Upload
others
View
0
Download
0
Embed Size (px)
Citation preview
Magseis ASA Q3 2015
13 November 2015
This is Magseis
OCEAN BOTTOM SEISMIC (OBS) PRODUCT DEVELOPMENT& MANUFACTURING
OSLO - BERGEN - STOCKHOLM SINGAPORE - BRAZIL
• Industry leading ocean bottom seismic company
• Start of operations Oct 2013
• One vessel in operations
• 77 employees
• Listed on Oslo Axess
Ticker
Shares outstanding
Market cap (NOKm)
Book Equity – Q3 15 (USDm)
Net Debt – Q3 15 (USDm)
MSEIS
29,818,014
450
64.7
(18.5)1
1) Excluding financial lease on winch package and contingent liability against Shell for ND project
KEY FIGURES Q3 2015
Source: Magseis
12.8REVENUE
2.2EBITDA
-0.3NET INCOME
18.5CASH BALANCE
16.6
35.1
3.8 1.9
REV. EBITDA
Q2 2015REV. EBITDA
YTD 2015
$ MILLION
$ MILLION $ MILLION
$ MILLION $ MILLION
REV. EBITDA
Q3 2015
12.8
2.2
A very successful first two years of operation
4Source: Magseis operating at South Arne Field (photo)
• Chevron survey completed and client very pleased– High density, complex survey– Seamless dataset: Combination of cable deployment and sensors with ROV
• Barents Sea MC campaign completed on-schedule– G2 employed commercially for the first time– Fully funded and with late sales potential
• Letter of Award received for project outside North Sea with duration of approx. 4 months– Maintaining steady utilisation in a challenging market
• Collaboration agreement signed with Shell Global solutions for high-potential deep-water project– Deep water pilot test to be completed during Q1 16
Q3 Highlights
Seismic acquisition – deep marine
Cable deployment
Node deployment
Depth range15-3000m
Product Development: Growing portfolio of sensors
MASS IGeneration 2
• Deployed with cable• 45 days battery lifetime• In commercial use
MASS II
• Deployed with ROV • 75 days battery lifetime• In commercial use
MASS III
• Deployed with ROV • >110 day battery lifetime• Prototype 2015
Product Development: Handling & Software systems
Marine Autonomous Seismic System (MASS)
Source: Magseis 9
100K$ per.km² 20K$ per.km²
Enables a step-change in OBS acquistion costs
201475km
2015150km
2016>300km
2017>600kmCable length
Source: Magseis 10
250
500
1000
2000
3000
0
Water Depth in metres Competing
cable systems
Source: Magseis
CompetingROV systems
MASScable
ROV/
Dev. Project
• Magseis can deploy OBS cable at much greaterwater depth than any competitor
• Joint development project announced with Shell provides step change in efficiency for deep-water 4D work
• Several projects in pipeline where Magseis’ deep-water capabilities will be a unique advantage
Cost-efficient acquisition from 0-3000m
A very successful first two years of operation
11
• Technology well established (G2 in production)
• Have completed ~500 sq.km. of high-density OBS acquisition
• Building reputation for very high-quality data
• Established as the lowest-cost supplier in the industry
Source: Magseis operating at South Arne Field (photo)
Qualified (2013):
Qualified (2015):
Ongoing (2015):
Current back-log• Vessel in transit to new contract
• Awaiting decision on other tenders
• Several large tenders in pipeline during coming months
Source: Magseis
Firm
Lead
Yard/transit
Tender
Market prospects 2016
Source: Magseis
1000m
2000m
3000m
300
200
100
Note: Based on prospects identified by Magseis (Transition zone not included)
Averagesurvey sizes
increasing YOY
USDmillion
Water Depth
800km²
150km²
500km²
800km²
300km²
300km²
Third quarter results- Comprehensive income – Q3 and YTD (2015 and 2014)
14
• Revenue• Less utilisation and lower rates in YTD 2015 vs 2014
• Cost of sales• In addition to less production in 2015 the decrease in cost of sales is
