11 slides from Electromagnetic Geoservices Asa's earnings presentation, May 19, 2011
Slide 1: EMGS ASA – First Quarter Presentation 2011
EMGS ASA – FIRST QUARTER PRESENTATION 2011 CEO, Roar Bekker CFO, Svein Knudsen Hotel Continental, 19 May 2011 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 performance • Revenues of USD 21.5 million • Negative EBITDA of USD 3.3 million Key projects awarded for BOA Galatea • Mozambique: USD 8.5 million • Red Sea: USD 12.5 million Enhanced performance on BOA Thalassa • Technical upgrades • Faster towing and fewer repeat tows • Sha
Slide 3: Financial Highlights / Operational Cost Level
FINANCIAL HIGHLIGHTS Financial results Revenues and revenues per vessel month (USD Million) • Revenues at USD 21.5 million 35.0 4.5 30.0 4.0 • Negative EBITDA of USD 3.3 million 3.5 25.0 3.0 20.0 2.5 Vessel utilisation at 87% 15.0 2.0 1.5 • Revenues impacted by ultra deep-water 10.0 1.0 acquisition
Slide 4: Capital Structure
CAPITAL STRUCTURE Assets (USD million) Equity and liabilities (USD million) - Effect of conversion, NOK 150 million Fugro loan 120 120 - All else equal 100 100 80 80 60 60 40 40 49% 20 20 27% 16% 0 0 31.03.2010 31.03.2011 31.03.2011 * 31.03.2010 31.03.2011 31.03.2011 * Shareholders equity Liabilitie
Slide 5: Vessel Activity & Backlog / Update on Contract with PEMEX
VESSEL ACTIVITY & BACKLOG Q1 2011 Q2 2011 Q3 2011 Q4 2011 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec BOA Thalassa • Mexico, PEMEX BOA Galatea • Steaming • New Zealand, Shell • Steaming • Mozambique • Steaming • Red Sea • Contract negotiations Atlantic Guardian • Rigging • Northern Europe • Ste
Slide 6: Adding Value in the Barents Sea / Demand Fuelled by Enhanced Adoption
ADDING VALUE IN THE BARENTS SEA The perfect match • Three discoveries confirmed by EM: Goliat, Snøhvit and Skrugard • Wide-azimuth data and 3D anisotropic inversion is crucial • Skrugard signifies a step change for exploration in the Barents Sea Ideal for multi-client • Uplift revenues in Q2 of USD
Slide 7: Summary and Outlook
SUMMARY AND OUTLOOK SUMMARY Major contract awards confirm strengthening of market Operational improvements for PEMEX Third crew mobilised Barents Sea endorsements provide further momentum for EMGS and MC investments Q1 has laid the foundation for strong quarters ahead
Slide 8: Outlook / Capital Markets Day
OUTLOOK Backlog remains strong Three high-capacity 3D EM vessels in operation Improved productivity for BOA Thalassa NOK 250 million bond issue provides financial flexibility Reiterate guiding: Positive Net Income for 2011 and improved balance sheet CAPITAL MARKETS DAY Presentations Thursday 16 June
Slide 9: Q&A / Appendix
Q&A muemgs APPENDIX muemgs
Slide 10: Consolidated Income Statement / Consolidated Balance Sheet
CONSOLIDATED INCOME STATEMENT USD million QUARTER ENDING YEAR ENDING 31.03.2011 31.03.2010 31.12.2010 31.12.2009 Revenues 21.5 10.7 75.4 59.0 Charter hire, fuel and crew expenses 10.5 7.8 32.9 55.2 Employee expenses 9.9 7.3 30.5 30.2 Other operating expenses 4.5 3.2 14.5 13.3 EBITDA (3.3) (7.6) (2.4
Slide 11: Consolidated Statement of Cash Flow / Largest Shareholders
CONSOLIDATED STATEMENT OF CASH FLOW USD million QUARTER ENDING 31.03.2011 31.03.2010 Net cash flow from operating activities (5.0) (312.7) Net cash flow from investing activities (2.7) (0.9) Net cash flow from financial activities (1.3) 1.0 Net increase in cash (9.0) (12.6) LARGEST SHAREHOLDERS (AS