Magseis Fairfield ASA Q4 2018 28 th February 2019 Global reach and scale
Disclaimer This presentation (the “ Presentation ") has been prepared by Magseis Fairfield ASA (the The Company makes no representation or warranty, expressed or implied, as to the “ Company ” or “ Magseis Fairfield ”). accuracy, reliability or completeness of the Presentation, and neither the Company nor any of its directors, officers or employees shall be liable to you or to any other party for The Presentation contains forward-looking information and statements relating to the any losses incurred as a result of your or their use of, or reliance on, any information business, financial performance and results of the Company and/or industry and contained in the Presentation. markets in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, This Presentation does not constitute or form part of, and is not prepared or made in sometimes identified by the words “aims”, “anticipates”, “believes”, “estimates”, connection with, an offer or invitation to sell, or any solicitation of any offer to “expects”, “foresees”, “intends”, “plans”, “predicts”, “projects”, “targets”, and similar subscribe for or purchase any securities, and nothing contained herein shall form the expressions. Any forward-looking statements and other information contained in this basis of any contract or commitment whatsoever. No reliance may be placed for any Presentation, including assumptions, opinions and views of the Company or cited from purpose whatsoever on the information contained in this Presentation or on its third party sources are solely opinions and forecasts based on the current completeness, accuracy or fairness. The information in this Presentation is subject to expectations, estimates and projections of the Company or assumptions based on verification, completion and change. The contents of this Presentation have not been information currently available to the Company, which are subject to risks, independently verified. The Company’s securities have not been and will not be uncertainties and other factors that may cause actual events to differ materially from registered under the United States Securities Act of 1933, as amended (the “ US any anticipated development. Securities Act ”), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S under the US Securities Important factors may lead to actual profits, results and developments deviating Act. This Presentation should not form the basis of any investment decision. substantially from what has been expressed or implied in such statements. Although the Company believes that its expectations and the Presentation are based upon The Presentation speaks and reflects prevailing conditions and views as of the date of reasonable assumptions, it can give no assurance that those expectations will be this presentation. It may be subject to corrections and change at any time without achieved or that the actual results will be as set out in the Presentation. The Company notice except as required by law. The delivery of this Presentation or any further assumes no obligation, except as required by law, to update any forward-looking discussions of the Company with any recipient shall not, under any circumstances, statements or to conform these forward-looking statements to its actual results. create any implication that the Company assumes any obligation to update or correct the information herein, nor any implication that there has been no change in the affairs of the Company since such date. 2
AGENDA Introduction Operations and business strategy Financials Market outlook 3
At a glance Geophysical company founded in 2009 Coupling industry leading nodes with with first operation in 2013. automated handling systems, Flexible deployment systems and next December 2018 Magseis acquired generation source technologies Creating the new future in marine Fairfield’s Seismic Technologies business. seismic Headquarter in Oslo, Norway with offices in OSE:MSEIS Houston, Stockholm, Singapore and Brazil • Market Cap MUSD~435 • Revenue Guidance 2019: MUSD 500 ~430 employees Node Pool: • 9 500 MASS As of 27th February, 6 crews in operation • 20 700 ZNODAL with 28 200 nodes deployed 4 4 Source: Magseis Fairfield
Highlights Q4 2018 • Successfully completed MUSD 233 aquisition of Fairfield Financial Performance • Revenue of MUSD 76.2 and EBITDA of MUSD 8.0 • Delivered first crew to BGP offshore ahead of schedule Operational Performance • Operational challenges in Malaysia • MUSD 150 technology sale to BGP Offshore • Mobilisation for Middle East survey of 15 000 Z700 nodes Technology • Portable modular triple source system for Johan Sverdrup • Record total backlog of MUSD 418 (MUSD 388 in 2019) Further growth, backlog and outlook • Revenue guidance for 2019 of MUSD 500 5 Source: Magseis Fairfield
AGENDA Introduction Operations and business strategy Financials Market outlook 6
Malaysia operations The Malaysia project has been delayed with three months and one additional ROV vessel has been engaged to complete the project in a timely manner • Short time between award and start-up in a challenging operational environment • Delayed permitting process with changing local regulations KBB Malakai • Poor ROV performance vs. modelled timeline • Lack of Source vessel performance due to unusual amount of technical downtime Kikeh The project will make a loss of MUSD 14 and full provision taken in Q418 financial despite end-date in late Q119 GK Measures taken to mitigate similar risks for future projects in combination with cross knowledge transfer across the Magseis Fairfield organisation. Already seen effect on mobilisation and start of the subsequent project. GoM project mobilised and commenced operation ahead of schedule. 7 Source: Magseis Fairfield
Technology sale to BGP – MUSD 150 Antonov transport of seismic equipment from Sola Airport Norway. • Air freight of full MASS Modular system and 4 500 MASS I nodes to BGP in Abu Dhabi ahead of schedule Stavanger • Demonstrates flexibility uniqueness of MASS modular nodes • Equipment in operation January 2019 Abu Dhabi • Allows for ultra fast mobilisations across the world. 8 Source: Magseis Fairfield
Magseis Fairfield integration process • Magseis Fairfield operated from “Day 1” as one company • Focused integration process well underway Integration Management Office established Operational knowledge sharing on ongoing and future contracts Coordinated account management and tender process Eastern Western Hemisphere Hemisphere Technology Technology coordination and integration Operations Operations Back-office systems and process optimisation 9 Source: Magseis Fairfield
Focus areas for growth and operational efficiency • Continuously advance technology pool and leverage IP portfolio Contract data • Full system development to further drive efficiency acquisition Leverage new operating platform to increase utilisation • • Sale and rental of nodes for use in shallow / transition zone Technology Ability to capitalise on previous generations of technology at attractive margins • lease and sale Optimise deployment of node pool by assessing technology vs. acquisition opportunities • New business unit focusing on multi-client business development • Multi-client • E&P companies are showing increased interest in the benefits of nodal seismic data projects • Partnership or proprietary surveys Reservoir • Drive down the high costs associated with the current reservoir monitoring systems monitoring/Near • Introduce a coordinated operating model field exploration Leverage existing customer base • 10 Source: Magseis Fairfield
Building our business KEY GOALS BUSINESS MODEL BY 2020 • • • Operational excellence Asset light and modular 6-8 parallel operations • • Client focus business model 3 -4 regional operational hubs • • • Technology champion Focus on total system Contract acquisition, multi-client and • Recording nodes efficiency reservoir monitoring • • • Handling systems Robotics and automation Automated containersed handling • • Deployment systems Deployment via cable, rope and deployment systems • • Source technology and ROV Leading edge modular source • Diversified revenue model technology • Equipment lease, sales and services 11 Source: Magseis Fairfield
AGENDA Introduction Operations and business strategy Financials Market outlook 12
Recommend
More recommend