resulting from:– lower TC due to yard stay– reduced fuel prices – capitalised cost related to multi-client in Q3
• SG&A and finance items• Decrease mainly due to depreciation of NOK against USD
All figures in USD thousands Q3 15 Q3 14 YTD 15 YTD 14
Revenue 12 814 14 579 35 136 44 846Cost of sales 8 178 9 699 24 942 29 248Research and development 30 416 1 422 996SG&A and other expenses 2 384 2 990 6 875 8 233EBITDA 2 222 1 474 1 897 6 369
Depreciation and amortisation 2 307 1 845 6 718 5 571Impairment 0 798 35 1 036
EBIT -85 -1 169 -4 856 -238
Net interest and fx (gain)/loss 247 793 188 1 164Other finance cost 0 0 0 0Net finance costs 247 793 188 1 164
EBT -332 -1 962 -5 044 -1 402
Tax 0 0 245 0
Net income -332 -1 962 -5 289 -1 402
Currency translation differences 0 0 0 -1 155Total comprehensive income -332 -1 962 -5 289 -2 557
Third quarter results- Financial position 30 Sep 15
15
• Equipment and other intangibles• Increase mainly relates to Athene 4500 upgrade
• Multi-client library• Capitalised part of cost related to Barents Sea multi-client program
(USD 0.6M related to delayed final approval and 0.8M to expected late sales)
• Other current assets• Amortised client receivables based on percentage of completion
method - USD 4.3M • Fuel and battery stock USD 1.4M• VAT, prepayments etc. USD 2.0M
• Other non-current liabilities• USD 1.8M in funding from joint-development partner (Shell) treated
as a liability based on agreed contract provisions
All figures in USD thousands 30 Sep 15 30 Sep 14 31 Dec 14
Equipment and other intangibles 50 403 41 516 48 285Multi-client library 1 352 0 0TOTAL NON-CURRENT ASSETS 51 755 41 516 48 285
Cash and cash equivalents 18 505 21 901 21 591Trade receivables 1 171 7 613 7 621Other current assets 7 734 9 211 4 524TOTAL CURRENT ASSETS 27 410 38 725 33 736
TOTAL ASSETS 79 165 80 241 82 021
Share capital 254 237 237Share premium 90 944 83 774 83 755Other reserves 2 495 1 833 2 039Retained earnings -23 886 -14 509 -18 487Currency translation reserve -5 123 -5 123 -5 123TOTAL EQUITY 64 684 66 212 62 421
Obligation under finance lease 2 113 2 939 2 739TC amortisation 1 027 1 499 1 369Other non-current liabilities 1 813 0 0TOTAL NON-CURRENT LIABILITIES 4 953 4 438 4 108
Trade payables 3 847 2 266 8 050Current tax liability 24 0Current portion of obligation under finance lease 826 742 761Other current liabilities 4 831 6 583 6 681TOTAL CURRENT LIABILITIES 9 528 9 591 15 492
TOTAL LIABILITIES 14 481 14 029 19 600
TOTAL EQUITY AND LIABILITIES 79 165 80 241 82 021
Third quarter results- Cash flow YTD
16
• Cash flow from operations• Impacted by a net working capital decrease reflecting exceptionally high payables
at year-end 2014 as well as a re-classification of the liability related to the joint development project
• Cash flow from investments• Athene 4500 upgrade USD 8.1M• Capitalised R&D of USD 2.0M• Capitalisation of multi-client costs of USD 1.4M
• Cash flow from financing • Capital raise in May 15• Re-classification of the liability related to the joint development project from
current to non-current liabilities
All figures in USD thousands YTD 15 YTD 14
EBITDA 2 222 6 369Adjustment for non-cash items -327 -547Net working capital adjustments -2 943 -3 643Net cash flow from operating activities -1 048 2 179
Net cash flow from investing activities -10 037 -8 364
Net cash flow from financing activities 7 999 22 374
Net change in cash and cash equivalents -3 086 16 189Cash balance at the beginning of the period 21 591 6 867Foreign exchange differences in the period 0 -1 155Cash balance at period end 18 505 21 901
Delivering next generation seismic acquisition system
© Magseis ASA 2015