Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q2 2009 Earnings Presentation
14 slides from Electromagnetic Geoservices Asa's earnings presentation, Aug 13, 2009
Slide 1: EMGS ASA Second Quarter Presentation 2009
EMGS ASA SECOND QUARTER PRESENTATION 2009 CEO, Roar Bekker CFO, Svein Knudsen Hotel Continental, 13 August 2009 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
Slide 2: Overview
OVERVIEW Q2 09 financial results / Revenues: USD 30.8 million / EBITDA: USD 8.1 million Barents Sea multi-client uplift revenues contribution of USD 15 million Capacity aligned to market conditions High-capacity 3D EM vessel fleet – second purpose-built EM vessel commissioned Purpose-built 3D EM ves
Slide 3: Financial Highlights and Operational Costs
FINANCIAL HIGHLIGHTS USD million Q2 09 financial results / Revenues: USD 30.8 million 40 / EBITDA: USD 8.1 million 30 Vessel utilisation at 47 % / Vessels in operation: BOA Thalassa 20 and Siem Mollie 10 Operating expenses reduced to USD 22.7 million 0 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Continued cost aw
Slide 4: Consolidated Income Statement and Condensed Balance Sheet
CONSOLIDATED INCOME STATEMENT First half year First half year Q2 2009 Q2 2008 2009 2008 2008 Unaudited Unaudited Unaudited Unaudited Audited USD million Revenues 30,8 23,7 36,7 67,2 116,2 Charter hire, fuel and crew expenses 12,0 18,7 24,2 38,8 70,5 Employee expenses 7,6 10,1 15,4 20,3 40,5 Other op
Slide 5: Capital Structure
CAPITAL STRUCTURE Assets as of 30.06. Equity and liabilites as of 30.06. (in USD million) (in USD million) 160 160 140 140 120 120 100 100 80 80 60 60 40 40 20 20 0 0 2009 2008 2009 2008 Share holders equity Non-current assets Convertible loans Cash Liabilities Current assets other than cash Interes
Slide 6: Purpose-Built 3D EM Vessel Fleet and Multi-Client Focus
PURPOSE-BUILT 3D EM VESSEL FLEET High-capacity vessels More efficient fleet at lower cost Substantially improved survey efficiency; 1000 km² per month Environmental advantage Threefold increase Designed for in receiver capacity efficient 3D acquisition Full redundancy INTEGRATED EM SYSTEM MULTI-CLIE
Slide 7: Clearplay Test Exploration Case Study
CLEARPLAY TEST EXPLORATION CASE STUDY Target depth 3,000 feet Discovery INTEGRATED EM SYSTEM STRATEGY
Slide 8: Industry Adoption and the Agreement with Fugro
INDUSTRY ADOPTION Restructuring implemented – more Stavanger, Norway Trondheim, Norway (Europe, Africa & EMGS Headquarters integrated and commercially oriented Middle East Business Unit) business at all levels Our strategy involves targeting national and major oil companies: ”Fewer, larger and close
Slide 9: Summary
SUMMARY SUMMARY Satisfying financial results for the quarter More commercially oriented business Reduced cost base Capacity in line with demand environment Purpose-built 3D EM vessel fleet offers increased efficiency and capacity Strategic alliance with Fugro developing as planned INTEGRATED EM SYST
Slide 10: Outlook
OUTLOOK OUTLOOK Opportunity pipeline intact at USD 250 - 300 million Promising opportunities in new basins Encouraging interest from targeted major oil companies Accelerated focus on developing multi-client projects Maximise value from Fugro agreement to enhance industry adoption INTEGRATED EM SYSTE
Slide 11: Q&A / Appendix
Q&A 6 Clearplay memgs APPENDIX 6 Clearplay memgs
Slide 12: Condensed Statement of Cash Flow and Ownership
CONDENSED STATEMENT OF CASH FLOW Half year ended USD million 30 June 2009 2008 Net cash flow from operating activities (25.8) (18.6) Net cash flow from investing activities (1.6) (14.1) Net cash flow from financial activities 24.1 6.3 Net profit (loss) (31.7) (31.1) INTEGRATED EM SYSTEM OWNERSHIP (A
Slide 13: EMGS Experience and Presence; The Value of EM
EMGS EXPERIENCE AND PRESENCE INTEGRATED EM SYSTEM THE VALUE OF EM A clearer, more complete understanding of the subsurface Reduces risk and finding costs per barrel Represents an additional measurement to the existing portfolio of sub-surface measurements INTEGRATED EM SYSTEM
Slide 14: EMGS's Services
EMGS’S SERVICES Three Clearplay service offerings have been designed to support operators during the exploration phase INTEGRATED EM SYSTEM
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