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 on the sea bed (cable or nodes) • The source is fixed relative to the receivers • The source is moved around for optimal azimuth • Only P-Waves recorded or illumination • Is the dominant acquisition method today • Quiet recording environment • Both P-waves and S-Waves are recorded
OBS data on Albatross field Top reservoir Albatross NW Streamer data OBS PS Streamer interpretation OBS interpretation OBS data acquired by Magseis Source: Statoil 7
Changing the way OBS acquisition is conducted - From multiple patch to rolling operations 2018 2015 2014 2016 >600km 150km 75km 350km Cable length 20K Large spreads - rolling operations Multiple patch deployment 100K $ per.km² $ per. km² 4 Source: Magseis
Seismic acquisition Miniaturised Handling system node sensors Cable deployment ROV deployment 4 ONE core proprietary technology -> Multiple applications
ONE core technology – multiple applications Miniaturised node sensors MASS Node deployer for ROV deployment for Transition zone Cable deployment. generation I-II & III ultradeep waters undershooting of Unlimited coverage installations and amount of sensors 50 – 0m 3,000m 2,000 - 15m Water Depth 6
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 7 Source: Magseis
Petronas - Bokor The Bokor field is a structurally complex field with gas clouds and strong lateral velocity changes 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 8
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
Water depth profile, whole survey - S78 10
Now established as a leading OBS provider Qualified (2013): • Technology well established • Have completed >1,000 sq.km. of high-end OBS acquisition Qualified (2015/16): • More than 110 000 4-component sensor capsules deployed • Very high-quality data and excellent operational Ongoing (2016): performance • Established as the lowest-cost supplier in the industry 11 6 Source: Magseis (operating close to FPSO at Captain Field)
OBS Market with strong growth 1200 OBS market drivers: OBS market growth 2005 – 2017E 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 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 4,4 109 4 3,3 3,3 Customer confidence 200 & adoption 2 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016e 2017e 12 Source: Magseis Source: Magseis/Arkwright 0 0
Relative size of Magseis Mass Node and nodes from competitors Height Length Width
Modularized ROV System ROV deployment Illustration purposes only 5
Node volume in litres
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) 9 Source: Magseis
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
Summary and outlook • 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. 18
At the forefront of seabed seismic technology Q & A Magseis ASA
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