Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q1 2024 Earnings Presentation
14 slides from Electromagnetic Geoservices Asa's earnings presentation, May 8, 2024
Slide 1: Q1 2024 Results
Q1 2024 RESULTS Oslo, 8th May 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: Q1 2024 Operational and financial summary
Q1 2024 Operational summary • Completed the acquisition of the fully prefunded multi-client survey in the North Sea • Started transit toward fully prefunded multi-client project in Brazil for Petrobras Financial summary of the quarter • Revenues of USD 239 thousand in the quarter • EBITDA of negativ
Slide 4: Operations and Market
Operations and Market
Slide 5: Brazil Project
Brazil Project • Atlantic Guardian arrived in Brazil at the end of April and was successfully imported under the Brazilian temporary importation regime called REPETRO • In Brazil CSEM is considered an environmentally benign activity and EMGS is not required to apply for an IBAMA permit, but receives
Slide 6: Norway Campaign
Norway Campaign • The fully-prefunded survey in PL1202S in the North Sea was completed during March • The revenue from the survey, which will be recognized in Q2, increased from USD 2 million to USD 2.7 million due to more than expected waiting on weather • The vessel is expected to return to Norway
Slide 7: Wells to watch – Barents Sea
Wells to watch – Barents Sea • AkerBP to drill 3 wells in license PL1170 in the Wisting area, 7324/6-2 (Ferdinand Nord), 7324/8-4 (Hassel) and 7324/6-3 (Viasat) • All 3 wells are associated with resistive anomalies, and we expect all 3 to find hydrocarbons Resistivity Anomaly Well Name (Prospect Nam
Slide 8: Financial position remains strong
Financial position remains strong • Financial position remains strong despite a disappointing Quarterly development (USD million) 2023 35 • Available cash at end of Q1 2024 was USD 8.7 million 30 • Convertible bond loan remains at approximately USD 25 19.5 million 20 • Book value of the multi-client
Slide 9: Financial review
Financial review
Slide 10: First quarter 2024 performance: Development in revenues and EBITDA
First quarter 2024 performance I Development in revenues and EBITDA Key financial metrics Quarterly development (USD million) • Revenues Revenues 6 • USD 239 thousand total revenue 5 5 • Revenue connected to the fully prefunded multi-client survey, for which 4 acquisition was completed in the first
Slide 11: Operational costs
Operational costs Quarterly operational cost base* development (USD million) Comments 8 • Operational costs base in Q1 24 of USD 4.1 million 6 • USD 1.2 million higher than Q4 23 2.4 • The Atlantic Guardian was warm-stacked until the 19th of February 4 • USD 1.1 million capitalized as part of the mu
Slide 12: Decrease in free cash in Q1 2024
Decrease in free cash in Q1 2024 Quarterly free cash development (USD million) Comments • Net decrease in free cash of USD 1.6 million to USD 8.7 million • Negative Adjusted EBITDA of USD 3.8 million • Trade receivables decreased by USD 0.8 million as compared to the previous quarter • Trade payable
Slide 13: Q&A
Q&A
Slide 14: Q&A
Q&A Please e-mail questions to: emgs@emgs.com
Electromagnetic Geoservices — Q1 2024 Earnings Presentation on 6ix