THIRD QUARTER 2014 RESULTS. Oslo, 6 November 2014, CEO Roar Bekker and CFO Svein Knudsen
Highlights third quarter 2014 OperaIonal highlights Contracts with Petrobras, Statoil, OMV (Norge) and Norske Shell Completed mul3-client survey in US GoM and commenced new survey in Canada Recently announced contract with IOC in…
Financial overview
Financial highlights Revenues and revenues/costs per vessel month (USD Million) Key gures Q3 60.00 7.0 Revenues of USD 41.7 million 6.0 50.00 EBITDA of USD 11.0 million 40.00 5.0 4.0 Net income of USD 7.0 million 30.00…
Capital Structure Balance sheet as at 30.09.14 (USD million) Cash at USD 42.5 million, up from USD 40.4 million 250 end of previous quarter Trade receivables increased by USD 6.7 million 200 USD 57.0 million to USD 41.4 million…
Cost exibility Charter hire, crew and fuel largest cost component 250 Immediate cost saving eect of reducing to 3 vessels 200 Non-growth scenario; capex reduced 150 Clear strategy to keep a exible cost structure, reected by…
Opera3onal overview
High ac3vity on the Norwegian shelf in 2014 Most ac3ve year in the Norwegian waters Several new customers and new projects awarded from exis3ng customers Experience a break-through - resul3ng from the unmatched predic3on success in…
Mul3-client project in the US Gulf of Mexico Daybreak project Project completed 20 August EMGS rst major MC project in the US Covering approximately 156 blocks and 3,600 km2 - Dierent survey layout; denser and deeper than…
East Canada Mul3-Client Program Acquisi3on commenced on 25 July Expect to complete mid-November (vs late Oct) Approximately 2,500 km2 covered (vs 4,000) - Challenging weather condi3ons Calibrate survey to Flemish Pass Basin…
Vessel schedule Expected vessel schedule as of 5 November 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 July Aug Sept Oct Nov Dec Jan Feb March April May June BOA Thalassa Norway Asia Asia BOA Galatea Canada Mexico/ GoM Mexico/ GoM…
Market update Order book (USD million) Contract opportuniIes 140 Good start in Asia conrming previous guiding Expect to keep one vessel in Asia in 2015 120 Tender for EM campaign in Uruguay 100 High demand for EM from NOCs…
Summary and outlook Summary Awarded and completed mul3ple new contracts Investments in mul3-client libraries in the US Gulf of Mexico, the Barents Sea and Canada EM technology predic3on strength demonstrated through drilling…
Ques3ons
Appendix
Income statement USD million Quarter ending Nine months ending 30.09.2014 30.09.2013 30.09.2014 30.09.2013 Contract sales 29.8 21.5 111.7 71.2 Mul3-client sales 11.9 2.1 33.8 28.5 Total revenues 41.7 23.6 145.5 99.7 Charter hire,…
Financial posi3on USD million Period ending ASSETS 30.09.2014 30.09.2013 Goodwill 14.4 14.4 Deferred tax asset 1.9 - Mul3-client library 35.9 31.0 Other intangible assets 2.2 3.8 Property, plant and equipment 22.1 25.9 Assets…
Cash ow USD million Nine months ending 30.09.2014 30.09.2013 Net cash ow from operaIng acIviIes 23.6 39.1 Net cash ow from invesIng acIviIes (20.0) (43.3) Net cash ow from nancial acIviIes (1.3) 10.9 Net increase in cash…
Largest shareholders (as of 5 November) Shareholder Shares Holding 1 MORGAN STANLEY & CO S/A MSCO CLIENT EQUI 18 576 200 9.30 % 2 PERESTROIKA AS 17 889 449 8.96 % 3 SKAGEN GLOBAL 9 673 473 4.84 % 4 MOMENTUM INVESTMENTS 9 604…
Vessel charters and yard stays BOA Thalassa BOA Galatea Atlan3c Guardian EM Leader EM Express Firm Charter December 2015 July 2016 1 March 2016 28 July 2014 Standby in Bergen at no cost to EMGS. Op3ons 1 x 1 year 1 x 1 year 3…
Electromagne3cs in the E&P workow Gravity/ Magne3cs Detailed 2D seismic 3D seismic Produc3on data Regional 2D seismic Lease Sale Borehole data 4D seismic Basin Fron3er Explora3on Development Produc3on Abandonment Evalua3on…
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