Strictly private & confidential Magseis AS: Second Quarter 2014 CEO: Ivar Gimse CFO: Mikkel Ektvedt 29 August 2014
Content 1. Highlights 2. Operational and Market update 3. Financials 4. Summary and Q&A 3
This is Magseis Industry-leading seabed seismic Ticker: MSEIS company Shares outstanding: 27,162,561 One vessel in operations and working for Statoil and Talisman Market cap (NOKm) 800 75 employees Book Equity Q2 14 417.9 (NOKm)…
Highlights Operational Financial results Q2 2014 Completed Albatross and Snhvit survey Revenues of NOK 98 million Production on Oseberg and Gullfaks surveys well EBITDA of NOK 16.9 million (EBITDA adjusted for underway non-recurring…
Content 1. Highlights 2. Operational and Market update 3. Financials 4. Summary and Q&A 6
Good operational performance on Oseberg and Gullfaks Mobilized for Oseberg project on 16 May Work now completed on Oseberg In the process of finalising Gullfaks Expected completion by mid-September Efficiency: Shooting speeds…
Athene upgrade ongoing Artemis Athene Target upgrade to 150km of cable by November 2014 (with 50m sensor spacing) 1,500 additional sensors in production (G2) ready by end-Q4 14 Significantly longer battery life Significantly…
Crew 2 status Planning well underway Target vessel identified Capable of carrying 300km of cable Efficient layout - Limited conversion work needed Traction and pulling line system developed to facilitate operations down to 3,000m…
Current backlog status Firm backlog Gullfaks and Oseberg surveys ongoing under Statoil Frame Work Agreement Progress has been very good so far and with less than expected timeshare/weather project may finish by mid September New…
Broader market outlook 2014 record OBS year 2015 likely to be lower activity due to Statoil cost focus Significant MC survey potential A lot of OBS work in progress/coming out Significant percentage is Transition Zone Big OBS…
Content 1. Highlights 2. Operational and Market update 3. Financials 4. Summary and Q&A 12
Q2 2014 results - Comprehensive income All figures in NOK thousands Q2 14 Q2 13 YTD 14 YTD 13 Revenue Revenue 98,240 0 182,653 0 Significant improvement over Q1 14 but still below our expectations due to complex Cost of sales 62,189 0…
Q2 2014 results - Normalised earnings Q2 2014 YTD 2014 All figures in NOK thousands Actual Adjust- Norm alised Actual Adjust- Norm alised Maintenance days earnings -m ents earnnings earnings -m ents earnnings Cost relating to Q4 13…
Q2 2014 results - Financial position All figures in NOK thousands YTD 14 YTD 13 2013 Other current assets Equipment and intangibles 237,731 177,967 240,594 includes inter alia NOK 56.5m in Cash and cash equivalents 194,156 144,076…
Q2 2014 results - Equity and cash flow Equity (NOK 417.9m) Share issuance and conversion of loan amounted to NOK 144.5m Expenses of NOK 5.6m related to the transactions reduce the net increase in equity…
Content 1. Highlights 2. Operational and Market update 3. Financials 4. Summary and Q&A 17
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 unit) capacity underway 450 All orders have been placed 400 Target completion by…
Summary Ocean Bottom Seismic delivers best data Attractive market fundamentals Faster growing , less cyclical and fewer suppliers But not immune to oil & gas industry cost reductions Proprietary technology Facilitating OBS…
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