Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q1 2013 Earnings Presentation
12 slides from Electromagnetic Geoservices Asa's earnings presentation, May 16, 2013
Slide 1: EMGS ASA – First Quarter Presentation 2013
EMGS ASA – FIRST QUARTER PRESENTATION 2013 CEO, Roar Bekker CFO, Svein Knudsen Hotel Continental, 16 May 2013 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 re
Slide 2: Highlights
HIGHLIGHTS Q1 financial results • Revenues of USD 31.7 million • EBITDA of USD 1.3 million Multi-client projects well positioned • Successful basalt mapping program • Brazil 11th round bids confirm high interest in basins covered by EMGS’s multi-client data • Off to a good start in the Barents Sea M
Slide 3: Financial Highlights and Vessel Utilisation
FINANCIAL HIGHLIGHTS Key figures Q1 Revenues and revenues/costs per vessel month (USD Million) • Revenues of USD 31.7 million 60,00 6,0 50,00 7.5 5,0 • EBITDA of USD 1.3 million 40,00 4,0 • Net loss of USD 2.5 million 30,00 3,0 20,00 2,0 10,00 1,0 0,00 0,0 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Multi-client
Slide 4: Capital Structure
CAPITAL STRUCTURE Balance sheet as at 31.03.13 (USD million) Cash and working capital 250 • Cash at USD 41.4 million • Trade receivables at USD 42.5 million 200 USD 44.7 million • Trade payables at USD 15.5 million 150 USD 41.4 million Solid financial position 100 • Equity ratio of 56% 56%* 50 • Gua
Slide 5: Structural Imaging Product Making Headway; 2013 Barents Sea Multi-Client
STRUCTURAL IMAGING PRODUCT MAKING HEADWAY Multi-client basalt mapping program • West of Shetland and Norwegian Sea (Vøring Basin, PL 598 and 527) • ~ 3 months of data acquisition • Revenues of USD 14.6 million • Data licensed by 7 oil companies Sub-salt structural imaging • Joint project with Schlum
Slide 6: Multi-Client Data Library in Brazil; Asia: 3D EM Regional Exploration
MULTI-CLIENT DATA LIBRARY IN BRAZIL Successful 11th licensing round Multi-client 3D EM • Foz do Amazonas and Ceara basin Spectrum attracted the highest interest multi-client 2D seismic • Petrobras, Total and BP consortium won 5 of the 9 blocks in Foz do Amazonas • Total Brazil data library will cove
Slide 7: Market and Outlook
MARKET AND OUTLOOK HIGHLIGHTS FROM 2ND INTERNATIONAL CSEM CONFERENCE Record-high attendance • 130 attendees • 20 oil companies Key takeaways • EM’s drilling prediction strength confirmed • Technology improvements spurring increased uptake of technology • Growing recognition of value proposition • Ne
Slide 8: Market Update and Vessel Schedule
MARKET UPDATE Order book (USD Million) Backlog-decline reversed • USD 35 million contract in Asia 70 • LOI for USD 5 million survey in mid-Norway in June 60 • Q2 multi-client sales of USD 8.5 million 50 to date 40 Improved visibility for large contracts 30 • Expect major contract award in Q2 33 • Di
Slide 9: Summary and Outlook
SUMMARY AND OUTLOOK Q1 a low point • Soft start to 2013 as expected • Significant improvements in Q2 • Expected increase in backlog, improved contract coverage and extensive MC data library provide solid basis for strong financial performance in 2H 2013 Full year guidance for 2013 reiterated Shelf X
Slide 10: Vessel Charters and Yard Stays in 2013
APPENDIX VESSEL CHARTERS AND YARD STAYS IN 2013 BOA Thalassa BOA Galatea Atlantic Guardian EM Leader EM Express Firm Charter Dec. 2014 July 2014 1 September 2013 15 June 2013 Standby in Bergen at no cost to EMGS. Options 2 x 1 year 3 x 1 year 2 x 3 months Optional 1-, 3-, 6- or Optional 3-, 6- or 12
Slide 11: Consolidated Income Statement and Statement of Financial Position
CONSOLIDATED INCOME STATEMENT USD million QUARTER ENDING YEAR ENDING 31.03.2013 31.03.2012 31.12.2012 31.12.2011 Contract sales 20.1 53.0 176.1 162.9 Multi-client sales 11.6 2.6 24.7 9.5 Total revenues 31.7 55.6 200.8 172.4 Charter hire, fuel and crew expenses 10.3 21.0 68.8 67.1 Employee expenses 1
Slide 12: Consolidated Statement of Cash Flow; Largest Shareholders
CONSOLIDATED STATEMENT OF CASH FLOW USD million PERIOD ENDING 31.03.2013 31.03.2012 Net cash flow from operating activities 15.7 (4.6) Net cash flow from investing activities (13.3) (8.6) Net cash flow from financial activities (1.4) (0.4) Net increase in cash 1.0 (13.6) LARGEST SHAREHOLDERS (AS OF
Electromagnetic Geoservices ASA (EMGS) — Q1 2013 Earnings Presentation on 6ix