Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q3 2023 Earnings Presentation
14 slides from Electromagnetic Geoservices Asa's earnings presentation, Nov 9, 2023
Slide 1: Q3 2023 Results
Q3 2023 RESULTS Oslo, 9th November 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: Q3 2023 Operational summary
Q3 2023 Operational summary • Atlantic Guardian warm-stacked for the entire quarter Financial summary • Revenues of USD 1.6 million • EBITDA of USD 41 thousand • Adjusted EBITDA of negative USD 0.7 million Subsequent events • EMGS entered in to its first acquisition contract related to renewable ene
Slide 4: Operations and Market
Operations and Market auemegs
Slide 5: Market update
Market update • Securing backlog, while being a top priority for EMGS, has proven to take significantly longer than expected • Positive outlook on the Norwegian EM • Several companies have applied in the 2023 APA around with EM inn the work program • Expansion of the APA round area in the Western Ba
Slide 6: New EM applications and revenue streams
New EM applications and revenue streams • Increasing interest in using EM for non-hydrocarbon applications • Carbon Capture and Storage – considerable interest in understanding how CSEM can play a role in monitoring injected CO2. We are about to undertake the first paid feasibility study for CCS • M
Slide 7: Renewable energy infrastructure acquisition contract
Renewable energy infrastructure acquisition contract • Awarded a contract with a value of up to USD 2 million • Acquisition of resistivity data based on the magnetotelluric (MT) geophysical method offshore Southeast Asia for an undisclosed customer • EMGS will not be using the Atlantic Guardian, but
Slide 8: Financial position remains strong
Financial position remains strong 35 Quarterly development (USD million) • Financial position remains strong despite a disappointing Q3 • Available cash at end of Q3 was USD 11.5 million 30 • Convertible bond loan remains at approximately USD 19.5 25 million 20 • Book value of the multi-client libra
Slide 9: Financial review
Financial review auemegs
Slide 10: Third quarter 2023 performance: Development in revenues and EBITDA
Third quarter 2023 performance I Development in revenues and EBITDA Key financial metrics Quarterly development (USD million) • Revenues Revenues 20 • USD 1.6 million total revenue 15 15 • Vessel utilisation of 0% 10 7 5 • Atlantic Guardian warm-stacked for the entire quarter 5 1.6 0.2 • EBITDA 0 Q3
Slide 11: Operational costs
Operational costs Quarterly operational cost base* development (USD million) Comments 8 • Operational costs base in Q3 23 of USD 2.3 million 6 • USD 0.4 million higher than Q2 23 2.4 • The Atlantic Guardian was warm-stacked for the entire quarter 4 • Continued low charter hire, fuel and crew expense
Slide 12: Decrease in free cash in Q3 2023
Decrease in free cash in Q3 2023 Quarterly free cash development (USD million) Comments • Net decrease in free cash of USD 1.9 million to USD 11.5 million • Negative Adjusted EBITDA of USD 0.7 million • Trade receivables increased by USD 0.7 million as compared to the previous quarter • Trade payabl
Slide 13: Q&A
Q&A memgs
Slide 14: Q&A
Q&A Please e-mail questions to: emgs@emgs.com
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