Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q1 2010 Earnings Presentation
13 slides from Electromagnetic Geoservices Asa's earnings presentation, May 20, 2010
Slide 1: EMGS ASA – First Quarter Presentation 2010
EMGS ASA – FIRST QUARTER PRESENTATION 2010 CEO, Roar Bekker CFO, Svein Knudsen Hotel Continental, 20 May 2010 OVERVIEW Q1 2010 financial results • Revenues: USD 10.7 million • EBITDA loss: USD 7.6 million Global 3D EM campaign for major oil company initiated – USD 12.5 million announced to date Camp
Slide 2: Financial Highlights
FINANCIALS FINANCIAL HIGHLIGHTS USD million Q1 2010 financial results • Revenues: USD 10.7 million 40 • EBITDA loss: USD 7.6 million USD 1.5 million from Fugro (Vema Dome, 30 Norwegian Sea) booked as a reduction of multi-client investments 20 Vessel utilisation at 69% in Q1 10 Surveys somewhat delay
Slide 3: Operational Costs and Consolidated Income Statement
OPERATIONAL COSTS USD million 35 Decommissioned vessels: 30 Charter expiration 25 Siem Sasha 20 March 2010 (subleased at USD 17.000/day) 20 Atlantic Guardian January 2011 (subleased at USD 20.000/day) 15 Siem Mollie August 2010 10 (cold stacked) 5 Vessels in operation: 0 Charter expiration Q4 2008 Q
Slide 4: Capital Structure
CAPITAL STRUCTURE Assets as of 31.03. Equity and liabilites as of 31.03. (in USD million) (in USD million) 180 180 160 160 140 140 120 120 100 100 80 80 60 60 40 40 20 20 0 0 2010 2009 2010 2009 Non-current assets Share holders equity Cash Liabilities Current assets other than cash Convertible loans
Slide 5: Fugro Alliance Gaining Ground; Global 3D EM Campaign for Major Oil Company
FUGRO ALLIANCE GAINING GROUND Multi-client project in the Norwegian Sea (Vema Dome) performed in Q1 EM data Commercial performance goals: • 2 multi-client projects • 3 exclusive contracts Combining Closing in on opportunities in Asia data and Norway Reducing Exploration risk Potential Field data/ Se
Slide 6: Barents Sea Multi-Client Campaign on Track; Mobilising Third EM Crew
BARENTS SEA MULTI-CLIENT CAMPAIGN ON TRACK Pre-funding levels and industry interest on schedule based on experience from the successful campaign in 2008 Substantial pre-funding from Statoil Expansion likely as the project has generated broad industry interest Total Barents Sea data library covers mo
Slide 7: Vessel Activity and Backlog; Market Update
VESSEL ACTIVITY AND BACKLOG Q1 Q2 Q3 Q4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec BOA Thalassa • Norwegian Sea /Fugro • Norway, Rocksource • Barents Sea MC BOA Galatea • Caribbean • In transit • West Africa • In transit • Asia Mobile Acquisition Set • Norway, MC/contract Multi-client: Contract
Slide 8: Summary and Outlook
SUMMARY AND OUTLOOK SUMMARY EMGS contracts announced year to date: USD 25 million Substantial multi-client campaign pre-funded by Statoil Part one and two of global 3D EM campaign for major oil company Containerised acquisition set and third vessel crew mobilising on Siem Mollie INTEGRATED EM SYSTEM
Slide 9: Outlook and Q&A
OUTLOOK Campaign in Asia expected to extend through Q1 2011 • USD 7.5 million contract awarded Multi-client campaign ahead of 21st licensing round builds on success in 2008 Positive negotiations with targeted customers regarding substantial campaigns Expect significant revenue improvements in the se
Slide 10: Condensed Balance Sheet
APPENDIX CONDENSED BALANCE SHEET Quarter ended Year ended USD million 31 March 2010 31 December 2009 ASSETS Intangible assets 2.9 2.9 Property, plant and equipment 27.4 32.1 Assets under construction 11.4 10.5 Investment in joint venture 3.0 3.0 Total non-current assets 44.7 48.5 Trade receivables 7
Slide 11: Condensed Statement of Cash Flow; Ownership
CONDENSED STATEMENT OF CASH FLOW Quarter ended Year ended USD million 31 March 2010 31 December 2009 Net cash flow from operating activities (12.7) (35.4) Net cash flow from investing activities (0.9) (7.3) Net cash flow from financial activities 1.0 44.2 Net profit (loss) before income taxes (13.7)
Slide 12: EMGS Experience and Presence; The Value of EM
EMGS EXPERIENCE AND PRESENCE INTEGRATED EM SYSTEM THE VALUE OF EM A clearer, more complete understanding of the subsurface Reduces risk and finding costs per barrel Represents an additional measurement to the existing portfolio of sub-surface measurements INTEGRATED EM SYSTEM
Slide 13: EMGS's Services
EMGS’S SERVICES Three Clearplay service offerings have been designed to support operators during the exploration phase INTEGRATED EM SYSTEM
Electromagnetic Geoservices ASA (EMGS) — Q1 2010 Earnings Presentation on 6ix