Pareto Oil & Offshore conference 2016 September 2016 Private & Confidential
This is Magseis OSLO - BERGEN - STOCKHOLM OCEAN BOTTOM SEISMIC (OBS) PRODUCT DEVELOPMENT SINGAPORE - BRAZIL & MANUFACTURING • Industry leading ocean bottom seismic company Ticker MSEIS • Start of operations Oct 2013 Shares outstanding 37,818,014 • One vessel in operations Market cap (NOKm) 548 • 80 employees Equity Ratio – Q2 16 66.4% • Listed on Oslo Axess 2
S 1H H 2016 KEY F FIGURES 016 $ MILLION 25.8 REVENUE 25.8 EBITDA 0.0 7.7 $ MILLION $ MILLION -1.6 0.0 NET INCOME -7.9 CASH BALANCE 16.9 REVENUE EBITDA REVENUE EBITDA Q2 Q2 YTD YTD 2016 2016 2016 2016 $ MILLION $ MILLION 3 Source: Magseis
Seismic acquisition Miniaturised Handling system node sensors Cable deployment ROV deployment 4 ONE core proprietary technology -> Multiple applications
Marine Autonomous Seismic System (MASS) 5
Now established as a leading OBS provider Qualified (2013): • Technology well established • Have completed >600 sq.km. of high-end OBS acquisition Qualified (2015/16): • More than 100 000 4-component sensor capsules deployed • Building reputation for very high-quality data Ongoing (2016): • Established as the lowest-cost supplier in the industry 6 6 Source: Magseis (operating close to FPSO at Captain Field)
OBS data on Albatross field Top reservoir Albatross NW OBC area OBC area Streamer data Streamer interpretation OBS interpretation OBS PS OBS data acquired by Magseis Source: Statoil 7
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
Current backlog • Ongoing: Saudi Aramco’s S-78 together with BGP – 9 months duration – 12 months extension option • 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) Firm Lead Yard/transit 9 Source: Magseis
OBS Market returning to growth 1200 OBS market drivers: OBS market growth 2005 – 2018E 14 Total Seismic market in BUSD OBS market (excluding low-end) IOR focus 1000 12 823 750 705 10 800 Increasing 613 geological 608 602 577 complexity 8,3 8,0 8 525 7,4 600 7,3 6,6 390 6,2 6,1 Technology 318 6 5,8 5,7 283 development 400 190 180 4,4 4,4 4,2 109 4 3,3 3,3 Customer confidence 200 & adoption 2 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016e 2017e 2018e 10 Source: Magseis, Arkwright, Statoil 0 0
Changing the way OBS acquisition is conducted - From multiple patch to rolling operations 2015 2014 2016 2017 150km 75km 350km >600km Cable length 20K Large spreads - rolling operations Multiple patch deployment 100K $ per.km² $ per. km² 11 Source: Magseis
Enabling a step-change in OBS acquisition costs Athene Crew 2 135 DAYS IN OPERATION 82 55 40 35 18 PROJECT 1 PROJECT 2 PROJECT 3 Athene: 75km cable / 3,000 nodes / #3 patches Athene: 150km cable / 3,000 nodes / #5 patches Athene: 120km cable / 2,300 nodes / #2 patches Crew #2: 425 km cable / 6,000 nodes / rolling Crew #2: 325 km cable / 5,200 nodes / rolling Crew #2: 150km cable / 2,800 nodes / rolling 12 Source: Magseis
Summary and outlook • Well underway in the Red Sea • Backlog visibility remains strong; 9 – 21 months • Financial position strengthened for 2016-2017 • Positive market view supported by contract awards for 2017 • Growth strategy remains unchanged 13
At the forefront of seabed seismic technology Q & A Magseis ASA
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