11 slides from Electromagnetic Geoservices Asa's earnings presentation, Feb 9, 2012
Slide 1: EMGS ASA – Fourth Quarter Presentation 2011
EMGS ASA – FOURTH QUARTER PRESENTATION 2011 CEO, Roar Bekker CFO, Svein Knudsen Hotel Continental, 9 February 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 actu
Slide 2: Highlights Q4
HIGHLIGHTS Q4 Financial results • Revenues of USD 57.8 million • EBITDA of USD 16.7 million Maintaining high vessel utilisation • Record-high productivity by Atlantic Guardian • Successful Petrobras start-up • Basalt mapping survey in Møre basin Industry deal with Schlumberger • Supports EMGS strate
Slide 3: Financial Highlights and Capital Structure
FINANCIAL HIGHLIGHTS Q4 Revenues and revenues/costs per vessel month (USD Million) 60,00 7,0 • Revenues of USD 57.8 million 50,00 6,0 • EBITDA of USD 16.7 million 40,00 5,0 4,0 • Net income of USD 12.3 million 30,00 3,0 20,00 2,0 10,00 1,0 Vessel utilisation at 84% 0,00 0,0 Q4'10 Q1'11 Q2'11 Q3'11 Q
Slide 4: Operational Highlights
OPERATIONAL OVERVIEW OPERATIONAL HIGHLIGHTS Contract with Petrobras Technical downtime 2011 • Successful start-up 25,0% • Excellent progress 20,0% 15,0% EM Express rigged for MT surveys • Sub-basalt imaging in Møre basin 10,0% • Pre-funded by ExxonMobil 5,0% 0,0% Contract with PEMEX Jan Feb Mar Apr
Slide 5: Vessel Schedule and Market Update
VESSEL SCHEDULE Q4 2011 Q1 2012 Q2 2012 Q3 2012 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep BOA Thalassa PEMEX PEMEX BOA Galatea Ghana Petrobras Atlantic Guardian PEMEX Barents Sea multi-client campaign EM Leader Brunei Norway EM Express Contract negotiations: Multi-client: Contract: Planned dry
Slide 6: Focus Areas 2012 and Industry Deal with Schlumberger
FOCUS AREAS 2012 Performed surveys Focus areas 2012 Prospect ranking, Delineation Sub basaltSub basalt imaging Salt body mapping Salt body Scanning “Drill or drop” (appraisal/production) imaging mapping INDUSTRY DEAL WITH SCHLUMBERGER Beneficial to both parties 3D EM Data acquisition • EMGS: Support
Slide 7: Summary and Outlook: 2011 Solid Foundation Established
SUMMARY AND OUTLOOK 2011: SOLID FOUNDATION ESTABLISHED Birth of the Euphoria Consolidation Renewed growth industry (1997–2004) (2004–2007) (2007–2010) (2010–2015) 200 USD million 180 160 140 120 100 80 60 40 20 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Slide 8: Summary and Outlook / Q&A
SUMMARY AND OUTLOOK Strong operational and financial performance Healthy backlog and balance sheet Four vessel operation throughout 2012 Maintaining record-high EBITDA margin Q&A
Slide 9: Consolidated Income Statement
APPENDIX CONSOLIDATED INCOME STATEMENT USD million QUARTER ENDING YEAR ENDING 31.12.2011 31.12.2010 31.12.2011 31.12.2010 Revenues 57.8 27.2 172.4 75.4 Charter hire, fuel and crew expenses 21.2 14.9 67.1 32.9 Employee expenses 13.3 9.9 43.6 30.5 Other operating expenses 6.6 4.8 19.9 14.5 EBITDA 16.7
Slide 10: Consolidated Balance Sheet and Cash Flow
CONSOLIDATED BALANCE SHEET USD million PERIOD ENDING 31.12.2011 31.12.2010 ASSETS Goodwill 14.4 - Intangible assets 10.7 7.8 Property, plant and equipment 20.6 23.1 Assets under construction 14.3 9.1 Investment in joint venture - 3.0 Restricted cash 0.6 7.3 Total non-current assets 60.6 50.4 Trade r
Slide 11: Largest Shareholders and Vessel Charters
LARGEST SHAREHOLDERS (AS OF 8 FEBRUARY) SHAREHOLDER SHARES HOLDING 1 FUGRO NORWAY AS 27 777 778 14.10 % 2 WARBURG PINCUS 21 873 434 11.10 % 3 ODIN NORGE 7 756 124 3.94 % 4 ODIN OFFSHORE 6 670 518 3.39 % 5 SKAGEN GLOBAL 5 106 000 2.59 % 6 JP MORGAN CLEARING CORP. 3 959 703 2.01 % 7 SKANDINAVISKA ENSK