Magseis Fairfield reports results for the third quarter 2021

October 29, 2021

(Oslo, 29 October 2021) Magseis Fairfield reported revenue of USD 84.3 million and a gross margin of 30% in the third quarter 2021, driven mainly by higher crew utilization, improved project mix, overall strong project execution, and continued cash cost management. EBITDA increased to USD 19.7 million from USD 14.3 million in the previous quarter and USD 10.4 million in Q3 2020.

Highlights for the third quarter:

  • Higher activity, strong project execution and continued strong safety record
  • Revenue of USD 84.3 million, gross profit of USD 25.1 million, and EBITDA of USD 19.7 million.
  • Operating profit of USD 4.0 million and net profit after tax of USD 0.6 million
  • Cash holding of USD 26.2 million, and available cash of USD 41.2 million including undrawn RCF
  • Three new contract wins and order backlog of USD 247 million at end September
  • USD 67 million of current backlog for delivery in 2021
  • Introducing EchovaTM, the first OBN technology platform, start deployment in 2022
  • Executing renewables strategy with successful execution of pilot project over windfarm area in Denmark

“The third quarter was a solid quarter both operationally and strategically. We see growth opportunities as the current energy market indicates a need for increasing investments from our customers going forward. Our new EchovaTM OBN technology platform will enable us to take a larger part of the value creation in this market. In the third quarter, we continued the execution of our renewables strategy, and successfully mobilized and completed a pilot project over a windfarm area in Denmark, and are continuing to develop new opportunities in the renewables space,” says CEO Carel Hooijkaas in Magseis Fairfield.

Magseis Fairfield expects that the need for increased energy supply in the short- and medium-term to translate into investments in increased recovery from already explored assets. The company sees 15% market growth in 2022, with about 50% of the visible projects awarded so far. Key opportunities remain in Europe, the Americas and Asia. Looking further ahead, the company sees 20% average annual growth in greenfield investments in 2022-25, with Magseis Fairfield uniquely positioned to offer OBN solutions into this growth market. Magseis Fairfield also sees multiple tendering opportunities for renewables projects in 2022.

Please note that alternative performance measures used in this release are described in note 15 in the report for the third quarter.

Third quarter conference call information:

An earnings conference call followed by Q&A will be hosted by CEO Carel Hooijkaas and CFO Mark Ivin at 10:00 CEST.

You may follow the third quarter results via webcast with supporting slides, available at this link: http://q3er.magseisfairfield.com

You may also use an audio dial-in for the conference call where you will be able to ask questions. Please dial in using the following link: http://q3erqna.magseisfairfield.com (alternative is to dial +47 2350 0501) | Confirmation code: 2310530

Please note that if you follow the webcast via the above URL and use the audio dial-in to listen, you will experience a 30 second standard buffering delay. If you follow the webcast for both audio and video, there will be no buffering delay and the audio has superior quality. Please join the event 5-10 minutes prior to scheduled start time. When prompted, provide the confirmation code: 2310530.

The third quarter report and presentation are enclosed and will be available at magseisfairfield.com. Also, the webcast will be made available at Magseis Fairfield’s website after completion of the conference call.

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For further information, please contact:

Mark Ivin, CFO
Tel: +47 948 88 606
Email: mark.ivin@magseisfairfield.com

Carel Hooijkaas, CEO
Tel: +47 480 49 277
Email: carel.hooijkaas@magseisfairfield.com

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Magseis Fairfield is the global leading provider of ocean bottom seismic (OBS) technology and data acquisition projects. The company has a flexible business model with full scale node operations, as well as lease and sale models. The Marine Autonomous Seismic System "MASS" nodes and the range of Z-nodes combined with handling systems and source technology enables market leading deployment speed and highly cost-efficient acquisition of data with exceptional quality.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Q3 2021 Presentation

Q3 2021 Report