Magseis Fairfield ASA
Q4 2018
28th February 2019
Global reach and scale
Global reach and scale Disclaimer This presentation (the - - PowerPoint PPT Presentation
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
Magseis Fairfield ASA
Q4 2018
28th February 2019
Global reach and scale
Disclaimer
2 This presentation (the “Presentation") has been prepared by Magseis Fairfield ASA (the “Company” or “Magseis Fairfield”). The Presentation contains forward-looking information and statements relating to the business, financial performance and results of the Company and/or industry and markets in which it
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AGENDA
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Operations and business strategy Financials Market outlook Introduction
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Headquarter in Oslo, Norway with offices in Houston, Stockholm, Singapore and Brazil ~430 employees As of 27th February, 6 crews in operation with 28 200 nodes deployed
Coupling industry leading nodes with automated handling systems, Flexible deployment systems and next generation source technologies Creating the new future in marine seismic OSE:MSEIS
Node Pool:
Geophysical company founded in 2009 with first operation in 2013. December 2018 Magseis acquired Fairfield’s Seismic Technologies business.
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Source: Magseis FairfieldAt a glance
Highlights Q4 2018
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Source: Magseis FairfieldFinancial Performance Operational Performance Technology Further growth, backlog and outlook
AGENDA
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Introduction Financials Market outlook Operations and business strategy
Malaysia operations
The Malaysia project has been delayed with three months and
project in a timely manner
The project will make a loss of MUSD 14 and full provision taken in Q418 financial despite end-date in late Q119 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.
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Source: Magseis Fairfield GK Kikeh KBB MalakaiTechnology sale to BGP – MUSD 150
Antonov transport of seismic equipment from Sola Airport Norway.
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Source: Magseis Fairfield Stavanger Abu Dhabiand 4 500 MASS I nodes to BGP in Abu Dhabi ahead of schedule
MASS modular nodes
across the world.
Magseis Fairfield integration process
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company
Integration Management Office established Operational knowledge sharing on ongoing and future contracts Coordinated account management and tender process Technology coordination and integration Back-office systems and process
Technology Western Hemisphere Operations Eastern Hemisphere Operations
Source: Magseis FairfieldFocus areas for growth and operational efficiency
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Contract data acquisition Technology lease and sale Multi-client projects Reservoir monitoring/Near field exploration
Building our business
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BUSINESS MODEL KEY GOALS BY 2020
business model
efficiency
and ROV
reservoir monitoring
and deployment systems
technology
AGENDA
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Introduction Market outlook Financials Operations and business strategy
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In USD thousands Q4 2018 (unaudited)%
Q4 2017 (unaudited)%
Full Year 2018 (unaudited) % Full Year 2017 (audited%
Revenue 76 198 4 752 136 477 73 877 Cost of sales 55 874 5 455 86 764 35 701 Research and development 2 183 494 3 995 2 002 SG&A and other expenses 10 160 3 318 22 705 10 039 EBITDA 7 980 10.5
26 136 35.4 Depreciation 7 591 3 395 19 097 15 148 Amortisation 266 116 839 463 Impairment 233 EBIT 123 0.2
10 292 13.9 Net interest and fx (gain)/loss 638 684 2 430 397 Other finance cost Net finance costs 638 684 2 430 397 EBT
647 9 895 Tax 1 484 1 078 3 468 3 199 Net income
Other comprehensive income Total comprehensive income
6 696
Q4 2018 P&L – (Includes 18-31 DEC 2018 legacy FF & WGP)
Revenue
Cost of sales
SG&A
Depreciation
Finance
Tax
Malaysia
Source: Magseis Fairfield14
Q4 2018 Balance Sheet
Goodwill
Equipment
Trade receivables
Inventory
Equity
Non-current Liabilities
Current liabilities
Goodwill
140 333
Equipment and other intangibles
167 256 74 416
Multi-client library Cash and cash equivalents
68 110 29 776
Trade receivables
75 335 9 137
Inventory
38 994 1 752
Other current assets
28 672 8 469
TOTAL ASSETS
518 701 123 549
Share capital
1 166 438
Share premium
382 152 141 486
Retained earnings and other reserves
TOTAL EQUITY
333 573 95 040
Other non-current financial liabilities
54 703 13 049
TOTAL NON-CURRENT LIABILITIES
54 703 13 049
Trade payables
48 037 6 010
Current tax liability
1 855 1 111
Other current liabilities
80 532 8 338
TOTAL CURRENT LIABILITIES
130 424 15 460
TOTAL LIABILITIES
185 128 28 509
TOTAL EQUITY AND LIABILITIES
518 701 123 549
Source: Magseis Fairfield15
Q4 2018 Cash Flow
Earnings before taxOperating Cash flow
Investing Cash flow
Financing Cash flow
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KE KEY FIGU GURES
Q4 Q4 2018
Source: Magseis FairfieldREVENUE
EBITDA
NET PROFIT
CASH BALANCE
$ MILLION $ MILLION $ MILLION $ MILLION $ MILLION
EBITDA REVENUE EBITDA
Q4 2018
REVENUE
Q4 2018
4.7 8.0 76.2
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Source: Magseis FairfieldKEY FIGURES
Full Y l Year ar 2018
REVENUE
EBITDA
NET PROFIT
CASH BALANCE
$ MILLION $ MILLION $ MILLION $ MILLION $ MILLION
26.1
EBITDA
136.5
REVENUE
23.0
EBITDA
YTD 2018
REVENUE
YTD 2018
73.9
Source: Magseis FairfieldAGENDA
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Introduction Financials Market outlook Operations and business strategy
Significant backlog provides near-term visibility
19 “Magseis” 2019 Backlog
5002019 Backlog COMBINED 2019 Backlog 2019 Gap to close 2019 REVENUE GUIDANCE
Full Year 2019 Guidance:
152 236 388 112
500
Source: Magseis Fairfield2019 Guided Revenue breakdown
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Revenue by status
In Tender Leads Firm
500
Systems Reservoir Monitoring/ Near field exploration Multi-client
Revenue by type
Source: Magseis Fairfieldcreating the leading provider of marine seismic solutions
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Successfully acquired Fairfield Seismic Technologies Sale of 17 000 MASS I Nodes to BGP Offshore Record backlog of MUSD 418