13 slides from Electromagnetic Geoservices Asa's earnings presentation, Nov 6, 2024
Slide 1: Q3 2024 Results
Q3 2024 RESULTS Oslo, 6th November 2024 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: Q3 2024 Operational summary
Q3 2024 Operational summary • Atlantic Guardian transited from Brazil to Norway . Upon arrival, the Atlantic Guardian commenced acquisition of several multi-client projects in Norway. • Successfully completed acquisition of OBN seismic survey in Norway. • In September 2024, EMGS extended the charter
Slide 4: Operations and Market
Operations and Market
Slide 5: Norway Campaign in Q3
Norway Campaign in Q3 • Atlantic Guardian arrived back in Norway late July • During the quarter EMGS completed 4 EM surveys and 1 OBN survey in the Barents Sea • A fully prefunded survey in the North Sea were in progress at the 4 EM surveys in the Barents end of the quarter and has since Sea complet
Slide 6: First commercial seismic Ocean Bottom Node (OBN) survey completed
First commercial seismic Ocean Bottom Node (OBN) survey completed • EMGS’ first commercial OBN project in collaboration with Velocitas Geo Solutions was completed in September • New node technology and conventional nodes deployed following a CSEM survey in same area • All nodes and data successfully
Slide 7: Financial position remains strong
Financial position remains strong • Financial position remains strong Quarterly development (USD million) 35 • Available cash at end of Q3 2024 was USD 13.2 million 30 • Convertible bond loan remains at approximately USD 25 19.5 million 20 15 10 5 0 Convertible Bond Available Cash 5
Slide 8: Financial review
Financial review
Slide 9: Third quarter 2024 performance I Development in revenues and EBITDA
Third quarter 2024 performance I Development in revenues and EBITDA Key financial metrics Quarterly development (USD million) • Revenues Revenues 15 13.8 • USD 1.1 million total revenue • USD 0.2 million in pre-funding 10 • USD 0.5 million in late sales 5 1.6 1.1 • Vessel utilisation of 40% 0.2 1.1
Slide 10: Operational costs
Operational costs Quarterly operational cost base* development (USD million) Comments 8 • Operational costs base in Q3 24 of USD 7.0 million 6 1.5 • USD 0.2 million higher than Q2 24 • The Atlantic Guardian completed transit from Brazil to Norway and commenced several prefunded multi-client surveys
Slide 11: Increase in free cash in Q3 2024
Increase in free cash in Q3 2024 Quarterly free cash development (USD million) Comments • Net increase in free cash of USD 7.4 million to USD 13.2 million 5.1 • Adjusted EBITDA of negative USD 5.9 million 0.2 -1.0 -0.5 13.2 • Trade receivables decreased by USD 10.6 million as 10.6 -0.7 compared to t
Slide 12: Q&A
Q&A
Slide 13: Q&A
Q&A Please e-mail questions to: emgs@emgs.com