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Q4 2014 EARNINGS CALL – Magseis Asa

Magseis Asa · Feb 27, 2015 · 28 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2014 EARNINGS CALL – Magseis Asa – slide 1
    Magseis ASA Fourth Quarter 2014 27 February 2015 1
  2. Q4 2014 EARNINGS CALL – Magseis Asa – slide 2
    Content 1. Highlights 2. Operational update 3. Market review 4. Financials 5. Summary and Q&A 3
  3. Q4 2014 EARNINGS CALL – Magseis Asa – slide 3
    This is Magseis Industry leading ocean bottom Ticker MSEIS seismic (OBS) company Start of operations Oct 2013 Shares outstanding 27,162,561 One vessel in operations Market cap (NOKm) 690 77 employees Book Equity Q4 14 (USDm) 62.2…
  4. Q4 2014 EARNINGS CALL – Magseis Asa – slide 4
    Q4 and preliminary 2014 results Financial performance to date Revenue USD mill. Q4 revenues of USD 11.8 million 56.6 2014 full-year revenues of USD 56.6 million EBITDA Q4 EBITDA of USD -1.4 million 2014 full-year EBITDA of USD…
  5. Q4 2014 EARNINGS CALL – Magseis Asa – slide 5
    Content 1. Highlights 2. Operational update 3. Market review 4. Financials 5. Summary and Q&A 6
  6. Q4 2014 EARNINGS CALL – Magseis Asa – slide 6
    A very successful first year of operations completed Surveys successfully completed for Statoil, Talisman, Hess and Lundin Pilot survey for BGP and Saudi Aramco recently completed Very good data quality Unparalleled deployment…
  7. Q4 2014 EARNINGS CALL – Magseis Asa – slide 7
    Recent operational milestones Fully automated handling Deep-water deployment International expansion Fully-automated handling now in Deployed MASS cable successfully at Established partnership with BGP for place and working well…
  8. Q4 2014 EARNINGS CALL – Magseis Asa – slide 8
    Efficiency is continuing to increase with cable inventory Development in relative cost position Case study: S. Arne survey (25m spacing) USD/km2 3.0x 2.5x 50% improvement 2.0x to date Cable length 75km 110km 1.5x Sensors 3,000…
  9. Q4 2014 EARNINGS CALL – Magseis Asa – slide 9
    Pilots undertaken will contribute to back-log Recent pilot: Lundin Barents Sea Recent pilot: Saudi Aramco Red Sea Gotha 2D lines acquired over Gohta prospect (Lundin), Barents 3D pilot for Saudi Aramco in Red Sea, significant…
  10. Q4 2014 EARNINGS CALL – Magseis Asa – slide 10
    A successful first year of operations completed, positioned for ramp up Key parameters for Comments Achievement vs. performance & outlook expectation Operational efficiency: Target for Athene reached now that automated handling in…
  11. Q4 2014 EARNINGS CALL – Magseis Asa – slide 11
    Content 1. Highlights 2. Operational update 3. Market review 4. Financials 5. Summary and Q&A 12
  12. Q4 2014 EARNINGS CALL – Magseis Asa – slide 12
    Move towards more advanced technologies with enhanced data quality - OBS will be the next leap High end 3D as broadband technologies have rapidly gained share over the last years. OBS will be the next generation seismic OBS - major…
  13. Q4 2014 EARNINGS CALL – Magseis Asa – slide 13
    Rapidly growing market with limited of suppliers Seismic market Share of OBS market capacity 900 Total seismic market (BUSD) 823 12 800 9% Node based 9% 700 10 42% 608 613 CAGR 9% 602 46 % 600 577 415 8.3 8.0 7.8…
  14. Q4 2014 EARNINGS CALL – Magseis Asa – slide 14
    Capacity step-change will change market dynamics Current crew sizes (100-150km) Next generation crews (300km) CABLE/REC vessel SOURCE vessel CABLE/REC vessel SOURCE vessel OPEX: 100 k USD/day OPEX: 50 k USD/day OPEX: 100 k USD/day…
