Fjord Defence Group Asa · OSL:DFENS
Fjord Defence Group Asa — Axxis Geo Solutions — Q1 2021 Earnings Presentation
21 slides from Fjord Defence Group Asa's earnings presentation, May 26, 2021
Slide 1: Axxis Geo Solutions First quarter 2021
Axxis Geo Solutions First quarter 2021 Ronny Bøhn, CEO and Nils Haugestad, CFO 26 May 2021 1
Slide 2: Disclaimer
Disclaimer • The information in this presentation has been prepared by Axxis Geo Solutions ASA (“AGS” or the “Company”). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and provisions: • This presenta
Slide 3: Agenda
Agenda I Restructuring II Operations/business overview III Financials IV Summary 3
Slide 4: Financial restructuring: platform for transformation and growth in place
Financial restructuring: platform for transformation and growth in place ▪ Financial restructuring in place ▪ Company offers a solid platform for growth and new business opportunities − Significant debt reduction and additional equity infusion − Solid liquidity ▪ We will continue to streamline curre
Slide 5: Financial restructuring: platform for transformation and growth in place (continued)
Financial restructuring: platform for transformation and growth in place (continued) ▪ Court-protected reconstruction filed 16 February 2021 ▪ Reconstruction confirmed 30 April 2021 by District Court of Ringerike, Asker and Bærum − 106 of 110 creditors voted in favor of plan; 98% of claims eligible
Slide 6: Pro forma capitalization
Pro forma capitalization Adjustments Adjustments Adjustments arising from resulting from sale arising from reconstruction of property, plant financing Pro forma (USD millions) 31 March 21 activities1 and equipment activities1, 2 31 March 21 Cash 4.3 -6.1 15.2 13.5 Bond Loan 24.1 -24.1 0.0 Eksportkre
Slide 7: Pro forma shares outstanding
Pro forma shares outstanding Pro forma shares 31 March 2021 Number of shares % Ordinary shares as of 31.03.2021 58 821 018 3.1% Converted shares 424 399 458 22.0% Private placement 1 445 000 000 74.9% Pro forma shares 1 928 220 476 100.0% 7
Slide 8: Agenda
Agenda I Reconstruction II Operations/business overview III Financials IV Summary 8
Slide 9: AGS: A leading ocean bottom node company
AGS: A leading ocean bottom node company 9
Slide 10: Managing seismic cycles
Managing seismic cycles Flexible cost structure to address market cycles AGS is asset light versus competitors A flexible setup adjustable to market activity ▪ Flexible vessel capacity through multiple short-term leased AGS has a highly flexible and lean cost structure - vessels Smart-stack ensures
Slide 11: Tender and pipeline overview
Tender and pipeline overview Continued impact of the Covid-19 pandemic but improving tendering activity and pipeline into 2022 11
Slide 12: Multi-client approach
Multi-client approach Focused efforts in prolific basis world-wide ▪ Strategic efforts in key areas suited for multi-client and infrastructure-led exploration (ILX) ▪ Established cooperation with large MC companies (project generation, funding, sales, cost/revenue sharing) ▪ Recurring revenue from «
Slide 13: Utsira multi-client project
Utsira multi-client project Largest OBN multi-client survey in the Norwegian North Sea Near-term opportunities are driven by several existing discoveries Location Project description ▪ Superior imaging, high resolution OBN multi- client seismic survey in the North Sea, covering appx. 1,600 sqkm in t
Slide 14: Gulf of Suez multi-client project
Gulf of Suez multi-client project Attractive revenue opportunities from late sales AGS receives 60% of all new late sales licensing agreements Location Project description ▪ WesternGeco (“WG”) Gulf of Suez OBN multi- client phase 2 consist of approximately 291 km2 Egypt of 3D coverage − AGS and WG h
Slide 15: Agenda
Agenda I Reconstruction II Operations/business overview III Financials IV Summary 15
Slide 16: First quarter segment financial review
First quarter segment financial review First quarter segment P&L In USD million ▪ The company had no projects during the quarter ▪ Revenues from Covid-19 compensation of USD 0.8 million ▪ EBITDA of negative USD 1.7 million ▪ EBIT of negative USD 4.7 million 16 D&A = Depreciations and amortization
Slide 17: Financials segment overview
Financials segment overview In USD million In USD million Revenue EBITDA and EBIT 50 15 13 46 45 11 40 10 35 30 5 2 25 1 20 0 15 13 -2 10 8 -5 -4 -5 5 -5 0 1 -7 0 -10 -9 Q120 Q220 Q320 Q420 Q121 Q120 Q220 Q320 Q420 Q121 EBITDA EBIT 17
Slide 18: Segment financial position (pre restructuring)
Segment financial position (pre restructuring) 31 March 2021 USD millions 18
Slide 19: Agenda
Agenda I Restructuring II Operations/business overview III Financials IV Summary 19
Slide 20: Summary
SUMMARY Financial restructuring in place Strong liquidity Solid platform for growth and new business opportunities Agile asset-light operation with low fixed cost Focus on extracting full value of data libraries Seismic market showing signs of improvement
Slide 21: US Office 14511 Old Katy Road Suite 150
US Office Norway Office 14511 Old Katy Road Strandveien 50 Suite 150 1366 Lysaker Houston, TX 77079 Norway United States +47 480 95 555 +1 281 810 2550 21