Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q1 2012 Earnings Presentation
11 slides from Electromagnetic Geoservices Asa's earnings presentation, May 16, 2012
Slide 1: EMGS ASA – First Quarter Presentation 2012
EMGS ASA – FIRST QUARTER PRESENTATION 2012 CEO, Roar Bekker CFO, Svein Knudsen Hotel Continental, 16 May 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 actual re
Slide 2: Highlights Q1
HIGHLIGHTS Q1 Financial results • Revenues of USD 55.6 million • EBITDA of USD 16.1 million (29%) Delivering on key projects • Successful execution of PEMEX contract • Petrobras project on track • Barents Sea multi-client campaign commenced Growing opportunity base in key markets • Promising opportu
Slide 3: Financial Highlights and Capital Structure
FINANCIAL HIGHLIGHTS Key figures Q1 Revenues and revenues/costs per vessel month (USD Million) • Revenues of USD 55.6 million (up 159% YoY) 60,00 7,0 50,00 6,0 • EBITDA of USD 16.1 million 40,00 5,0 4,0 • Multi-client investments of USD 4.2 million 30,00 3,0 • Adjusted EBITDA of USD 11.9 million 20,
Slide 4: Operational Overview
OPERATIONAL OVERVIEW OPERATIONAL HIGHLIGHTS Contract with Petrobras • Acquisition on schedule • Strengthening local presence in Brazil EM Leader fully upgraded • Brunei survey ran smoothly • Receiver capacity optimised Contract with PEMEX • Initial contract completed, extension in progress • Stellar
Slide 5: Vessel Schedule and Flexible Vessel Fleet
VESSEL SCHEDULE Q1 2012 Q2 2012 Q3 2012 Q4 2012 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec BOA Thalassa PEMEX BOA Galatea Petrobras Atlantic Guardian PEMEX Barents Sea EM Leader Brunei PNG Norway EM Express Contract negotiations: Multi-client: Contract: Yard / Upgrades: Steaming: WELL POSITIONE
Slide 6: Market Update
MARKET UPDATE Order book as of 31 March 2012 (USD Million) Opportunity pipeline at all-time high • Comfortable backlog 250 • Contract opportunities firming up for H2 and beyond 200 Cooperation with Schlumberger 150 • Several pilot projects identified • Structural imaging and de-risking 99 * explorat
Slide 7: Promising Prelude to the Barents 2012 Campaign
PROMISING PRELUDE TO THE BARENTS 2012 CAMPAIGN 3D EM data (2008, 2010) 3D EM data (2012) Norvarg Havis Skrugard Heilo Zapffe In total: • 22,000 km2 of 3D EM data • Covering 69 blocks SUMMARY AND OUTLOOK
Slide 8: Summary and Outlook
SUMMARY AND OUTLOOK Strong Q1 performance • Best ever first quarter • EBITDA-margin of 29% • High operational productivity Favourable market developments • Maintaining comfortable backlog • Growing opportunity base in key markets • Utilising flexible business model Guiding • Annual revenue growth ba
Slide 9: Consolidated Income Statement
APPENDIX CONSOLIDATED INCOME STATEMENT USD million QUARTER ENDING YEAR ENDING 31.03.2012 31.03.2011 31.12.2011 31.12.2010 Revenues 55.6 21.5 172.4 75.4 Charter hire, fuel and crew expenses 21.0 10.5 67.1 32.9 Employee expenses 13.8 9.9 43.6 30.5 Other operating expenses 4.6 4.5 19.9 14.5 EBITDA 16.1
Slide 10: Consolidated Balance Sheet and Cash Flow
CONSOLIDATED BALANCE SHEET USD million PERIOD ENDING 31.03.2012 31.12.2011 ASSETS Goodwill 14.4 14.4 Intangible assets 13.4 10.7 Property, plant and equipment 20.0 20.6 Assets under construction 17.3 14.3 Investment in joint venture - - Restricted cash 0.6 0.6 Total non-current assets 65.6 60.6 Trad
Slide 11: Largest Shareholders
LARGEST SHAREHOLDERS (AS OF 14 MAY) SHAREHOLDER SHARES HOLDING 1 FUGRO NORWAY AS 27 777 778 14.00 % 2 ODIN NORGE 7 749 424 3,91 % 3 SKAGEN GLOBAL 7 016 280 3.54 % 4 ODIN OFFSHORE 6 613 423 3.33 % 5 SKAGEN VEKST 4 626 462 2.33 % 6 UBS AG, LONDON BRANCH 4 072 187 2.05 % 7 SKANDINAVISKA ENSKILDA BANKEN
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