  15. Q4 2014 EARNINGS CALL – Magseis Asa – slide 15
    and enable OBS to compete with high-end streamer Price comparison of seismic acquisition categories given typical survey size (USDk/km2) Target price reduction through larger crews and efficient systems Key competing technologies…
  16. Q4 2014 EARNINGS CALL – Magseis Asa – slide 16
    Strong tender activity in the market Magseis has mapped out a high number of known prospects around the world Europe A number of large projects planned for Central Middle 2H 2015 and 1H 2016 America East Total yearly demand…
  17. Q4 2014 EARNINGS CALL – Magseis Asa – slide 17
    Market overview Detail in prospects (1/3) Gulf of Mexico Gulf of Mexico US GOM: Driven by MC model - Magseis working to develop MC surveys Significant potential for Magseis deep water 4D project MEXICO Mexico: Complex geology,…
  18. Q4 2014 EARNINGS CALL – Magseis Asa – slide 18
    Market overview Detail in prospects (2/3) Barents Sea NORTHERN EUROPE Significant amount of work already awarded to Magseis (Chevron-Captain) and Fairfield (Conoco East J Ridge, BP-Claire, Nexen-Golden Eagle) Several additional…
  19. Q4 2014 EARNINGS CALL – Magseis Asa – slide 19
    Market overview Detail in prospects (3/3) MEDITERRANEAN & MIDDLE EAST Mediterranean Sea Mediterranean: 500km2, 2015/16 SAUDI Middle East: EGYPT ARABIA 2500km2, 2015/17 Arabian Sea INDIA South China Sea ASIA PACIFIC…
  20. Q4 2014 EARNINGS CALL – Magseis Asa – slide 20
    Content 1. Highlights 2. Operational update 3. Market review 4. Financials 5. Summary and Q&A 21
  21. Q4 2014 EARNINGS CALL – Magseis Asa – slide 21
    Q4 and annual results 2014 - Comprehensive income Q4 and YTD All figures in USD thousands Q4 14 Q4 13 YTD 14 YTD 13 Revenue Revenue 11,760 12,239 56,606 12,239 Lower than Q3 due to less favourable rates and no revenue in the period 14-…
  22. Q4 2014 EARNINGS CALL – Magseis Asa – slide 22
    Q4 and annual results 2014 - Adjusted earnings Q4 and YTD Q4 2014 Full year 2014 All figures in NUSD thousands Actual Adjust- Normalised Actual Adjust- Normalised earnings -ments earnnings earnings -ments earnnings Deep water R&D…
  23. Q4 2014 EARNINGS CALL – Magseis Asa – slide 23
    Q4 and annual results 2014 - Financial position All figures in USD thousands YTD 14 YTD 13 Equipment and intangibles 48,285 39,548 Other current assets Cash and cash equivalents 21,591 6,867 Receivable HESS 7.6m Other current assets…
  24. Q4 2014 EARNINGS CALL – Magseis Asa – slide 24
    Q4 and annual results 2014 - Cash flow All figures in USD thousands YTD 14 2013 Cash flow from operating activities 5,948 -7,169 Cash flow from investing activities -13,359 -31,587 Cash flow from financing activities 23,290 3,997 Net…
  25. Q4 2014 EARNINGS CALL – Magseis Asa – slide 25
    Content 1. Highlights 2. Operational update 3. Market review 4. Financials 5. Summary and Q&A 26
  26. Q4 2014 EARNINGS CALL – Magseis Asa – slide 26
    Next step in strategic growth plan Upgrade of Artemis Athene to 150km of cable Total km of cable (4,500 sensor unit) capacity underway 500 Completion by Q1 2015 450 400 Preparations for Crew 2 well underway 6,000 sensor units /…
  27. Q4 2014 EARNINGS CALL – Magseis Asa – slide 27
    Summary investment case Clients extremely pleased with MASS data quality and performance Very solid foundation Strong improvement in productivity during 2014 Positioned to handle Severe cost cuts across the industry challenging…
  28. Q4 2014 EARNINGS CALL – Magseis Asa – slide 28
    Questions Mikkel Ektvedt CFO Magseis ASA 29

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