Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q4 2020 Earnings Presentation
13 slides from Electromagnetic Geoservices Asa's earnings presentation, Feb 4, 2021
Slide 1: Q4 2020 Results
Q4 2020 RESULTS Oslo, 4th February 2021 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: Q4 2020 Operational and financial highlights
Q4 2020 Operational highlights • Atlantic Guardian cold stacked for the entire quarter • Contract for multi-client survey in the Gulf of Mexico Financial highlights • Revenues of USD 4.0 million • EBITDA of USD 1.5 million • Adjusted EBITDA of USD 0.6 million Subsequent events • APA awards with firm
Slide 4: Operations, Market and Outlook
Operations, Market and Outlook
Slide 5: EMGS CSEM Multi-Client Survey – Utsira High North Sea
EMGS CSEM Multi-Client Survey – Utsira High North Sea • EMGS has secured prefunding of a CSEM Multi- Client program that covers PL1096 and open area available for the APA 2021 license round • PL1096 (Vår, Petoro, Neptune, Sval and Concedo) awarded in the APA 2020 license round with CSEM commitment •
Slide 6: Reprocessing of Legacy Library CSEM data
Reprocessing of Legacy Library CSEM data CSEM processing anno 2003 • State of the art reprocessing and inversion with the 3D Gauss-Newton often reveals hidden information in legacy data • EMGS is continuously “mining” the multi-client library for new project ideas • Example 1: Reprocessing of legacy
Slide 7: Grane Field – as seen by CSEM
Grane Field – as seen by CSEM 25/11-18; Grane Ringhorne Balder Grane ~ Top Balder 1740m Heimdal Sands ~ Top Shetland S N
Slide 8: Financial review
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Slide 9: Fourth quarter 2020 performance – Development in revenues and EBITDA
Fourth quarter 2020 performance I Development in revenues and EBITDA Key financial metrics Quarterly development (USD million) • Revenues 37 Revenues 40 • USD 4.0 million total revenue 30 • USD 0.4 million contract sales 20 11 8 10 2 4 • USD 2.3 million late sales 0 • Vessel utilisation of 0% Q4'19
Slide 10: Operational costs
Operational costs Quarterly operational cost base* development (USD million) Comments 15 • Operational costs base in Q4 20 of USD 3.4 million 4.8 • USD 145 thousand higher than Q3 20 • Vessel and office lease expense remains low due to lower layup rate for the 10 Atlantic Guardian while cold stacked
Slide 11: Decrease in free cash in Q4 2020
Decrease in free cash in Q4 2020 Quarterly free cash development (USD million) Comments • Net decrease in free cash of USD 0.1 million to USD 4.2 million • Trade payables increased by USD 0.4 million to USD 1.5 million • Continued payment delays under the completed Pemex contract • Adjusted EBITDA o
Slide 12: Summary
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Slide 13: Summary
Summary • Significantly improved cash position • 2.3 MUSD in Q4 late sales • Payment of significantly past due invoices (Q4/Q1) • Release of cash from pledge account (Q1) • Backlog for Atlantic Guardian for first half of 2021 • Mexico multi-client project • Utsira High multi-client • Positive Adjust
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