ELECTROMAGNETIC GEOSERVICES ASA THIRD QUARTER 2013 RESULTS CEO, Roar Bekker CFO, Svein Knudsen Hotel Continental, 14 November 2013
HIGHLIGHTS THIRD QUARTER 2013 Operational highlights Successful completion of contract in Brunei Start-up PEMEX contract and subsequently adding a second vessel First results from sub-salt imaging project in US Gulf of Mexico New…
FINANCIAL OVERVIEW
FINANCIAL HIGHLIGHTS Key figures Q3 Revenues and revenues/costs per vessel month (USD Million) Revenues of USD 23.6 million 60,0 5,0 50,0 7.5 EBITDA of USD -3.5 million 4,0 40,0 Net loss of USD -12.2 million 3,0 30,0 2,0 20,0…
VESSEL UTILISATION Fleet utilisation at 77% 100 % - Multi-client: 42% 90 % - Contract: 35% 80 % Good performance by BOA 70 % Thalassa (91%) in Brunei 60 % BOA Galatea affected by 50 % mobilisation and preparation for 40 % the…
CAPITAL STRUCTURE Balance sheet as at 30.09.13 (USD million) Cash and working capital 250 Cash at USD 46.9 million Trade receivables reduced by USD 21.2 200 million to USD 27.4 million USD 58.6 million Other receivables reduced by…
OPERATIONAL OVERVIEW
SUCCESSFULL COMPLETION OF CONTRACT IN BRUNEI Total value of USD 50 million - In addition to USD 20 million for a project in Malaysia in 2012 First major regional exploration 3D EM survey - Regional prospect de-risking - Improved…
PEMEX - LARGE-SCALE ADOPTER OF EM Contract with PEMEX started in September Contract value of USD 99.8 million Atlantic Guardian added from mid-November, accelerating acquisition Confirms value proposition of EM Portfolio…
SUNSHINE - ENHANCED SUB-SALT SEIMIC IMAGES WITH EM EMGS & Schlumberger collaboration WAS Seismic only WAS Seismic & CSEM/MT in the Gulf of Mexico Enhanced seismic imaging Simultaneous joint inversion of seismic and CSEM/MT data…
BARENTS SEA EM TECHNOLOGY IMPROVES EXPLORATION SUCCESS 10000 12000 14000 16000 18000 20000 22000 24000 26000 0 0 110 blocks covered 7324/7-1S 7324/8-1 -400 -400 More than 30.000 km2 Strong technology track…
MARKET UPDATE Order book (USD Million) Good contract coverage for next quarters 140 Minimum USD 8 million with Maersk Oil Angola One month acquisition for Nippon in Malaysia 120 LOI for one month follow-on work in NW Australia* Atlantic…
VESSEL SCHEDULE Expected vessel schedule as of 14 November 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Mala- NW BOA Thalassa Brunei ysia Australia Asia Asia Brazil (Foz do BOA Galatea…
SUMMARY AND OUTLOOK Third quarter Successfull completion of Brunei contract Start-up PEMEX contract Promising initial results from sub-salt project Financials affected by two vessels mobilising and investments in multi-client…
Welcome back Q4 2013 results presentation 6 February 2014 Save the date capital markets day 20 March 2014
Q&A
APPENDIX
VESSEL CHARTERS AND YARD STAYS BOA Thalassa BOA Galatea Atlantic Guardian EM Leader EM Express Firm Charter Dec. 2014 July 2015 1 March 2016 3 December 2013 Standby in Bergen at no cost to EMGS. Options 2 x 1 year 2 x 1 year 3 x…
CONSOLIDATED INCOME STATEMENT USD million QUARTER ENDING NINE MONTHS ENDING 30.09.2013 30.09.2012 30.09.2013 30.09.2012 Contract sales 21.5 39.0 71.2 141.5 Multi-client sales 2.1 4.2 28.5 14.3 Total revenues 23.6 43.2 99.7 155.8…
CONSOLIDATED STATEMENT OF FINANCIAL POSITION USD million PERIOD ENDING 30.09.2013 30.09.2012 ASSETS Goodwill 14.4 14.4 Multi-client library 31.0 10.0 Intangible assets 3.8 4.7 Property, plant and equipment 25.9 27.8 Assets under…
CONSOLIDATED STATEMENT OF CASH FLOW USD million NINE MONTHS ENDING 30.09.2013 30.09.2012 Net cash flow from operating activities 39.1 23.9 Net cash flow from investing activities (43.3) (27.6) Net cash flow from financial…
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