Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q4 2023 Earnings Presentation
14 slides from Electromagnetic Geoservices Asa's earnings presentation, Feb 14, 2024
Slide 1: Q4 2023 Results
Q4 2023 RESULTS Oslo, 14th February 2024 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 2023 Operational summary
Q4 2023 Operational summary • The Atlantic Guardian was warm-stacked for the entire quarter • Initial phase of renewable energy infrastructure acquisition project completed Financial summary • Revenues of USD 1.1 million • Adjusted EBITDA of negative USD 1.7 million • Total available cash of USD 10.
Slide 4: Operations and Market
Operations and Market auemegs
Slide 5: Brazil Project
Brazil Project • EMGS will return to Brazil to acquire multi- client data for the first time in almost 10 years • Approx. USD 11.7 million in prefunding for survey in Espirito Santo Basin offshore Brazil secured • Survey expected to commence late April and will take about 2 months • 470 receiver dro
Slide 6: APA 2023 awards new licenses with CSEM data in the work program
APA 2023 awards 10 new licenses with CSEM data in the work program * 6 new licenses with commitment to acquire CSEM data 16 licenses covered by existings 3D CSEM multiclient data Legend —— 2D CSEM Coverage MCL ~] Quadrants Blocks Open Blocks Licensed blocks min HERE. UNEB WW
Slide 7: 2024 Norway Campaign
2024 Norway Campaign • Letter of Intent received for first of several projects offshore Norway • Fully prefunded multiclient project in the North Sea covering newly awarded APA license PL1202S operated by Equinor • Expected revenue of USD 2 million Seismic Amplitude • Survey will be acquired using t
Slide 8: Financial position remains strong
Financial position remains strong Quarterly development (USD million) 35 • Financial position remains strong despite a disappointing 2023 30 • Available cash at end of year was USD 10 million 25 • Convertible bond loan remains at approximately USD 20 19.5 million 15 • Book value of the multi-client
Slide 9: Financial review
Financial review auemegs
Slide 10: Fourth quarter 2023 performance: Development in revenues and EBITDA
Fourth quarter 2023 performance I Development in revenues and EBITDA Key financial metrics Quarterly development (USD million) • Revenues Revenues 20 • USD 1.1 million total revenue 15 15 • Vessel utilisation of 0% 10 5 • Atlantic Guardian warm-stacked for the entire quarter 5 1.1 0.2 1.6 • EBITDA 0
Slide 11: Operational costs
Operational costs Quarterly operational cost base* development (USD million) Comments 8 • Operational costs base in Q4 23 of USD 2.9 million 6 • USD 0.6 million higher than Q3 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 Q4 2023
Decrease in free cash in Q4 2023 Quarterly free cash development (USD million) Comments • Net decrease in free cash of USD 1.3 million to USD 10.3 million • Negative Adjusted EBITDA of USD 1.7 million • Trade receivables decreased by USD 0.4 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
Electromagnetic Geoservices — Q4 2023 Earnings Presentation on 6ix