Magseis ASAFirst Quarter 2015

13 May 2015

1

Disclaimer

This Presentation of Magseis ASA (the ldquoCompanyrdquo) has been prepared solely for information purposes This Presentation may not bedistributed reproduced or used without the consent of the Company

The information contained herein does not purport to contain all information concerning the Company No party has made any kind ofindependent verification of any of the information set forth herein including any statements with respect to projections or prospects of thebusiness or the assumptions on which such statements are based The Company nor any of its subsidiaries make any representations orwarranty express or implied as to the accuracy reliability or completeness of this Presentation or of the information contained herein and shall have no liability for the information contained in or any omissions from this Presentation

Included in this Presentation are various ldquoforward-looking statementsrdquo including statements regarding the intent opinion belief or currentexpectations of the Company or its management Such forward-looking statements are not guarantees of future performance and involve known and unknown risks uncertainties and other factors that may cause the actual results performance and outcomes to be materially different from any future results performance or outcomes expressed or implied by such forward-looking statements including among others risks or uncertainties associated with the Companyrsquos business segments development growth management financing market acceptance andrelations with customers and more generally general economic and business conditions changes in domestic and foreign laws andregulations taxes changes in competition and pricing environments fluctuations in currency exchange rates and interest rates and otherfactors including lack of operating history Should one or more of these risks or uncertainties materialize or should underlying assumptionsprove incorrect actual results may vary materially from those described in this document

No information contained herein constitutes or shall be relied upon as constituting any advice relating to the future performance of theCompany The Company undertakes no obligation to publicly update or revise any forward-looking statements included in this Presentation

Source Magseis 2

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

3

This is Magseis

bull Industry leading ocean bottom seismic (OBS) company

bull Start of operations Oct 2013

bull One vessel in operations

bull 73 employees

bull ~NOK 500m in equity raised

bull Listed on Oslo Axess

Ticker

Shares outstanding

Market cap (NOKm)

Book Equity ndash Q1 15 (USDm)

Net Debt ndash Q1 15 (USDm)

MSEIS

27162561

650

561

(113)1

Note 1) Excludes Financial Lease for winch packageSource Magseis 4

Key figures Q1 2015

bull Revenuendash Q1 revenues of USD 57 million ndash Revenues low due to significant steaming time low

production and yard stay

bull EBITDAndash Q1 EBITDA of USD -41 million

bull Net incomendash Q1 Net Income of USD -65 million

bull Cash balance and net working capitalndash USD 113 million as per Q1 2014ndash No interest-bearing debtndash Net working capital of USD 102 as per Q1 2015

Financial performance to date

Source Magseis

139

20

164

28

146

15

118

(13)

57

(41)Rev EBITDA Rev EBITDA Rev EBITDA Rev EBITDA Rev EBITDA

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

USDm

5

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

6

Red Sea pilot successfully completed

bull 3D OBS pilot survey undertaken to qualify MASS for use with Saudi Aramco

bull Working in partnership with BGP International

bull Highly efficient operation conducted on time and budget

bull Proved MASS capability at gt 1000 metres water depth as well as for transition zone and land work

bull Client pleased with operational performance positioning accuracy and data quality

bull Very important qualification for upcoming tenders

Source Magseis 7

Athene now upgraded

Source Magseis

bull Athene upgrade now completed

bull 4500 sensor units (partly G2)

bull Additional handling equipment (can handle up to 5000-6000 sensor units)

bull All [8] winches in operation

bull Operating 150km of cable

bull 5yr classing of vessel completed

8

Chevron survey now ongoing

Source Magseis

bull Challenging 4D survey with demanding specifications for sensor positioning and data quality

bull First deployment with 150km of cable

bull New ldquolong-liferdquo nodes deployed with ROV under infrastructure

bull Lower-than expected speeds due to demanding specifications

9

Current back-log and leads

bull Current Chevron project expected to run through July

bull Working on several leads in North Sea for remainder ofNorth Sea Season

bull Ongoing tender for Saudi Aramco

bull Tenders coming out in SE Asia during May

bull Several larger projects planned for LatinSouth America for early 2016

bull Preparation for MC projects ongoing in several regions

Current order back-log2014 2015

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecLundin Gotha MC irrrirrirrrirrirrrirrirririrrirririrrirrirrrirr

BGPSaudi Aramco (Red S) irrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirr

Vessel upgrade aaaaaaaaaaaaaaaa

Chevron Captain Field rirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirrir

North Sea eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeea

MC North SeaBarents S eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaea

Middle East eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Middle East eeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

SE-Asia eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Brazil eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

GoM MC eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

FirmLeadYard

Source Magseis 10

Project Orange - Prep timeline

image1emf

Firm

Lead

Yard

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

11

New issue successfully completed

bull On May 6th Magseis announced a proposed new equity issue of up to 2716256 new shares equal to 10 of the existing share capital of the company at a price of NOK 22 per share

bull Use of proceedsndash To finance further investments in equipment and shorten lead-time for Crew 2ndash General corporate purposes

bull On May 7th Magseis announced that the new issue had been successfully completed withsubscriptions for 2655453 shares corresponding to gross proceeds of approx USD 78 million

bull The new issue recieved strong support from current shareholders but significant subscriptions from new shareholders were also recieved

bull Completion conditional upon approval from the AGM on June 5th 2015

Source Magseis 12

Q1 results 2015- Comprehensive income

bull Revenuendash Lower due to steaming (Saudi Arabia) less

production and yard stay during the quarter

bull Cost of salesndash TC and operational cost also reduced due

to less production and yard stay in Q1

bull Research and developmentndash Increased gradually during the last twelve

months due to more activity

bull SGampAndash A strengthened USDNOK has kept the

SGampA on line with last year despite a gradual growth of the company

Source Magseis

All figures in USD thousands Q1YTD 15 Q1YTD 14

Revenue 5726 13853

Cost of sales 6874 9157

Research and development 530 220

SGampA and other expenses 2447 2436

EBITDA -4125 2040

Depreciation and amortisation 2125 1838

Impairment 35 0

EBIT -6285 202

Net interest and fx (gain)loss -35 -121

Other f inance cost 0 0

Net f inance costs -35 -121

EBT -6250 323

Tax 278 0

Net income -6528 323

Currency translation differences 0 724

Total comprehensive income -6528 1047

13

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

100

150

200

250

300

350

400

450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

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Type

Start

End

Days

Lundin Gotha MC

Firm

15 Dec

15 Jan

32

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

BGPSaudi Aramco (Red S)

Firm

16 Jan

15 Mar

59

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

Firm

Firm

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Firm

Firm

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Firm

Firm

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Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Vessel upgrade

