Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q2 2023 Earnings Presentation
13 slides from Electromagnetic Geoservices Asa's earnings presentation, Aug 17, 2023
Slide 1: Q2 2023 Results
Q2 2023 RESULTS Oslo, 17th August 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: Q2 2023 Operational and financial summary
Q2 2023 Operational summary • Atlantic Guardian warm-stacked for the entire quarter Financial summary • Revenues of USD 0.2 million • EBITDA of negative USD 1.1 million • Adjusted EBITDA of negative USD 1.8 million 5
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 • Norwegian EM market remains slow • Oil companies focusing on ILX • Recent M&A has reduced number of potential clients • Expansion of the APA round area in the Western Barent
Slide 6: Financial position remains strong
Financial position remains strong Quarterly development (USD million) • Financial position remains strong despite a disappointing Q2 35 • Available cash at end of Q2 was USD 13.5 million 30 • Convertible bond loan remains at approximately USD 19.5 25 million 20 • Book value of the multi-client libra
Slide 7: 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 8: Financial review
Financial review auemegs
Slide 9: Second quarter 2023 performance | Development in revenues and EBITDA
Second quarter 2023 performance I Development in revenues and EBITDA Key financial metrics Quarterly development (USD million) • Revenues Revenues 20 • USD 0.2 million total revenue 15 15 • Vessel utilisation of 0% 10 7 7 5 • Atlantic Guardian warm-stacked for the entire quarter 5 0.2 • EBITDA 0 Q2'
Slide 10: Operational costs
Operational costs Quarterly operational cost base* development (USD million) Comments 8 • Operational costs base in Q2 23 of USD 2.0 million 6 • USD 0.6 million lower than Q1 23 2.4 • The Atlantic Guardian was warm-stacked for the entire quarter 4 • Continued low charter hire, fuel and crew expenses
Slide 11: Decrease in free cash in Q2 2023
Decrease in free cash in Q2 2023 Quarterly free cash development (USD million) Comments • Net decrease in free cash of USD 0.8 million to USD 13.5 million • Negative Adjusted EBITDA of USD 1.8 million • Trade receivables decreased by USD 2.7 million as compared to the previous quarter • Trade payabl
Slide 12: Q&A
Q&A memgs
Slide 13: Q & A
Q&A Please e-mail questions to: emgs@emgs.com
Electromagnetic Geoservices — Q2 2023 Earnings Presentation on 6ix