Content 1. Highlights 2. Operational and Market update 3. Financials 4. Summary and Q&A 3
This is Magseis Industry leading ocean bottom Ticker: MSEIS seismic (OBS) company Shares outstanding: 27,162,561 Start of operations Oct 2013 Market cap (NOKm) 670 One vessel in operations 75 employees Book Equity Q3 14 66.2…
Highlights from the Third Quarter Operational highlights: Financial performance to date Completed Gullfaks and Oseberg surveys USD mill. Started operations on South Arne for Hess 44,8 4,500 sensor upgrade ongoing Financial…
Content 1. Highlights 2. Operational and Market update 3. Financials 4. Summary and Q&A 6
A very successful first year of operations completed Surveys successfully completed for Statoil and Talisman, now Surveys completed to date working for Hess Denmark Albatross/Snhvit Varg Oseberg Gullfaks South Arne Very good data…
Q3 performance Magseis continuing to establish MASS as the leading system for 4D work on producing fields (with lot of infrastructure and simultaneous operations) Very strong HSE performance However, Q3 Production negatively impacted…
Relative cost position Significant improvements in efficiency USD/km2 since start-up 3,0x Increased deploy/recovery speeds Increased shooting speed 2,5x Reduced technical downtime 50% improvement 2,0x to date Current…
Backlog and market outlook Current Hess survey expected to run through mid-December Currently bidding on several projects for 1H 2015 both with short and mid- term start up Several large projects scheduled for start in 2H…
Planned Athene upgrade New back-deck handling system (INEX) will be Artemis Athene installed after Hess survey Remaining upgrade being planned for February 2015 (will be coordinated with vessel schedule) Additional sensor units…
Content 1. Highlights 2. Operational and Market update 3. Financials 4. Summary and Q&A 12
Q3 2014 results - Comprehensive income All figures in USD thousands Q3 14 Q3 13 YTD 14 YTD 13 Revenue Revenue 14,579 0 44,846 0 Revenue below expectations due to yard Cost of sales 9,699 0 29,248 0 stay and lower than expected…
Q3 2014 results - Balance sheet All figures in USD thousands YTD 14 YTD 13 2013 Equipment and intangibles 41,516 38,552 39,548 Cash and cash equivalents 21,901 11,525 6,867 Other current assets Other current assets 16,803 1,433 12,277…
Q3 2014 results - Cash flow All figures in USD thousands YTD 14 YTD 13 2013 Cash flow from oprating activities 2,176 -2,033 -7,170 Cash flow from investing activities -8,360 -28,645 -31,586 Cash flow from financing activities 22,373 0…
Content 1. Highlights 2. Operational and Market update 3. Financials 4. Summary and Q&A 16
Next step in strategic growth plan Planned timeline of crew expansion Upgrade of Artemis Athene to 150km of cable Total km of cable (4,500 sensor units) capacity underway 450 Equipment being delivered 400 Target completion by Q1…
Summary Strong improvement in productivity during 2014 Very solid foundation Now proven - Clients extremely pleased with data quality Short-term Severe cost cuts across industry is challenging Key focus is to secure good…
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