Yard

16 Mar

31 Mar

16

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Chevron Captain Field

Firm

1 Apr

31 Jul

122

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

Firm

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Firm

Firm

Firm

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Firm

Firm

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Firm

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Firm

Firm

Firm

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Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

Firm

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Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

North Sea

Lead

1 Aug

31 Oct

92

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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MC North SeaBarents S

Lead

1 Aug

30 Nov

122

Lead

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1 Aug

31 Dec

153

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31 Jul

274

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SE-Asia

Lead

1 Aug

28 Feb

212

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28 Feb

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Type

Firm

gt50

Lead

Non chargeable

Staeming

Yard

Disclaimer

This Presentation of Magseis ASA (the ldquoCompanyrdquo) has been prepared solely for information purposes This Presentation may not bedistributed reproduced or used without the consent of the Company

The information contained herein does not purport to contain all information concerning the Company No party has made any kind ofindependent verification of any of the information set forth herein including any statements with respect to projections or prospects of thebusiness or the assumptions on which such statements are based The Company nor any of its subsidiaries make any representations orwarranty express or implied as to the accuracy reliability or completeness of this Presentation or of the information contained herein and shall have no liability for the information contained in or any omissions from this Presentation

Included in this Presentation are various ldquoforward-looking statementsrdquo including statements regarding the intent opinion belief or currentexpectations of the Company or its management Such forward-looking statements are not guarantees of future performance and involve known and unknown risks uncertainties and other factors that may cause the actual results performance and outcomes to be materially different from any future results performance or outcomes expressed or implied by such forward-looking statements including among others risks or uncertainties associated with the Companyrsquos business segments development growth management financing market acceptance andrelations with customers and more generally general economic and business conditions changes in domestic and foreign laws andregulations taxes changes in competition and pricing environments fluctuations in currency exchange rates and interest rates and otherfactors including lack of operating history Should one or more of these risks or uncertainties materialize or should underlying assumptionsprove incorrect actual results may vary materially from those described in this document

No information contained herein constitutes or shall be relied upon as constituting any advice relating to the future performance of theCompany The Company undertakes no obligation to publicly update or revise any forward-looking statements included in this Presentation

Source Magseis 2

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

3

This is Magseis

bull Industry leading ocean bottom seismic (OBS) company

bull Start of operations Oct 2013

bull One vessel in operations

bull 73 employees

bull ~NOK 500m in equity raised

bull Listed on Oslo Axess

Ticker

Shares outstanding

Market cap (NOKm)

Book Equity ndash Q1 15 (USDm)

Net Debt ndash Q1 15 (USDm)

MSEIS

27162561

650

561

(113)1

Note 1) Excludes Financial Lease for winch packageSource Magseis 4

Key figures Q1 2015

bull Revenuendash Q1 revenues of USD 57 million ndash Revenues low due to significant steaming time low

production and yard stay

bull EBITDAndash Q1 EBITDA of USD -41 million

bull Net incomendash Q1 Net Income of USD -65 million

bull Cash balance and net working capitalndash USD 113 million as per Q1 2014ndash No interest-bearing debtndash Net working capital of USD 102 as per Q1 2015

Financial performance to date

Source Magseis

139

20

164

28

146

15

118

(13)

57

(41)Rev EBITDA Rev EBITDA Rev EBITDA Rev EBITDA Rev EBITDA

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

USDm

5

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

6

Red Sea pilot successfully completed

bull 3D OBS pilot survey undertaken to qualify MASS for use with Saudi Aramco

bull Working in partnership with BGP International

bull Highly efficient operation conducted on time and budget

bull Proved MASS capability at gt 1000 metres water depth as well as for transition zone and land work

bull Client pleased with operational performance positioning accuracy and data quality

bull Very important qualification for upcoming tenders

Source Magseis 7

Athene now upgraded

Source Magseis

bull Athene upgrade now completed

bull 4500 sensor units (partly G2)

bull Additional handling equipment (can handle up to 5000-6000 sensor units)

bull All [8] winches in operation

bull Operating 150km of cable

bull 5yr classing of vessel completed

8

Chevron survey now ongoing

Source Magseis

bull Challenging 4D survey with demanding specifications for sensor positioning and data quality

bull First deployment with 150km of cable

bull New ldquolong-liferdquo nodes deployed with ROV under infrastructure

bull Lower-than expected speeds due to demanding specifications

9

Current back-log and leads

bull Current Chevron project expected to run through July

bull Working on several leads in North Sea for remainder ofNorth Sea Season

bull Ongoing tender for Saudi Aramco

bull Tenders coming out in SE Asia during May

bull Several larger projects planned for LatinSouth America for early 2016

bull Preparation for MC projects ongoing in several regions

Current order back-log2014 2015

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecLundin Gotha MC irrrirrirrrirrirrrirrirririrrirririrrirrirrrirr

BGPSaudi Aramco (Red S) irrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirr

Vessel upgrade aaaaaaaaaaaaaaaa

Chevron Captain Field rirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirrir

North Sea eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeea

MC North SeaBarents S eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaea

Middle East eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Middle East eeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

SE-Asia eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Brazil eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

GoM MC eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

FirmLeadYard

Source Magseis 10

Project Orange - Prep timeline

image1emf

Firm

Lead

Yard

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

11

New issue successfully completed

bull On May 6th Magseis announced a proposed new equity issue of up to 2716256 new shares equal to 10 of the existing share capital of the company at a price of NOK 22 per share

bull Use of proceedsndash To finance further investments in equipment and shorten lead-time for Crew 2ndash General corporate purposes

bull On May 7th Magseis announced that the new issue had been successfully completed withsubscriptions for 2655453 shares corresponding to gross proceeds of approx USD 78 million

bull The new issue recieved strong support from current shareholders but significant subscriptions from new shareholders were also recieved

