11 slides from Electromagnetic Geoservices Asa's earnings presentation, Aug 25, 2011
Slide 1: EMGS ASA – Second Quarter Presentation 2011
EMGS ASA – SECOND QUARTER PRESENTATION 2011 CEO, Roar Bekker CFO, Svein Knudsen Hotel Continental, 25 August 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 actua
Slide 2: Highlights Q2
HIGHLIGHTS Q2 Record financial results • Revenues of USD 47.6 million • EBITDA of USD 16.5 million Excellent operational performance • Exceptional productivity on BOA Thalassa • BOA Galatea projects on track • Atlantic Guardian mobilised – back-to-back surveys through the quarter Strong market activ
Slide 3: Financial Highlights and Capital Structure
FINANCIAL HIGHLIGHTS Financial results Revenues and revenues per vessel month (USD Million) 60.00 7.0 • Revenues of USD 47.6 million 6.0 50.00 • EBITDA of USD 16.5 million 40.00 5.0 4.0 30.00 • Net income of USD 3.7 million 3.0 20.00 2.0 10.00 1.0 Vessel utilisation at 80% 0.00 0.0 Q2'10 Q3'10 Q4'10
Slide 4: Operational Costs
OPERATIONAL COSTS Maximising productivity Operational costs (USD Million) • Helicopter crew changes 35 • Use of supply vessel for transfer of parts 30 and provisions • High-speed steaming 25 20 Stable cost level ahead 15 • Three vessel operation with high utilisation 10 • Affected by fuel price, ope
Slide 5: Contract with Petrobras; Vessel Activity and Backlog
CONTRACT WITH PETROBRAS Second largest EM contract • USD 90 million • Approximately one year Portfolio de-risking • Frontier and mature basins • Large-scale adoption Provides a strong foothold • Brazilian market of major strategic importance • Prolific oil region • Ideal for multi-client VESSEL ACTI
Slide 6: Update on Contract with PEMEX; Market Update
UPDATE ON CONTRACT WITH PEMEX Record-breaking production Production BOA Thalassa • Streamlining of operations Projected Cumulative Sq Km Production Daily Sq Km Production • Increased towing speed Actual Cumulative Sq Km Production • Technical downtime (3%) at all-time low • Q2 revenues of USD 24.2 m
Slide 7: EMGS Strategy Towards 2015
EMGS STRATEGY TOWARDS 2015 Build the EM market and retain # 1 position through technology leadership Expand application window Accelerate customer Increase customer Broaden scope adoption penetration Build confidence in EM SUMMARY AND OUTLOOK
Slide 8: Summary and Outlook
SUMMARY Record-high financial results High operational activity and productivity Third vessel in operation Refinancing successfully completed Large contract awarded by Petrobras OUTLOOK Adoption gaining momentum Fourth equipment set in production Expect 2011 revenues close to USD 150 million Expect
Slide 9: Q&A
Q&A muemgs APPENDIX muemgs
Slide 10: Consolidated Income Statement and Balance Sheet
CONSOLIDATED INCOME STATEMENT USD million QUARTER ENDING HALF YEAR ENDING 30.06.2011 30.06.2010 30.06.2011 30.06.2010 Revenues 47.6 14.7 69.1 25.4 Charter hire, fuel and crew expenses 16.8 5.0 27.3 12.8 Employee expenses 9.4 5.9 19.3 13.2 Other operating expenses 4.8 2.7 9.3 5.9 EBITDA 16.5 1.2 13.2
Slide 11: Cash Flow Statement and Largest Shareholders
CONSOLIDATED STATEMENT OF CASH FLOW USD million QUARTER ENDING 30.06.2011 30.06.2010 Net cash flow from operating activities 2.3 (15.0) Net cash flow from investing activities (6.5) (8.1) Net cash flow from financial activities 42.3 27.9 Net increase in cash 38.0 4.8 LARGEST SHAREHOLDERS (AS OF 24 A