client revenue of USD 15.9 million 25 (up 106% YoY), including: • Mul
Slide 8: 2021 vessel opportunities
2021 vessel Proprietary opportunities Multi-Client Norway • Planning for several Multi-Client projects on the NCS Canada • Preparing for multi-client program offshore East-Canada. Environmental Impact Assessment initiated Caribbean/South America • Opportunities for both exploration and appraisal sur
Slide 9: Financial review
Financial review auemegs
Slide 10: Fourth quarter 2021 performance: revenues and EBITDA
Fourth quarter 2021 performance I Development in revenues and EBITDA Key financial metrics Quarterly development (USD million) • Revenues Revenues 15 13 • USD 5.1 million total revenue 9 10 • USD 3.8 million in multi-client revenue 5 5 4 • Vessel utilisation of 44% 2 0 • Atlantic Guardian successful
Slide 11: Proposed Extension of Convertible Bond
Proposed Extension of Convertible Bond • EMGS has proposed to the bondholders to extend the maturity Bond Buy-Back • 24 month extension from May 2023 to May 2025 35 • Increase the interest margin by 100 bps from 5.5 per cent to 6.5 per cent 30 4 8 • Bondholders with a sufficient majority to approve
Slide 12: Operational costs
Operational costs Quarterly operational cost base* development (USD million) Comments • Operational costs base in Q4 21 of USD 4.7 million 4.8 • USD 0.4 million lower than Q3 21 5 • Other operational expenses and employee expenses remain consistently 0.8 low 0.9 • Combined Charter hire, fuel and cre
Slide 13: Decrease in free cash in Q4 2021
Decrease in free cash in Q4 2021 Quarterly free cash development (USD million) Comments • Net decrease in free cash of USD 4.8 million to USD 9.9 million • Positive Adjusted EBITDA of USD 0.4 million • MC investment of USD 0.8 million in the North Sea • 2nd USD 3.0 million bond buy-back in 2021 • Ve
Slide 14: Summary
Summary
Slide 15: Q&A
Q&A Please e-mail questions to: emgs@emgs.com
Electromagnetic Geoservices — Q4 2021 Earnings Presentation on 6ix