bull Completion conditional upon approval from the AGM on June 5th 2015

Source Magseis 12

Q1 results 2015- Comprehensive income

bull Revenuendash Lower due to steaming (Saudi Arabia) less

production and yard stay during the quarter

bull Cost of salesndash TC and operational cost also reduced due

to less production and yard stay in Q1

bull Research and developmentndash Increased gradually during the last twelve

months due to more activity

bull SGampAndash A strengthened USDNOK has kept the

SGampA on line with last year despite a gradual growth of the company

Source Magseis

All figures in USD thousands Q1YTD 15 Q1YTD 14

Revenue 5726 13853

Cost of sales 6874 9157

Research and development 530 220

SGampA and other expenses 2447 2436

EBITDA -4125 2040

Depreciation and amortisation 2125 1838

Impairment 35 0

EBIT -6285 202

Net interest and fx (gain)loss -35 -121

Other f inance cost 0 0

Net f inance costs -35 -121

EBT -6250 323

Tax 278 0

Net income -6528 323

Currency translation differences 0 724

Total comprehensive income -6528 1047

13

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

100

150

200

250

300

350

400

450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

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Lundin Gotha MC

Firm

15 Dec

15 Jan

32

Firm

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1 Apr

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122

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North Sea

Lead

1 Aug

31 Oct

92

Lead

Lead

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MC North SeaBarents S

Lead

1 Aug

30 Nov

122

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Middle East

Lead

1 Aug

31 Dec

153

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Middle East

Lead

1 Nov

31 Jul

274

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SE-Asia

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1 Aug

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212

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1 Oct

28 Feb

151

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GoM MC

Lead

1 Oct

28 Feb

151

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Type

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gt50

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Non chargeable

Staeming

Yard

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

3

This is Magseis

bull Industry leading ocean bottom seismic (OBS) company

bull Start of operations Oct 2013

bull One vessel in operations

bull 73 employees

bull ~NOK 500m in equity raised

bull Listed on Oslo Axess

Ticker

Shares outstanding

Market cap (NOKm)

Book Equity ndash Q1 15 (USDm)

Net Debt ndash Q1 15 (USDm)

MSEIS

27162561

650

561

(113)1

Note 1) Excludes Financial Lease for winch packageSource Magseis 4

Key figures Q1 2015

bull Revenuendash Q1 revenues of USD 57 million ndash Revenues low due to significant steaming time low

production and yard stay

bull EBITDAndash Q1 EBITDA of USD -41 million

bull Net incomendash Q1 Net Income of USD -65 million

bull Cash balance and net working capitalndash USD 113 million as per Q1 2014ndash No interest-bearing debtndash Net working capital of USD 102 as per Q1 2015

Financial performance to date

Source Magseis

139

20

164

28

146

15

118

(13)

57

(41)Rev EBITDA Rev EBITDA Rev EBITDA Rev EBITDA Rev EBITDA

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

USDm

5

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

6

Red Sea pilot successfully completed

bull 3D OBS pilot survey undertaken to qualify MASS for use with Saudi Aramco

bull Working in partnership with BGP International

bull Highly efficient operation conducted on time and budget

bull Proved MASS capability at gt 1000 metres water depth as well as for transition zone and land work

bull Client pleased with operational performance positioning accuracy and data quality

bull Very important qualification for upcoming tenders

Source Magseis 7

Athene now upgraded

Source Magseis

bull Athene upgrade now completed

bull 4500 sensor units (partly G2)

bull Additional handling equipment (can handle up to 5000-6000 sensor units)

bull All [8] winches in operation

bull Operating 150km of cable

bull 5yr classing of vessel completed

8

Chevron survey now ongoing

Source Magseis

bull Challenging 4D survey with demanding specifications for sensor positioning and data quality

bull First deployment with 150km of cable

bull New ldquolong-liferdquo nodes deployed with ROV under infrastructure

bull Lower-than expected speeds due to demanding specifications

9

Current back-log and leads

bull Current Chevron project expected to run through July

bull Working on several leads in North Sea for remainder ofNorth Sea Season

bull Ongoing tender for Saudi Aramco

bull Tenders coming out in SE Asia during May

bull Several larger projects planned for LatinSouth America for early 2016

bull Preparation for MC projects ongoing in several regions

Current order back-log2014 2015

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecLundin Gotha MC irrrirrirrrirrirrrirrirririrrirririrrirrirrrirr

BGPSaudi Aramco (Red S) irrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirr

Vessel upgrade aaaaaaaaaaaaaaaa

Chevron Captain Field rirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirrir

North Sea eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeea

MC North SeaBarents S eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaea

Middle East eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Middle East eeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

SE-Asia eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Brazil eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

GoM MC eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

FirmLeadYard

Source Magseis 10

Project Orange - Prep timeline

image1emf

Firm

Lead

Yard

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

11

New issue successfully completed

bull On May 6th Magseis announced a proposed new equity issue of up to 2716256 new shares equal to 10 of the existing share capital of the company at a price of NOK 22 per share

bull Use of proceedsndash To finance further investments in equipment and shorten lead-time for Crew 2ndash General corporate purposes

bull On May 7th Magseis announced that the new issue had been successfully completed withsubscriptions for 2655453 shares corresponding to gross proceeds of approx USD 78 million

bull The new issue recieved strong support from current shareholders but significant subscriptions from new shareholders were also recieved

bull Completion conditional upon approval from the AGM on June 5th 2015

Source Magseis 12

Q1 results 2015- Comprehensive income

bull Revenuendash Lower due to steaming (Saudi Arabia) less

production and yard stay during the quarter

bull Cost of salesndash TC and operational cost also reduced due

to less production and yard stay in Q1

bull Research and developmentndash Increased gradually during the last twelve

months due to more activity

bull SGampAndash A strengthened USDNOK has kept the

SGampA on line with last year despite a gradual growth of the company

Source Magseis

All figures in USD thousands Q1YTD 15 Q1YTD 14

Revenue 5726 13853

Cost of sales 6874 9157

Research and development 530 220

SGampA and other expenses 2447 2436

EBITDA -4125 2040

Depreciation and amortisation 2125 1838

Impairment 35 0

EBIT -6285 202

Net interest and fx (gain)loss -35 -121

Other f inance cost 0 0

Net f inance costs -35 -121

EBT -6250 323

Tax 278 0

Net income -6528 323

Currency translation differences 0 724

Total comprehensive income -6528 1047

13

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

100

150

200

250

300

350

400

450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

13-May

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Day

M

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F

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T

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F

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M

T

W

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F

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M

T

W

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F

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F

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F

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F

S

S

Type

Start

End

Days

Lundin Gotha MC

Firm

15 Dec

15 Jan

32

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

BGPSaudi Aramco (Red S)

Firm

16 Jan

15 Mar

59

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Vessel upgrade

Yard

16 Mar

31 Mar

16

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Chevron Captain Field

Firm

1 Apr

31 Jul

122

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

North Sea

Lead

1 Aug

31 Oct

92

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

MC North SeaBarents S

Lead

1 Aug

30 Nov

122

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

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Lead

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Lead

Lead

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Lead

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Lead

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Lead

Lead

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Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

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Lead

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Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Middle East

Lead

1 Aug

31 Dec

153

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

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Lead

Lead

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Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

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Lead

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Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Middle East

Lead

1 Nov

31 Jul

274

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

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Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

SE-Asia

Lead

1 Aug

28 Feb

212

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

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Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

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Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Brazil

