Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q1 2022 Earnings Presentation
13 slides from Electromagnetic Geoservices Asa's earnings presentation, May 20, 2022
Slide 1: Q1 2022 Results
Q1 2022 RESULTS Oslo, 20th May 2022 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: Operational and financial highlights for the quarter
Q1 2022 Operational highlights for the quarter • Atlantic Guardian warm-stacked for the entire quarter Financial highlights for the quarter • Revenues of USD 6.2 million up from USD 1.6 million in 1Q 2021 • EBITDA of USD 4.5 million and adjusted EBITDA of USD 3.7 million. Up from negative USD 0.1 mi
Slide 4: Operations, Market and Outlook
Operations, Market and Outlook
Slide 5: Market outlook
Market outlook • Improving market conditions for oil services as a result of higher oil prices, focus on energy security and increased demand for gas, however • Capital discipline remains tight within oil companies • Exploration budgets have not, in most cases, been revised upwards as a result of th
Slide 6: Multi-Client update
Multi-Client update • 2022 Multi-Client revenue announced as of 19th May approximately USD 7.7 million, consisting of: Annual Multi-Client Revenue • USD 4.9 million late sales, uplifts and Change of Control 18 revenue recognized in Q1 2022 16 • Announced prefunding of approximately USD 2.8 million.
Slide 7: CSEM for field appraisal
CSEM for field appraisal • Increasing interest in using CSEM for appraisal of gas discoveries • Gas saturation assessments • Reservoir quality • Appraisal well locations • Field volumetrics • A tightening rig market is expected to contribute towards additional demand for using CSEM for appraisal pro
Slide 8: Financial review
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Slide 9: First quarter 2022 performance: development in revenues and EBITDA
First quarter 2022 performance I Development in revenues and EBITDA Key financial metrics Quarterly development (USD million) • Revenues Revenues 15 13 • USD 6.2 million total revenue 9 10 • USD 4.9 million in multi-client revenue 5 6 5 • Vessel utilisation of 0% 2 0 • Atlantic Guardian warm-stacked
Slide 10: Operational costs
Operational costs Quarterly operational cost base* development (USD million) Comments • Operational costs base in Q1 22 of USD 2.5 million 5 4.8 • USD 2.2 million lower than Q4 21 • Other operational expenses and employee expenses remain consistently low • Combined Charter hire, fuel and crew expens
Slide 11: Decrease in free cash in Q1 2022
Decrease in free cash in Q1 2022 Quarterly free cash development (USD million) Comments • Net decrease in free cash of USD 1.6 million to USD 8.2 million • Positive Adjusted EBITDA of USD 3.7 million • Significant increase of USD 3.2 million in trade receivables as compared to the previous quarter •
Slide 12: Summary
Summary == awemgs
Slide 13: Q&A
Q&A Please e-mail questions to: emgs@emgs.com
Electromagnetic Geoservices — Q1 2022 Earnings Presentation on 6ix