CERAWeek 2017 Energy Innovation Pioneers Houston, M arch 8th 2017
AGENDA • History • Why do the Industry need OBS? • What is the core of our Technology? • M arket 2
This is M agseis • Founded 2009 • First operation in 2013 • Develop and operates proprietary OBS equipment. • Head office in Norway • Branches in Stockholm, Singapore and Brazil • Listed on Oslo Axess • 85 employees • Strong client base and QHSE record • Set for rapid expansion 3
M ove towards better subsurface imaging OBS High end 3D Waz, M Az Data quality 3D streamer 2D streamer 1960s ~1990 2005-10 Today Exploration Field Development and IOR 4 Source: M agseis
Towed Streamer Seismic Acquisition P P S P 5
Seabed Seismic Acquisition PS PP P 6
OBS provides superior image quality - gaining market share over high-end streamer seismic Top reservoir Albatross NW OBC area OBC area Streamer interpretation OBC 4C Streamer data OBS interpretation OBS data acquired by M agseis 7 Source: Statoil
Larger spread driving substantial cost reductions 2018 2015 2014 2016 >600km 150km 75km 350km Cable length Large spreads - rolling operations M ultiple patch deployment 25K 100K $ per.km² $ per. km² 8 Source: M agseis
M iniaturisation of 4-component seismic nodes M ASS COM PETITOR 9
Industrial inspiration - M iniaturization of the mobile phone NOKIA Talkman - 1984 APPLE iPhone 2 - 2007 10
M arine Autonomous Seismic System M iniaturised Handling system Applications node sensors Cable deployment ROV deployment Ultra deep water deployment 11
M ASS - M arine Autonomous Seismic System Ultra Deep deployment Cable deployment ROV deployment 12
Red Sea S78 survey Receiver line layout and seabed topography Combined cable and TZ deployment of 4C sensors Scale: v/ h=1 13
ConocoPhillips North Sea project M ASS modular solution Contract highlights • 4D, full-azimuth survey over Eldfisk field • ROV and source vessels operated by ConocoPhillips • M agseis provides crew, nodes and handling • Potential for repeat work High capacity, mobile ROV operation • Unlimited capacity of nodes • M odular handling system • Very strong interest from clients • Smart operations 14 Source: M agseis
Strong market outlook $ MILLION 2 250 2 000 1 575 USD 1 500 >650m 1 250 1 000 750 500 250 0 2005 2016 2017 2018 2019 2020 15 Source: M agseis/ Arkwright/ Rystad Energy
Growth strategy No observed OBS survey - T owards $25K/ km² Historical OBS surveys 6 • Key Goals – Expand use of OBS through reducing costs > 50% Marlim Leste 5 Parque das Baleia Valhall Roncador Thunder Horse Nowruz Eldfisk Lobster Albacora Parque das Conchas Balder/Ringhorne/Jotun • Business model: Grane 4 Andrew Marlin Golden Eagle Area Dan Edvard Grieg Development Champion – Shearwater Operate large equipment spreads Agbami-Ekoli Bonga Torpille Marine Jack/St Malo COM PLEXITY Arne South Beryl – Share pool of nodes across platforms Nene Marine Bokor Buzzard Stones Heidrun – Ceiba Build a flexible OPEX base Ravva Alwyn North 3 Knarr Norne Valemon Kristin Clair Captain Visund Kvitebjorn Sepinggan BBLT Foinaven Bahar Daman Offshore • By 2020: Akpo Shah-Deniz Salsa 2 Dalia Reduced costs and Cleeton Sole West – Snohvit Node pool of >30,000 nodes maturity of technology – 2-3 high capacity cable vessels – 2-3 modular ROV/ Node Deployer systems 1 0 1 10 100 1000 FIELD SIZE (mmboe) 16 Source: M agseis/ Rystad Energy
Node Deployer • Nodes deployed at speeds from 1-2 knots • 1000 to 3000m water depth • 2 knots continuous speed • +/ - 5m from preplot 17
ONE core technology – multiple applications M iniaturised node sensors M ASS Transition zone Node deployer for generation I-II & III Permanent ROV deployment Cable deployment and land supplying ultra-deep ultradeep waters Reservoir Unlimited coverage and infill around 3-5 x ROV deployment M onitoring and amount of installations speed sensors 0 – 50… . -70… .. -800 -3000… . 18 Water depth
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