Lead

1 Oct

28 Feb

151

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

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Lead

Lead

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Lead

Lead

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Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

GoM MC

Lead

1 Oct

28 Feb

151

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Type

Firm

gt50

Lead

Non chargeable

Staeming

Yard

This is Magseis

bull Industry leading ocean bottom seismic (OBS) company

bull Start of operations Oct 2013

bull One vessel in operations

bull 73 employees

bull ~NOK 500m in equity raised

bull Listed on Oslo Axess

Ticker

Shares outstanding

Market cap (NOKm)

Book Equity ndash Q1 15 (USDm)

Net Debt ndash Q1 15 (USDm)

MSEIS

27162561

650

561

(113)1

Note 1) Excludes Financial Lease for winch packageSource Magseis 4

Key figures Q1 2015

bull Revenuendash Q1 revenues of USD 57 million ndash Revenues low due to significant steaming time low

production and yard stay

bull EBITDAndash Q1 EBITDA of USD -41 million

bull Net incomendash Q1 Net Income of USD -65 million

bull Cash balance and net working capitalndash USD 113 million as per Q1 2014ndash No interest-bearing debtndash Net working capital of USD 102 as per Q1 2015

Financial performance to date

Source Magseis

139

20

164

28

146

15

118

(13)

57

(41)Rev EBITDA Rev EBITDA Rev EBITDA Rev EBITDA Rev EBITDA

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

USDm

5

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

6

Red Sea pilot successfully completed

bull 3D OBS pilot survey undertaken to qualify MASS for use with Saudi Aramco

bull Working in partnership with BGP International

bull Highly efficient operation conducted on time and budget

bull Proved MASS capability at gt 1000 metres water depth as well as for transition zone and land work

bull Client pleased with operational performance positioning accuracy and data quality

bull Very important qualification for upcoming tenders

Source Magseis 7

Athene now upgraded

Source Magseis

bull Athene upgrade now completed

bull 4500 sensor units (partly G2)

bull Additional handling equipment (can handle up to 5000-6000 sensor units)

bull All [8] winches in operation

bull Operating 150km of cable

bull 5yr classing of vessel completed

8

Chevron survey now ongoing

Source Magseis

bull Challenging 4D survey with demanding specifications for sensor positioning and data quality

bull First deployment with 150km of cable

bull New ldquolong-liferdquo nodes deployed with ROV under infrastructure

bull Lower-than expected speeds due to demanding specifications

9

Current back-log and leads

bull Current Chevron project expected to run through July

bull Working on several leads in North Sea for remainder ofNorth Sea Season

bull Ongoing tender for Saudi Aramco

bull Tenders coming out in SE Asia during May

bull Several larger projects planned for LatinSouth America for early 2016

bull Preparation for MC projects ongoing in several regions

Current order back-log2014 2015

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecLundin Gotha MC irrrirrirrrirrirrrirrirririrrirririrrirrirrrirr

BGPSaudi Aramco (Red S) irrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirr

Vessel upgrade aaaaaaaaaaaaaaaa

Chevron Captain Field rirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirrir

North Sea eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeea

MC North SeaBarents S eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaea

Middle East eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Middle East eeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

SE-Asia eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Brazil eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

GoM MC eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

FirmLeadYard

Source Magseis 10

Project Orange - Prep timeline

image1emf

Firm

Lead

Yard

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

11

New issue successfully completed

bull On May 6th Magseis announced a proposed new equity issue of up to 2716256 new shares equal to 10 of the existing share capital of the company at a price of NOK 22 per share

bull Use of proceedsndash To finance further investments in equipment and shorten lead-time for Crew 2ndash General corporate purposes

bull On May 7th Magseis announced that the new issue had been successfully completed withsubscriptions for 2655453 shares corresponding to gross proceeds of approx USD 78 million

bull The new issue recieved strong support from current shareholders but significant subscriptions from new shareholders were also recieved

bull Completion conditional upon approval from the AGM on June 5th 2015

Source Magseis 12

Q1 results 2015- Comprehensive income

bull Revenuendash Lower due to steaming (Saudi Arabia) less

production and yard stay during the quarter

bull Cost of salesndash TC and operational cost also reduced due

to less production and yard stay in Q1

bull Research and developmentndash Increased gradually during the last twelve

months due to more activity

bull SGampAndash A strengthened USDNOK has kept the

SGampA on line with last year despite a gradual growth of the company

Source Magseis

All figures in USD thousands Q1YTD 15 Q1YTD 14

Revenue 5726 13853

Cost of sales 6874 9157

Research and development 530 220

SGampA and other expenses 2447 2436

EBITDA -4125 2040

Depreciation and amortisation 2125 1838

Impairment 35 0

EBIT -6285 202

Net interest and fx (gain)loss -35 -121

Other f inance cost 0 0

Net f inance costs -35 -121

EBT -6250 323

Tax 278 0

Net income -6528 323

Currency translation differences 0 724

Total comprehensive income -6528 1047

13

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

100

150

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350

400

450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

13-May

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Type

Start

End

Days

Lundin Gotha MC

Firm

15 Dec

15 Jan

32

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

Firm

Firm

Firm

Firm

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Firm

BGPSaudi Aramco (Red S)

Firm

16 Jan

15 Mar

59

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

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Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Vessel upgrade

Yard

16 Mar

31 Mar

16

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Chevron Captain Field

Firm

1 Apr

31 Jul

122

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

Firm

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Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

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Firm

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Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

Firm

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Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

Firm

Firm

Firm

Firm

Firm

North Sea

Lead

1 Aug

31 Oct

92

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

MC North SeaBarents S

Lead

1 Aug

30 Nov

122

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Middle East

Lead

1 Aug

31 Dec

153

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

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Middle East

Lead

1 Nov

31 Jul

274

Lead

Lead

Lead

Lead

Lead

Lead

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SE-Asia

Lead

1 Aug

28 Feb

212

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Brazil

Lead

1 Oct

28 Feb

151

Lead

Lead

Lead

Lead

Lead

Lead

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GoM MC

Lead

1 Oct

28 Feb

151

Lead

Lead

Lead

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Type

Firm

gt50

Lead

Non chargeable

Staeming

Yard

Key figures Q1 2015

bull Revenuendash Q1 revenues of USD 57 million ndash Revenues low due to significant steaming time low

production and yard stay

bull EBITDAndash Q1 EBITDA of USD -41 million

bull Net incomendash Q1 Net Income of USD -65 million

bull Cash balance and net working capitalndash USD 113 million as per Q1 2014ndash No interest-bearing debtndash Net working capital of USD 102 as per Q1 2015

Financial performance to date

Source Magseis

139

20

164

28

146

15

118

(13)

