EMGS ASA
Svein Knudsen, CFO 21 March 2013
Svein Knudsen, CFO 21 March 2013 DISCLAIMER This presentation - - PowerPoint PPT Presentation
EMGS ASA Svein Knudsen, CFO 21 March 2013 DISCLAIMER This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such
Svein Knudsen, CFO 21 March 2013
This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Electromagnetic Geoservices ASA (EMGS) and its
statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the EMGS’s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Electromagnetic Geoservices ASA believes that its expectations and the information in this presentation were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this presentation. Electromagnetic Geoservices ASA nor any other company within the EMGS Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the presentation, and neither Electromagnetic Geoservices ASA, any other company within the EMGS Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the presentation. Electromagnetic Geoservices ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the presentation.
Water-bearing sediments: 1 - 2 Ωm Low resistivity Hydrocarbon reservoirs: 10 - 100 Ωm High resistivity
Hydrocarbon reservoirs display high resistivity
10
4
10 10 10
2
10
3
10
1
10 10 10 10 10 10
Well log resistivity [ m]
Source towed above a grid
Receivers deployed in a predetermined grid
3D EM data indicates oil reserves (high resistivity matches seismic anomaly)
Include PNG Survey water depths from ~ 30 to 3500 metres in mature and frontier basins worldwide
prospects Calibration Prediction Generation
success rate: 4 out of 4 wells
Data courtesy of PEMEX Ref : Escalera et al : The Road Ahead : SEG , Las Vegas 2012
2008 – 2012 24,000 km2
Apparent anisotropy 6.0 5.0 4.0 3.0 2.0 1.0 7.0
Area A: Fingerdjupet - Hoop Area C: Western Barents Area B: South Eastern Barents
Successful Petrobras campaign
Drilling results match 3D EM responses
Multi-client program recently completed
August 2012 Six out of six
Highly prospective equatorial margin
Ceará basin
African equatorial margin Collaboration with Spectrum
seismic
3D EM survey covering 8000 km2
Q4 financial results
Full-year 2012 financial results
Key investments made in 2012
Market and outlook 2013
50 100 150 200 250 2008 2009 2010 2011 2012
Revenues per year (USD million)
20 40 60 80 2008 2009 2010 2011 2012
EBITDA per year (USD million) 28% 25% 16%
Equity and liabilities (USD million)
48 75 20 40 60 80 100 120 140 160 180 200 31.12.2012 31.12.2011 Non-current assets other than cash Cash Current assets other than cash
Assets (USD million)
47 20 40 60 80 100 120 140 160 180 200 31.12.2012 31.12.2011 Shareholders equity Liabilities Interest bearing debt 55%
Increased adoption
New applications
New technology
Industry partnerships, joint ventures and multi-client business model Improved data integration
Q4 2012 Q1 2013 Q2 2013 Q3 2013 Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept BOA Thalassa BOA Galatea Atlantic Guardian EM Leader EM Express
Petrobras
Contract: Multi-client: Contract negotiations: Steaming:
Norway
Proof of concept US Gulf of Mexico
Dry dock:
(Standby at no cost in Bergen)
Expected vessel schedule as of 7 February 2013. Brunei
Brazil
Basalt WoS/NCS
Barents Sea multi-client / contract Brazil
Asia Brazil
Malaysia
Myanmar Malaysia
20 40 60 80 100 120
Building backlog is job number 1
2012 due to completion of large contracts
small contracts in Asia Pursuing long-term contracts
contract for 2H13
projects in 2H13 and 2014 Partnering with seismic providers
Order book (USD Million)
21 54
by end 1H13 Assumptions:
a utilisation rate of ~ 80%
programs
least 100%
2012 levels
Current status
Growth potential
– Deeper penetration – Increased resolution – Continental shelf applications
– Regional exploration – Portfolio scale de-risking – Development applications – Structural imaging
Regional exploration Pre-drilling risk reduction Development and Production Structural imaging (salt/basalt etc.)
2015 2012
Revenue scenario by application/market segment