Home Electromagnetic Electromagnetic geoservices: Presentation Q1 2022

Electromagnetic geoservices: Presentation Q1 2022

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Q1 2022 RESULTS

Oslo, May 20, 2022

Bjørn Petter Lindhom, CEO Anders Eimstad, CFO

Warning

This quarterly presentation includes and is based on, among other things, forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. This forward-looking information and statements are based on current expectations, estimates and projections regarding global economic conditions, economic conditions in regions and industries that are major markets for Electromagnetic Geoservices ASA (EMGS) and its subsidiaries. These expectations, estimates and projections are generally identifiable by 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 geographies and industries that are or will be the primary markets for EMGS’s business, oil prices, market acceptance of new products and services, changes in government regulations, interest rates, exchange rate fluctuations and any other factors which may be discussed from time to time. Although Electromagnetic Geoservices ASA believes that its expectations and the information contained in this report were based on reasonable assumptions at the time it was made, it can give no assurance that such expectations will be achieved or that actual results will be as set out in this report. Report. Electromagnetic Geoservices ASA nor any other company in the EMGS group makes any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information contained in the report, and neither Electromagnetic Geoservices ASA, any other company in the EMGS group nor any of their directors, officers or employees shall have any liability to you or anyone else arising from your reliance on the information contained in the report. Electromagnetic Geoservices ASA undertakes no obligation to publicly update or revise any forward-looking information or statements contained in the report.

Q1 2022

Quarterly Operational Highlights

  • Guardian of the Atlantic warm throughout the trimester

Quarterly Financial Highlights

  • Revenue of 6.2 million USD compared to 1.6 million USD in 1Q 2021
  • EBITDA of $4.5 million and Adjusted EBITDA of $3.7 million. Up from 0.1m USD negative and 1.5m USD negative, respectively, in 1Q 2021 due to increased multi-client revenue
  • Free cash balance at the end of the quarter of 8.2 million USD
  • Senior Unsecured Convertible Bond (EMGS03) extended 24 months to May 2025
  • Equity improved from minus $2.5 million at the end of the year to minus $0.9 million at the end of this quarter

Subsequent events

  • Approximately $2.8 million in pre-funding secured for investigations in Norway
  • Atlantic Guardian has been mobilized and has begun the acquisition of all pre-funded survey in the North Sea

Operations, market and outlook

Market Outlook

  • Improving oil services market conditions due to higher oil prices, a focus on energy security and increased demand for gas, however
    • Capital discipline remains strict within oil companies
    • Exploration budgets have not, in most cases, been increased due to these improving market conditions
  • Oil companies are asking for a more rigorous EM design and sensitivity process, including synthetic imaging testing of multiple geological scenarios
    • Resulting in better customer understanding of EM technology and its value proposition
    • but also, a longer sales cycle
    • Customer-Funded Survey Design Projects Hit an All-Time High
  • Interest in CSEM Multi-client data from our existing library remains high

This is an excerpt from the original content. To continue reading it, access the original document here.

Warning

EMGS – ElectroMagnetic GeoServices ASA published this content on May 19, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on May 19, 2022 6:11:04 PM UTC.

Public now 2022

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Sales

Net revenue

Net debt

P/E ratio
Yield
Capitalization 28.1M
28.1M
EV / Sales -1
EV / Sales 0
# of employees 17
Floating 43.1%

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