57

(41)Rev EBITDA Rev EBITDA Rev EBITDA Rev EBITDA Rev EBITDA

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

USDm

5

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

6

Red Sea pilot successfully completed

bull 3D OBS pilot survey undertaken to qualify MASS for use with Saudi Aramco

bull Working in partnership with BGP International

bull Highly efficient operation conducted on time and budget

bull Proved MASS capability at gt 1000 metres water depth as well as for transition zone and land work

bull Client pleased with operational performance positioning accuracy and data quality

bull Very important qualification for upcoming tenders

Source Magseis 7

Athene now upgraded

Source Magseis

bull Athene upgrade now completed

bull 4500 sensor units (partly G2)

bull Additional handling equipment (can handle up to 5000-6000 sensor units)

bull All [8] winches in operation

bull Operating 150km of cable

bull 5yr classing of vessel completed

8

Chevron survey now ongoing

Source Magseis

bull Challenging 4D survey with demanding specifications for sensor positioning and data quality

bull First deployment with 150km of cable

bull New ldquolong-liferdquo nodes deployed with ROV under infrastructure

bull Lower-than expected speeds due to demanding specifications

9

Current back-log and leads

bull Current Chevron project expected to run through July

bull Working on several leads in North Sea for remainder ofNorth Sea Season

bull Ongoing tender for Saudi Aramco

bull Tenders coming out in SE Asia during May

bull Several larger projects planned for LatinSouth America for early 2016

bull Preparation for MC projects ongoing in several regions

Current order back-log2014 2015

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecLundin Gotha MC irrrirrirrrirrirrrirrirririrrirririrrirrirrrirr

BGPSaudi Aramco (Red S) irrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirr

Vessel upgrade aaaaaaaaaaaaaaaa

Chevron Captain Field rirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirrir

North Sea eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeea

MC North SeaBarents S eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaea

Middle East eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Middle East eeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

SE-Asia eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Brazil eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

GoM MC eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

FirmLeadYard

Source Magseis 10

Project Orange - Prep timeline

image1emf

Firm

Lead

Yard

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

11

New issue successfully completed

bull On May 6th Magseis announced a proposed new equity issue of up to 2716256 new shares equal to 10 of the existing share capital of the company at a price of NOK 22 per share

bull Use of proceedsndash To finance further investments in equipment and shorten lead-time for Crew 2ndash General corporate purposes

bull On May 7th Magseis announced that the new issue had been successfully completed withsubscriptions for 2655453 shares corresponding to gross proceeds of approx USD 78 million

bull The new issue recieved strong support from current shareholders but significant subscriptions from new shareholders were also recieved

bull Completion conditional upon approval from the AGM on June 5th 2015

Source Magseis 12

Q1 results 2015- Comprehensive income

bull Revenuendash Lower due to steaming (Saudi Arabia) less

production and yard stay during the quarter

bull Cost of salesndash TC and operational cost also reduced due

to less production and yard stay in Q1

bull Research and developmentndash Increased gradually during the last twelve

months due to more activity

bull SGampAndash A strengthened USDNOK has kept the

SGampA on line with last year despite a gradual growth of the company

Source Magseis

All figures in USD thousands Q1YTD 15 Q1YTD 14

Revenue 5726 13853

Cost of sales 6874 9157

Research and development 530 220

SGampA and other expenses 2447 2436

EBITDA -4125 2040

Depreciation and amortisation 2125 1838

Impairment 35 0

EBIT -6285 202

Net interest and fx (gain)loss -35 -121

Other f inance cost 0 0

Net f inance costs -35 -121

EBT -6250 323

Tax 278 0

Net income -6528 323

Currency translation differences 0 724

Total comprehensive income -6528 1047

13

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

100

150

200

250

300

350

400

450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

13-May

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S

Type

Start

End

Days

Lundin Gotha MC

Firm

15 Dec

15 Jan

32

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

BGPSaudi Aramco (Red S)

Firm

16 Jan

15 Mar

59

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Vessel upgrade

Yard

16 Mar

31 Mar

16

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Chevron Captain Field

Firm

1 Apr

31 Jul

122

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

North Sea

Lead

1 Aug

31 Oct

92

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

MC North SeaBarents S

Lead

1 Aug

30 Nov

122

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Middle East

Lead

1 Aug

31 Dec

153

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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1 Nov

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1 Oct

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Type

Firm

gt50

Lead

Non chargeable

Staeming

Yard

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

6

Red Sea pilot successfully completed

bull 3D OBS pilot survey undertaken to qualify MASS for use with Saudi Aramco

bull Working in partnership with BGP International

bull Highly efficient operation conducted on time and budget

bull Proved MASS capability at gt 1000 metres water depth as well as for transition zone and land work

bull Client pleased with operational performance positioning accuracy and data quality

bull Very important qualification for upcoming tenders

Source Magseis 7

Athene now upgraded

Source Magseis

bull Athene upgrade now completed

bull 4500 sensor units (partly G2)

bull Additional handling equipment (can handle up to 5000-6000 sensor units)

bull All [8] winches in operation

bull Operating 150km of cable

bull 5yr classing of vessel completed

8

Chevron survey now ongoing

Source Magseis

bull Challenging 4D survey with demanding specifications for sensor positioning and data quality

bull First deployment with 150km of cable

bull New ldquolong-liferdquo nodes deployed with ROV under infrastructure

bull Lower-than expected speeds due to demanding specifications

9

Current back-log and leads

bull Current Chevron project expected to run through July

bull Working on several leads in North Sea for remainder ofNorth Sea Season

bull Ongoing tender for Saudi Aramco

bull Tenders coming out in SE Asia during May

bull Several larger projects planned for LatinSouth America for early 2016

bull Preparation for MC projects ongoing in several regions

Current order back-log2014 2015

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecLundin Gotha MC irrrirrirrrirrirrrirrirririrrirririrrirrirrrirr

BGPSaudi Aramco (Red S) irrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirr

Vessel upgrade aaaaaaaaaaaaaaaa

Chevron Captain Field rirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirrir

North Sea eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeea

MC North SeaBarents S eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaea

Middle East eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Middle East eeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

SE-Asia eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Brazil eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

