Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q2 2013 Earnings Presentation
11 slides from Electromagnetic Geoservices Asa's earnings presentation, Aug 22, 2013
Slide 1: EMGS ASA – Second Quarter Presentation 2013
EMGS ASA – SECOND QUARTER PRESENTATION 2013 CEO, Roar Bekker CFO, Svein Knudsen Hotel Continental, 22 August 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 actua
Slide 2: Highlights
HIGHLIGHTS Q2 financial highlights • Revenues of USD 44.4 million • EBITDA of USD 13.2 million • Bond issue NOK 350 million Backlog significantly improved • PEMEX contract of USD 99.8 million • Brunei extension worth USD 15 million Expanding the multi-client segment • Sales of USD 14.8 million • Maj
Slide 3: Financial Highlights and Vessel Utilisation
FINANCIAL HIGHLIGHTS Key figures Q2 Revenues and revenues/costs per vessel month (USD Million) • Revenues of USD 44.4 million 60,00 6,0 50,00 7.5 5,0 • EBITDA of USD 13.2 million 40,00 4,0 • Net loss of USD 1.6 million 30,00 3,0 20,00 2,0 10,00 1,0 Multi-client Q2 0,00 0,0 • Sales of USD 14.8 millio
Slide 4: Capital Structure
CAPITAL STRUCTURE Balance sheet as at 30.06.13 (USD million) Cash and working capital 250 • Cash at USD 46.2 million • Trade receivables at USD 48.6 200 million USD 73.0 million • Trade payables at USD 13.2 million 150 USD 46.2 million 100 Bond issue completed 51% equity ratio • NOK 350 million, wit
Slide 5: PEMEX: Large-Scale Adopter of EM; Partnering with TGS
PEMEX: LARGE-SCALE ADOPTER OF EM Third largest EM contract • USD 99.8 million • Start-up in early September • Portfolio optimisation • Contract option includes extension and intermission of up to 6 months Confirms value proposition of EM • Boost in PEMEX’s reserve replacement ratio • Higher probabil
Slide 6: Strong Track Record in the Barents Sea; Multi-Client Library in Brazil
STRONG TRACK RECORD IN THE BARENTS SEA EM responses match drilling results • All commercial discoveries are imaged by EM anomalies (red / dark yellow) • All dry wells or non-economic discoveries are represented by lack of EM anomalies (blue) or weak EM anomalies (light yellow) * * To be drilled • 3D
Slide 7: Market Update and Vessel Schedule
MARKET UPDATE Order book (USD Million) Solid backlog secured 140 • PEMEX contract worth USD 99.8 million • Shell extension of USD 15 million 120 120 Continued focus on large contracts 100 • A shortlist of six promising projects • Targeting to close 1-2 long-term 80 (~12 months) contracts in 2014 60
Slide 8: Summary and Outlook
SUMMARY AND OUTLOOK Second quarter • Financials improving from Q1 • Backlog significantly increased • Strong late sales and key multi-client investments made in Barents Sea and Brazil Revised guidance for 2013 • Revenues of USD 170-200 million • EBIDTA of 20-30% Long-term outlook unchanged • Pursuin
Slide 9: Appendix: Vessel Charters and Yard Stays
APPENDIX VESSEL CHARTERS AND YARD STAYS BOA Thalassa BOA Galatea Atlantic Guardian EM Leader EM Express Firm Charter Dec. 2014 July 2015 1 March 2016 15 June 2013 Standby in Bergen at no cost to EMGS. Options 2 x 1 year 2 x 1 year 3 x 12 months Optional 1-, 3-, 6- or Optional 3-, 6- or 12-month char
Slide 10: Consolidated Income Statement and Financial Position
CONSOLIDATED INCOME STATEMENT USD million QUARTER ENDING HALF YEAR ENDING 30.06.2013 30.06.2012 30.06.2013 30.06.2012 Contract sales 29.6 49.6 49.5 102.6 Multi-client sales 14.8 7.5 26.6 10.0 Total revenues 44.4 57.1 76.1 112.6 Charter hire, fuel and crew expenses 11.7 17.2 22.0 38.2 Employee expens
Slide 11: Consolidated Cash Flow; Largest Shareholders
CONSOLIDATED STATEMENT OF CASH FLOW USD million PERIOD ENDING 30.06.2013 30.06.2012 Net cash flow from operating activities 8.2 4.2 Net cash flow from investing activities (29.5) (19.1) Net cash flow from financial activities 27.0 (0.7) Net increase in cash 5.7 (15.5) LARGEST SHAREHOLDERS (AS OF 21
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