Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q2 2024 Earnings Presentation
13 slides from Electromagnetic Geoservices Asa's earnings presentation, Aug 21, 2024
Slide 1: Q2 2024 Results
Q2 2024 RESULTS Oslo, 21st August 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: Q2 2024 Operational summary
Q2 2024 Operational summary • Atlantic Guardian completed the fully-prefunded multi-client survey in Brazil • Started transit towards Norway for the multi-client campaign in the North Sea and Barents Sea Financial summary of the quarter • Revenues of USD 13.8 million • EBITDA of USD 7.8 million • Ad
Slide 4: Operations and Market
Operations and Market
Slide 5: Brazil Project
Brazil Project • Survey commenced May 1 and was completed on schedule on the 22nd of June • 470 Ocean-bottom-EM-nodes / receivers • 426 towing km • 456km2 area under receivers • Project has now been fully invoiced and paid 5
Slide 6: Norway Campaign in Q3
Norway Campaign in Q3 • Atlantic Guardian arrived back in Norway late July • As of today we completed 4 EM surveys in the Barents Sea and will start on the seismic OBN survey • Upon completion of the seismic OBN survey in the Barents Sea the 4 EM surveys in vessel will perform some the Barents equip
Slide 7: Wells to watch – Update
Wells to watch – Update • AkerBP drilled 2 wells in license PL1170 in the Wisting area, 7324/6-2 (Ferdinand Nord) and 7324/8-4 (Hassel) • Both wells are associated with resistive anomalies, and we predicted both to find hydrocarbons – which they did • A third well and 7324/6-3 (Viasat) was not drill
Slide 8: Financial review
Financial review
Slide 9: Second quarter 2024 performance I Development in revenues and EBITDA
Second quarter 2024 performance I Development in revenues and EBITDA Key financial metrics Quarterly development (USD million) • Revenues Revenues 15 13.8 • USD 13.8 million total revenue • USD 12.0 million in pre-funding 10 • USD 1.3 million in late sales 5 1.1 1.6 0.2 • Vessel utilisation of 51% 0
Slide 10: Operational costs
Operational costs Quarterly operational cost base* development (USD million) Comments 8 • Operational costs base in Q2 24 of USD 6.7 million 6 • USD 2.7 million higher than Q1 24 • The Atlantic Guardian completed the fully pre-funded survey in Brazil and 4.6 commenced transit back to Norway 4 • Empl
Slide 11: Decrease in free cash in Q2 2024
Decrease in free cash in Q2 2024 Quarterly free cash development (USD million) Comments • Net decrease in free cash of USD 2.8 million to USD 5.9 million • Adjusted EBITDA of USD 7.0 million 7.8 0.1 -0.7 • Trade receivables increased by USD 11.8 million as compared to the previous quarter 8.7 1.0 0.
Slide 12: Q&A
Q&A
Slide 13: Q&A
Q&A Please e-mail questions to: emgs@emgs.com
Electromagnetic Geoservices — Q2 2024 Earnings Presentation on 6ix