GoM MC eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

FirmLeadYard

Source Magseis 10

Project Orange - Prep timeline

image1emf

Firm

Lead

Yard

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

11

New issue successfully completed

bull On May 6th Magseis announced a proposed new equity issue of up to 2716256 new shares equal to 10 of the existing share capital of the company at a price of NOK 22 per share

bull Use of proceedsndash To finance further investments in equipment and shorten lead-time for Crew 2ndash General corporate purposes

bull On May 7th Magseis announced that the new issue had been successfully completed withsubscriptions for 2655453 shares corresponding to gross proceeds of approx USD 78 million

bull The new issue recieved strong support from current shareholders but significant subscriptions from new shareholders were also recieved

bull Completion conditional upon approval from the AGM on June 5th 2015

Source Magseis 12

Q1 results 2015- Comprehensive income

bull Revenuendash Lower due to steaming (Saudi Arabia) less

production and yard stay during the quarter

bull Cost of salesndash TC and operational cost also reduced due

to less production and yard stay in Q1

bull Research and developmentndash Increased gradually during the last twelve

months due to more activity

bull SGampAndash A strengthened USDNOK has kept the

SGampA on line with last year despite a gradual growth of the company

Source Magseis

All figures in USD thousands Q1YTD 15 Q1YTD 14

Revenue 5726 13853

Cost of sales 6874 9157

Research and development 530 220

SGampA and other expenses 2447 2436

EBITDA -4125 2040

Depreciation and amortisation 2125 1838

Impairment 35 0

EBIT -6285 202

Net interest and fx (gain)loss -35 -121

Other f inance cost 0 0

Net f inance costs -35 -121

EBT -6250 323

Tax 278 0

Net income -6528 323

Currency translation differences 0 724

Total comprehensive income -6528 1047

13

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

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350

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450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

13-May

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S

Type

Start

End

Days

Lundin Gotha MC

Firm

15 Dec

15 Jan

32

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

BGPSaudi Aramco (Red S)

Firm

16 Jan

15 Mar

59

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Vessel upgrade

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1 Apr

31 Jul

122

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North Sea

Lead

1 Aug

31 Oct

92

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MC North SeaBarents S

Lead

1 Aug

30 Nov

122

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1 Aug

31 Dec

153

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1 Aug

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GoM MC

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1 Oct

28 Feb

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Type

Firm

gt50

Lead

Non chargeable

Staeming

Yard

Red Sea pilot successfully completed

bull 3D OBS pilot survey undertaken to qualify MASS for use with Saudi Aramco

bull Working in partnership with BGP International

bull Highly efficient operation conducted on time and budget

bull Proved MASS capability at gt 1000 metres water depth as well as for transition zone and land work

bull Client pleased with operational performance positioning accuracy and data quality

bull Very important qualification for upcoming tenders

Source Magseis 7

Athene now upgraded

Source Magseis

bull Athene upgrade now completed

bull 4500 sensor units (partly G2)

bull Additional handling equipment (can handle up to 5000-6000 sensor units)

bull All [8] winches in operation

bull Operating 150km of cable

bull 5yr classing of vessel completed

8

Chevron survey now ongoing

Source Magseis

bull Challenging 4D survey with demanding specifications for sensor positioning and data quality

bull First deployment with 150km of cable

bull New ldquolong-liferdquo nodes deployed with ROV under infrastructure

bull Lower-than expected speeds due to demanding specifications

9

Current back-log and leads

bull Current Chevron project expected to run through July

bull Working on several leads in North Sea for remainder ofNorth Sea Season

bull Ongoing tender for Saudi Aramco

bull Tenders coming out in SE Asia during May

bull Several larger projects planned for LatinSouth America for early 2016

bull Preparation for MC projects ongoing in several regions

Current order back-log2014 2015

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecLundin Gotha MC irrrirrirrrirrirrrirrirririrrirririrrirrirrrirr

BGPSaudi Aramco (Red S) irrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirr

Vessel upgrade aaaaaaaaaaaaaaaa

Chevron Captain Field rirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirrir

North Sea eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeea

MC North SeaBarents S eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaea

Middle East eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Middle East eeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

SE-Asia eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Brazil eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

GoM MC eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

FirmLeadYard

Source Magseis 10

Project Orange - Prep timeline

image1emf

Firm

Lead

Yard

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

11

New issue successfully completed

bull On May 6th Magseis announced a proposed new equity issue of up to 2716256 new shares equal to 10 of the existing share capital of the company at a price of NOK 22 per share

bull Use of proceedsndash To finance further investments in equipment and shorten lead-time for Crew 2ndash General corporate purposes

bull On May 7th Magseis announced that the new issue had been successfully completed withsubscriptions for 2655453 shares corresponding to gross proceeds of approx USD 78 million

bull The new issue recieved strong support from current shareholders but significant subscriptions from new shareholders were also recieved

bull Completion conditional upon approval from the AGM on June 5th 2015

Source Magseis 12

Q1 results 2015- Comprehensive income

bull Revenuendash Lower due to steaming (Saudi Arabia) less

production and yard stay during the quarter

bull Cost of salesndash TC and operational cost also reduced due

to less production and yard stay in Q1

bull Research and developmentndash Increased gradually during the last twelve

months due to more activity

bull SGampAndash A strengthened USDNOK has kept the

SGampA on line with last year despite a gradual growth of the company

Source Magseis

All figures in USD thousands Q1YTD 15 Q1YTD 14

Revenue 5726 13853

Cost of sales 6874 9157

Research and development 530 220

SGampA and other expenses 2447 2436

EBITDA -4125 2040

Depreciation and amortisation 2125 1838

Impairment 35 0

EBIT -6285 202

Net interest and fx (gain)loss -35 -121

Other f inance cost 0 0

Net f inance costs -35 -121

EBT -6250 323

Tax 278 0

Net income -6528 323

Currency translation differences 0 724

Total comprehensive income -6528 1047

13

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

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2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

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Type

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Lundin Gotha MC

Firm

15 Dec

15 Jan

32

Firm

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BGPSaudi Aramco (Red S)

Firm

16 Jan

15 Mar

59

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Vessel upgrade

Yard

16 Mar

31 Mar

16

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Yard

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Yard

Yard

Yard

Yard

Yard

Yard

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Yard

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Chevron Captain Field

Firm

1 Apr

31 Jul

122

Firm

Firm

Firm

Firm

Firm

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Firm

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Firm

Firm

Firm

Firm

North Sea

Lead

1 Aug

31 Oct

92

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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MC North SeaBarents S

