Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q2 2012 Earnings Presentation
11 slides from Electromagnetic Geoservices Asa's earnings presentation, Aug 23, 2012
Slide 1: EMGS ASA – Second Quarter Presentation 2012
EMGS ASA – SECOND QUARTER PRESENTATION 2012 CEO, Roar Bekker CFO, Svein Knudsen Hotel Continental, 23 August 2012 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 Financial results • Revenues of USD 57.1 million • EBITDA of USD 22.4 million (39%) Strong operational performance • High utilisation (88%) and production • Ahead of schedule in Mexico and Brazil • Production record in the Barents Sea High market activity • PEMEX extension confirms val
Slide 3: Financial Highlights / Capital Structure
FINANCIAL HIGHLIGHTS Key figures Q2 Revenues and revenues/costs per vessel month (USD Million) • Revenues of USD 57.1 million (+20% YoY) 60,00 8,0 50,00 7.5 • EBITDA of USD 22.4 million (+35% YoY) 40,00 6,0 49.6 • Multi-client investments of USD 5.6 million 30,00 4,0 20,00 • Adjusted EBITDA of USD 1
Slide 4: Operational Overview: Status Barents Sea Multi-client
STATUS BARENTS SEA MULTI-CLIENT 3D EM 3D EM data data (2008, 2010) (2008, 2010) 3D EM 3D EM data data (2012) (2012) In total: Norvarg • 23,700 km2 • 79 blocks Havis Skrugard Return On Investment as of 30 June 2012: 2,0 x all accumulated costs including 2012 OPERATIONAL OVERVIEW
Slide 5: PEMEX Data Acquisition Successfully Completed / Market Update
PEMEX DATA ACQUISITION SUCCESSFULLY COMPLETED Flagship project for EMGS • USD 195 million including extension • Close to 12,000 km2 of 3D EM data • 35 deep-water prospects • Has driven operational efficiency and technical performance Showcase for EM value proposition • Portfolio optimisation Need ne
Slide 6: Vessel Activity and Backlog
VESSEL ACTIVITY AND BACKLOG Vessel schedule as of 23 August 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Gulf of BOA Thalassa PEMEX Americas Americas Mexico BOA Galatea Petrobras Brazil Brazil Brazil N Atlantic Guardian Barents Sea UK UK C Africa S EM Leader P
Slide 7: Summary and Outlook / Capital Markets Day
SUMMARY AND OUTLOOK Strong first half year results • Revenues up 63% YoY • EBITDA margin of 34% Adoption gaining ground • Customer list expanding • Endorsements from repeat customers • New technology key adoption driver Guiding 2012 • Uncertainty due to 2H multi-client sales • 2H revenues in line wi
Slide 8: Q&A / Appendix
Q&A muemgs APPENDIX muemgs
Slide 9: Consolidated Income Statement and Financial Position
CONSOLIDATED INCOME STATEMENT USD million QUARTER ENDING HALF YEAR ENDING 30.06.2012 30.06.2011 30.06.2012 30.06.2011 Contract sales 49.6 41.2 102.6 62.1 Multi-client sales 7.5 6.4 10.1 7.0 Total revenues 57.1 47.6 112.7 69.1 Charter hire, fuel and crew expenses 17.2 16.8 38.2 27.3 Employee expenses
Slide 10: Consolidated Statement of Cash Flow / Largest Shareholders
CONSOLIDATED STATEMENT OF CASH FLOW USD million HALF YEAR ENDING 30.06.2012 30.06.2011 Net cash flow from operating activities 4.2 2.3 Net cash flow from investing activities (19.1) (6.5) Net cash flow from financial activities (0.6) 42.3 Net increase in cash (15.5) 38.1 LARGEST SHAREHOLDERS (AS OF
Slide 11: Vessel Fleet as of August 2012
VESSEL FLEET AS OF 23 AUGUST 2012 EM Express Atlantic Guardian Pay per use charter Firm charter: 25 Sep12’ agreement until May 14’ Options: 1 x 3 months BOA Thalassa BOA Galatea EM Leader Firm charter: Dec. 2013 Firm charter: July 2014 Pay per use charter Options: 3 x 1 year Options: 3 x 1 year agre
Electromagnetic Geoservices — Q2 2012 Earnings Presentation on 6ix