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EM VALUE CREATION
EMGS ASA
CEO, Roar Bekker CFO, Svein Knudsen Pareto Securities‘ Oil & Offshore Conference 2013 , Oslo, 5 September 2013
EMGS IN BRIEF
• Pioneered the EM industry
• Technology & market leader
• Delivered >650 surveys
• ~300 employees
• Worldwide experience
• Efficient & stable operations
• Listed on OSE March 2007
• 2012 revenues: USD 201 million
• 2012 EBITDA: USD 56 million
2
THE EM METHOD – BOREHOLE RESISTIVITY LOGGING
Hydrocarbon Reservoirs are Resistors
Resistivity log 10
4 10 10
0 10
2 10
3 10
1 10 10 10 10 10 10
Resistivity [m] -1
Seawater: 0.3 Ωm
Water-bearing
sediments:
1 - 2 Ωm
Hydrocarbon
reservoirs:
10 - 100 Ωm
Electric resistivity
HIGHLIGHTS FOR THE FIRST HALF OF 2013
Revenues and revenues/costs per vessel month (USD Million)
7.5
22.4
(39%)
Financial highlights first half 2013
• Revenues of USD 76.1 million
• EBITDA of USD 14.5 million
• Bond issue NOK 350 million
Backlog significantly improved
• PEMEX contract of USD 99.8 million
• Brunei contract worth ~ USD 50 million
Expanding the multi-client segment
• Multi-client sales of USD 26.6 million
• Major investments in Brazil and Barents Sea
• Partnering with TGS
0
50
100
150
200
250
Assets Equity & liabilities
Balance sheet as at 30.06.13 (USD million)
Current assets excl. cash Interest bearing debt
Cash Liabilities
Non current assets Shareholders equity
51% equity ratio
USD 46.2 million
USD 73.0 million
0
50
100
150
200
250
2009 2010 2011 2012
PEMEX – A CUSTOMER’S SUCCESS STORY
PEMEX DEEP WATER OIL EXPLORATION RESULTS 2004-2010
EM INTRODUCED IN PORTFOLIO MANAGEMENT
PEMEX DEEP WATER OIL EXPLORATION RESULTS 2004-2013
EM – THE KEY TO SUCCESS IN THE BARENTS SEA
POLHEIM SUB-PLATFORM
7.0
6.0
5.0
4.0
3.0
2.0
1.0
Apparent anisotropy
Skrugard Appraisal Skrugard Havis 7219/9-1
POLHEIM SUB-PLATFORM - 3D EM ANOMALIES
Non commercial:
< 48 mboe (www.npd.no)
Dry Discovery Prediction Discoveries «Extremely Small Discovery»
BJØRNØYA BASIN
• 3 distinct EM responses/resistors;
– Salt dome: strong vertical response
on top, low anisotropy beneath
– Lead 1: EM coincides partly with
seismic anomaly
– Lead 2: Stratigraphic trap or lithology?
Lead 1
Lead 2
Salt dome
BJØRNØYA BASIN
• Lead 1: EM response coincides partly with
high seismic anomaly
→ Reduced volume?
Vertical resistivity – depth slice
Public 2D seismic
Lead 1
BARENTS SEA – WHAT IF...
Zapffe
Heilo
Skrugard
Havis
Nunatak
Norvarg
Wisting
Nucula
Salina
Darwin
30,000 km2 of 3D EM data
16 Exploration Wells
11 EM before well
5 EM after well
Snøhvit
Fingerdjupet
1,2,3
Albatross
EXPLORATION PORTFOLIO BEFORE 3D EM
Probability of success (PoS)
Avera
ge r
eserv
es [
MM
boe]
Not Economic
To
o R
isky
Darwin
Snøhvit
Zapffe
Heilo
Norvarg
Wisting
Nucula
Salina
Skrugard
Havis Nunatak
Albatross
Fingerdjupet 1
Fingerdjupet 2
Fingerdjupet 3
NOTE: Well Placements are for illustrations only
Low High
Low
High
EXPLORATION PORTFOLIO AFTER 3D EM
Probability of success (PoS)
Avera
ge r
eserv
es [
MM
boe]
Not Economic
To
o R
isky
NOTE: Well Placements are for illustrations only
Low High
Low
High
Darwin
Heilo
Nucula
Fingerdjupet 1,2,3
Salina
Nunatak
Zapffe
CSEM Negatives
Snøhvit
Norvarg Wisting
Skrugard Havis
Albatross
CSEM Positives
HYDROCARBONS ARE RESISTIVE...
Skrugard
Havis
Norvarg
Snøhvit
Darwin
Salina
7219/9-1
WHY DRILL CONDUCTORS?
Full consistency between 3D EM and drilling
results in the Barents Sea
Technology and
market leadership
• Proven technology
and track record
• Unique market
position
EMGS: A UNIQUELY POSITIONED INVESTMENT CASE
Scalable &
flexible business
model
• Solid balance sheet
and cash position
• Asset light
Strong market
growth potential
• Strong value
proposition
• Broaden customer
base and technology
applications
QUESTIONS?