Lead

1 Aug

30 Nov

122

Lead

Lead

Lead

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Middle East

Lead

1 Aug

31 Dec

153

Lead

Lead

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Middle East

Lead

1 Nov

31 Jul

274

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SE-Asia

Lead

1 Aug

28 Feb

212

Lead

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Brazil

Lead

1 Oct

28 Feb

151

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GoM MC

Lead

1 Oct

28 Feb

151

Lead

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Type

Firm

gt50

Lead

Non chargeable

Staeming

Yard

Athene now upgraded

Source Magseis

bull Athene upgrade now completed

bull 4500 sensor units (partly G2)

bull Additional handling equipment (can handle up to 5000-6000 sensor units)

bull All [8] winches in operation

bull Operating 150km of cable

bull 5yr classing of vessel completed

8

Chevron survey now ongoing

Source Magseis

bull Challenging 4D survey with demanding specifications for sensor positioning and data quality

bull First deployment with 150km of cable

bull New ldquolong-liferdquo nodes deployed with ROV under infrastructure

bull Lower-than expected speeds due to demanding specifications

9

Current back-log and leads

bull Current Chevron project expected to run through July

bull Working on several leads in North Sea for remainder ofNorth Sea Season

bull Ongoing tender for Saudi Aramco

bull Tenders coming out in SE Asia during May

bull Several larger projects planned for LatinSouth America for early 2016

bull Preparation for MC projects ongoing in several regions

Current order back-log2014 2015

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecLundin Gotha MC irrrirrirrrirrirrrirrirririrrirririrrirrirrrirr

BGPSaudi Aramco (Red S) irrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirr

Vessel upgrade aaaaaaaaaaaaaaaa

Chevron Captain Field rirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirrir

North Sea eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeea

MC North SeaBarents S eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaea

Middle East eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Middle East eeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

SE-Asia eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Brazil eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

GoM MC eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

FirmLeadYard

Source Magseis 10

Project Orange - Prep timeline

image1emf

Firm

Lead

Yard

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

11

New issue successfully completed

bull On May 6th Magseis announced a proposed new equity issue of up to 2716256 new shares equal to 10 of the existing share capital of the company at a price of NOK 22 per share

bull Use of proceedsndash To finance further investments in equipment and shorten lead-time for Crew 2ndash General corporate purposes

bull On May 7th Magseis announced that the new issue had been successfully completed withsubscriptions for 2655453 shares corresponding to gross proceeds of approx USD 78 million

bull The new issue recieved strong support from current shareholders but significant subscriptions from new shareholders were also recieved

bull Completion conditional upon approval from the AGM on June 5th 2015

Source Magseis 12

Q1 results 2015- Comprehensive income

bull Revenuendash Lower due to steaming (Saudi Arabia) less

production and yard stay during the quarter

bull Cost of salesndash TC and operational cost also reduced due

to less production and yard stay in Q1

bull Research and developmentndash Increased gradually during the last twelve

months due to more activity

bull SGampAndash A strengthened USDNOK has kept the

SGampA on line with last year despite a gradual growth of the company

Source Magseis

All figures in USD thousands Q1YTD 15 Q1YTD 14

Revenue 5726 13853

Cost of sales 6874 9157

Research and development 530 220

SGampA and other expenses 2447 2436

EBITDA -4125 2040

Depreciation and amortisation 2125 1838

Impairment 35 0

EBIT -6285 202

Net interest and fx (gain)loss -35 -121

Other f inance cost 0 0

Net f inance costs -35 -121

EBT -6250 323

Tax 278 0

Net income -6528 323

Currency translation differences 0 724

Total comprehensive income -6528 1047

13

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

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350

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450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

13-May

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Type

Start

End

Days

Lundin Gotha MC

Firm

15 Dec

15 Jan

32

Firm

Firm

Firm

Firm

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Firm

Firm

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BGPSaudi Aramco (Red S)

Firm

16 Jan

15 Mar

59

Firm

Firm

Firm

Firm

Firm

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Firm

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Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Vessel upgrade

Yard

16 Mar

31 Mar

16

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Chevron Captain Field

Firm

1 Apr

31 Jul

122

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

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Firm

Firm

Firm

Firm

Firm

North Sea

Lead

1 Aug

31 Oct

92

Lead

Lead

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MC North SeaBarents S

Lead

1 Aug

30 Nov

122

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Middle East

Lead

1 Aug

31 Dec

153

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Middle East

Lead

1 Nov

31 Jul

274

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SE-Asia

Lead

1 Aug

28 Feb

212

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Brazil

Lead

1 Oct

28 Feb

151

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GoM MC

Lead

1 Oct

28 Feb

151

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Type

Firm

gt50

Lead

Non chargeable

Staeming

Yard

Chevron survey now ongoing

Source Magseis

bull Challenging 4D survey with demanding specifications for sensor positioning and data quality

bull First deployment with 150km of cable

bull New ldquolong-liferdquo nodes deployed with ROV under infrastructure

bull Lower-than expected speeds due to demanding specifications

9

Current back-log and leads

bull Current Chevron project expected to run through July

bull Working on several leads in North Sea for remainder ofNorth Sea Season

bull Ongoing tender for Saudi Aramco

bull Tenders coming out in SE Asia during May

bull Several larger projects planned for LatinSouth America for early 2016

bull Preparation for MC projects ongoing in several regions

Current order back-log2014 2015

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecLundin Gotha MC irrrirrirrrirrirrrirrirririrrirririrrirrirrrirr

BGPSaudi Aramco (Red S) irrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirr

Vessel upgrade aaaaaaaaaaaaaaaa

Chevron Captain Field rirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirrir

North Sea eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeea

MC North SeaBarents S eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaea

Middle East eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Middle East eeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

SE-Asia eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Brazil eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

GoM MC eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

FirmLeadYard

Source Magseis 10

Project Orange - Prep timeline

image1emf

Firm

Lead

Yard

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

11

New issue successfully completed

bull On May 6th Magseis announced a proposed new equity issue of up to 2716256 new shares equal to 10 of the existing share capital of the company at a price of NOK 22 per share

bull Use of proceedsndash To finance further investments in equipment and shorten lead-time for Crew 2ndash General corporate purposes

bull On May 7th Magseis announced that the new issue had been successfully completed withsubscriptions for 2655453 shares corresponding to gross proceeds of approx USD 78 million

bull The new issue recieved strong support from current shareholders but significant subscriptions from new shareholders were also recieved

bull Completion conditional upon approval from the AGM on June 5th 2015

Source Magseis 12

Q1 results 2015- Comprehensive income

bull Revenuendash Lower due to steaming (Saudi Arabia) less

production and yard stay during the quarter

bull Cost of salesndash TC and operational cost also reduced due

to less production and yard stay in Q1

bull Research and developmentndash Increased gradually during the last twelve

months due to more activity

bull SGampAndash A strengthened USDNOK has kept the

SGampA on line with last year despite a gradual growth of the company

Source Magseis

All figures in USD thousands Q1YTD 15 Q1YTD 14

Revenue 5726 13853

Cost of sales 6874 9157

Research and development 530 220

SGampA and other expenses 2447 2436

EBITDA -4125 2040

Depreciation and amortisation 2125 1838

Impairment 35 0

EBIT -6285 202

Net interest and fx (gain)loss -35 -121

Other f inance cost 0 0

Net f inance costs -35 -121

EBT -6250 323

Tax 278 0

Net income -6528 323

Currency translation differences 0 724

Total comprehensive income -6528 1047

13

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

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2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

