Strong performance and great growth potential SEG conference 2016, - - PowerPoint PPT Presentation

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strong performance and great growth potential
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Strong performance and great growth potential SEG conference 2016, - - PowerPoint PPT Presentation

Feb 23, 2024 247 likes •444 views

Strong performance and great growth potential SEG conference 2016, Dallas Private & Confidential Why seabed seismic? Streamer Seismic Ocean Bottom Seismic (OBS) Sensors (hydrophones) towed through the water Sensors are stationary

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SLIDE 1

Strong performance and great growth potential

SEG conference 2016, Dallas

Private & Confidential

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SLIDE 2

Why seabed seismic?

Streamer Seismic

  • Sensors (hydrophones) towed through the water
  • The source is fixed relative to the receivers
  • Only P-Waves recorded
  • Is the dominant acquisition method today
  • Sensors are stationary on the sea bed (cable or

nodes)

  • The source is moved around for optimal azimuth
  • r illumination
  • Quiet recording environment
  • Both P-waves and S-Waves are recorded

Ocean Bottom Seismic (OBS)

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SLIDE 3 Streamer data Source: Statoil OBS PS Top reservoir Albatross NW Streamer interpretation OBS interpretation

OBS data acquired by Magseis

OBS data on Albatross field

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SLIDE 4 Source: Magseis 4

100K

$ per.km²

20K

$

per.km²

Changing the way OBS acquisition is conducted

  • From multiple patch to rolling operations

2014 75km 2015 150km 2016 350km 2018 >600km

Cable length

Large spreads - rolling operations

Multiple patch deployment
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SLIDE 5

Seismic acquisition

ONE core proprietary technology -> Multiple applications Miniaturised node sensors Handling system

Cable deployment ROV deployment

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SLIDE 6

ONE core technology – multiple applications

Miniaturised node sensors MASS generation I-II & III

Node deployer for ultradeep waters ROV deployment for undershooting of installations Cable deployment. Unlimited coverage and amount of sensors Transition zone

3,000m 2,000 - 15m 50 – 0m

Water Depth

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SLIDE 7 Source: Magseis 7

Enabling a step-change in OBS acquisition costs

82 135 35 55 40 18 PROJECT 1 PROJECT 2 PROJECT 3 DAYS IN OPERATION Athene Crew 2 Athene: 75km cable / 3,000 nodes / #3 patches Crew #2: 425 km cable / 6,000 nodes / rolling Athene: 150km cable / 3,000 nodes / #5 patches Crew #2: 325 km cable / 5,200 nodes / rolling Athene: 120km cable / 2,300 nodes / #2 patches Crew #2: 150km cable / 2,800 nodes / rolling
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SLIDE 8

Petronas - Bokor

Operational challenges

  • Complex survey design
  • Lots of infrastructure and high field activity
  • First survey in SE Asia and pleased client
  • First two-vessel operation with a ‘rolling’ spread
  • Our next generation G2 node electronics in production
  • A record number of sensors were deployed

The Bokor field is a structurally complex field with gas clouds and strong lateral velocity changes

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SLIDE 9

Aramco Red Sea project

Operational highlights

  • Second survey in the Middle East
  • Complex survey design
  • Rolling spread across challenging seabed conditions
  • Record amount of cable in operation (350km)
  • Long-life node electronics introduced
  • Excellent cooperation with BGP and Aramco

Strategically important reference for further work world wide

8 Source: Magseis. Operating together with BGP in the Red Sea
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SLIDE 10

Water depth profile, whole survey - S78

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SLIDE 11

Now established as a leading OBS provider

11 Source: Magseis (operating close to FPSO at Captain Field)

Qualified (2013):

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  • Technology well established
  • Have completed >1,000 sq.km. of high-end

OBS acquisition

  • More than 110 000 4-component sensor capsules

deployed

  • Very high-quality data and excellent operational

performance

  • Established as the lowest-cost supplier

in the industry

Qualified (2015/16): Ongoing (2016):

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SLIDE 12 Source: Magseis/Arkwright

OBS Market with strong growth

12 Source: Magseis

OBS market growth 2005 – 2017E

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016e 2017e 109 180 190 318 283 608 577 602 613 823 750 705 390 4,4 5,8 6,2 7,4 6,1 5,7 6,6 8,0 8,3 7,3 4,4 3,3 3,3 2 4 6 8 10 12 14 200 400 600 800 1000 1200

OBS market drivers:

IOR focus Increasing geological complexity Technology development Customer confidence & adoption Total Seismic market in BUSD OBS market (excluding low-end)
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SLIDE 13

Relative size of Magseis Mass Node and nodes from competitors

Length Width Height

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SLIDE 14

Modularized ROV System

ROV deployment

5 Illustration purposes only
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SLIDE 15

Node volume in litres

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SLIDE 16

Current backlog

  • Ongoing: Saudi Aramco’s S-78 together with BGP

– 6 months duration (April 2017) – 12 months extension option (April 2018)

  • Strong market visibility and positive market view:

– Several jobs already awarded for 2017 start – Large tenders ongoing and in the pipeline for 2017/2018 start – Significant industry interest for OBS

  • Strong client interest for MASS technology
  • Positioned for growth across several platforms (deepwater, large

spreads)

Source: Magseis 9
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SLIDE 17

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
  • 80 employees
  • Listed on Oslo Axess

Ticker Shares outstanding Market cap (NOKm) Equity Ratio – Q2 16 MSEIS 37,818,014 548 66.4%

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SLIDE 18

Summary and outlook

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  • Well underway in the Red Sea.
  • Backlog visibility remains strong; 6 – 18 months.
  • Positive market view supported by contract awards for 2017.
  • Continue to develop new inovative solutions.
  • Financial position strengthened for 2016-2017.
  • Growth strategy remains unchanged, preparing for Crew 2 and 3.
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SLIDE 19

At the forefront of seabed seismic technology

Q & A

Magseis ASA