Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q1 2023 Earnings Presentation
12 slides from Electromagnetic Geoservices Asa's earnings presentation, May 26, 2023
Slide 1: Q1 2023 Results
Q1 2023 RESULTS Oslo, 26th May 2023 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: Q1 2023
Q1 2023 • Operational summary 20 • Atlantic Guardian warm-stacked for the entire quarter 15 Million USD • Financial highlights for the quarter 10 • Revenues of USD 5.0 million 5 • EBITDA of USD 3.1 million and adjusted EBITDA of USD 2.4 million 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 • 8th consecutive profitab
Slide 4: Operations and Market
Operations and Market auemegs
Slide 5: Market update
Market update • Norwegian EM market considerably slower than pre Covid • Oil companies focusing on ILX • Recent M&A has reduced number of potential clients • Exploration in the Barents Sea due for a revival? • Expansion of the APA round area in the Western Barents Sea • Focus on gas as a result of t
Slide 6: 3 success factors – why CSEM now can do more than ever
3 success factors – why CSEM now can do more than ever 1. Deep Blue Source 1 • Up to 10 000 Ampere • 1.5 MW power • Wideband (0 – 50Hz) • Depth rated to 4 000m 2. New inversion algorithm • Gauss-Newton algorithm (2018-20) • Solves for resistivity (anisotropic) and dip angle (2021) • Start model inde
Slide 7: Financial review
Financial review auemegs
Slide 8: First quarter 2023 performance I Development in revenues and EBITDA
First quarter 2023 performance I Development in revenues and EBITDA Key financial metrics Quarterly development (USD million) • Revenues Revenues 20 • USD 5.0 million total revenue 15 15 • USD 4.8 million in multi-client revenue 10 7 6 7 • Vessel utilisation of 0% 5 5 • Atlantic Guardian warm-stacke
Slide 9: Operational costs
Operational costs Quarterly operational cost base* development (USD million) Comments 8 • Operational costs base in Q1 23 of USD 2.6 million 6 • USD 4.4 million lower than Q4 22 2.4 • The Atlantic Guardian was warm-stacked for the entire quarter 4 • low charter hire, fuel and crew expenses as a resu
Slide 10: Increase in free cash in Q1 2023
Increase in free cash in Q1 2023 Quarterly free cash development (USD million) Comments • Net increase in free cash of USD 2.8 million to USD 14.2 million • Positive Adjusted EBITDA of USD 2.4 million • Trade receivables decreased by USD 4.4 million as compared to the previous quarter • Trade payabl
Slide 11: Q&A
Q&A memgs
Slide 12: Q&A
Q&A Please e-mail questions to: emgs@emgs.com
Electromagnetic Geoservices — Q1 2023 Earnings Presentation on 6ix