13-May

1

13-May

2014

2015

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S

Type

Start

End

Days

Lundin Gotha MC

Firm

15 Dec

15 Jan

32

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

BGPSaudi Aramco (Red S)

Firm

16 Jan

15 Mar

59

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Vessel upgrade

Yard

16 Mar

31 Mar

16

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Chevron Captain Field

Firm

1 Apr

31 Jul

122

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

North Sea

Lead

1 Aug

31 Oct

92

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

MC North SeaBarents S

Lead

1 Aug

30 Nov

122

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

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Lead

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Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Middle East

Lead

1 Aug

31 Dec

153

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

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Lead

Lead

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Lead

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Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Middle East

Lead

1 Nov

31 Jul

274

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

SE-Asia

Lead

1 Aug

28 Feb

212

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Brazil

Lead

1 Oct

28 Feb

151

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

GoM MC

Lead

1 Oct

28 Feb

151

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Type

Firm

gt50

Lead

Non chargeable

Staeming

Yard

Current back-log and leads

bull Current Chevron project expected to run through July

bull Working on several leads in North Sea for remainder ofNorth Sea Season

bull Ongoing tender for Saudi Aramco

bull Tenders coming out in SE Asia during May

bull Several larger projects planned for LatinSouth America for early 2016

bull Preparation for MC projects ongoing in several regions

Current order back-log2014 2015

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecLundin Gotha MC irrrirrirrrirrirrrirrirririrrirririrrirrirrrirr

BGPSaudi Aramco (Red S) irrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirr

Vessel upgrade aaaaaaaaaaaaaaaa

Chevron Captain Field rirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirririrrirririrrirrirrrirrirrrirrirrrirrirrir

North Sea eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeea

MC North SeaBarents S eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaea

Middle East eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Middle East eeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

SE-Asia eaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

Brazil eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

GoM MC eeaeeaeeaeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeeeaeeaeeeaeeaeeaeaeeaeeaeaeeaeeaeeeaeeaeaeeaeeaeeeaeeaeeaeaeeaeea

FirmLeadYard

Source Magseis 10

Project Orange - Prep timeline

image1emf

Firm

Lead

Yard

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

11

New issue successfully completed

bull On May 6th Magseis announced a proposed new equity issue of up to 2716256 new shares equal to 10 of the existing share capital of the company at a price of NOK 22 per share

bull Use of proceedsndash To finance further investments in equipment and shorten lead-time for Crew 2ndash General corporate purposes

bull On May 7th Magseis announced that the new issue had been successfully completed withsubscriptions for 2655453 shares corresponding to gross proceeds of approx USD 78 million

bull The new issue recieved strong support from current shareholders but significant subscriptions from new shareholders were also recieved

bull Completion conditional upon approval from the AGM on June 5th 2015

Source Magseis 12

Q1 results 2015- Comprehensive income

bull Revenuendash Lower due to steaming (Saudi Arabia) less

production and yard stay during the quarter

bull Cost of salesndash TC and operational cost also reduced due

to less production and yard stay in Q1

bull Research and developmentndash Increased gradually during the last twelve

months due to more activity

bull SGampAndash A strengthened USDNOK has kept the

SGampA on line with last year despite a gradual growth of the company

Source Magseis

All figures in USD thousands Q1YTD 15 Q1YTD 14

Revenue 5726 13853

Cost of sales 6874 9157

Research and development 530 220

SGampA and other expenses 2447 2436

EBITDA -4125 2040

Depreciation and amortisation 2125 1838

Impairment 35 0

EBIT -6285 202

Net interest and fx (gain)loss -35 -121

Other f inance cost 0 0

Net f inance costs -35 -121

EBT -6250 323

Tax 278 0

Net income -6528 323

Currency translation differences 0 724

Total comprehensive income -6528 1047

13

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

100

150

200

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300

350

400

450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

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Type

Start

End

Days

Lundin Gotha MC

Firm

15 Dec

15 Jan

32

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

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Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

BGPSaudi Aramco (Red S)

Firm

16 Jan

15 Mar

59

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Vessel upgrade

Yard

16 Mar

31 Mar

16

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Yard

Chevron Captain Field

Firm

1 Apr

31 Jul

122

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

Firm

North Sea

Lead

1 Aug

31 Oct

92

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

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Lead

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Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

MC North SeaBarents S

Lead

1 Aug

30 Nov

122

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

Middle East

Lead

1 Aug

31 Dec

153

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

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Lead

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Lead

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Middle East

Lead

1 Nov

31 Jul

274

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Lead

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Lead

Lead

Lead

SE-Asia

Lead

1 Aug

28 Feb

212

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

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Brazil

Lead

1 Oct

28 Feb

151

Lead

Lead

Lead

Lead

Lead

Lead

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GoM MC

Lead

1 Oct

28 Feb

151

Lead

Lead

Lead

Lead

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Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Lead

Type

Firm

gt50

Lead

Non chargeable

Staeming

Yard

Content

1 Highlights2 Operational update3 Financials4 Summary and QampA

11

New issue successfully completed

bull On May 6th Magseis announced a proposed new equity issue of up to 2716256 new shares equal to 10 of the existing share capital of the company at a price of NOK 22 per share

bull Use of proceedsndash To finance further investments in equipment and shorten lead-time for Crew 2ndash General corporate purposes

bull On May 7th Magseis announced that the new issue had been successfully completed withsubscriptions for 2655453 shares corresponding to gross proceeds of approx USD 78 million

bull The new issue recieved strong support from current shareholders but significant subscriptions from new shareholders were also recieved

bull Completion conditional upon approval from the AGM on June 5th 2015

Source Magseis 12

Q1 results 2015- Comprehensive income

bull Revenuendash Lower due to steaming (Saudi Arabia) less

production and yard stay during the quarter

bull Cost of salesndash TC and operational cost also reduced due

to less production and yard stay in Q1

bull Research and developmentndash Increased gradually during the last twelve

months due to more activity

bull SGampAndash A strengthened USDNOK has kept the

SGampA on line with last year despite a gradual growth of the company

Source Magseis

All figures in USD thousands Q1YTD 15 Q1YTD 14

Revenue 5726 13853

Cost of sales 6874 9157

Research and development 530 220

SGampA and other expenses 2447 2436

EBITDA -4125 2040

Depreciation and amortisation 2125 1838

Impairment 35 0

EBIT -6285 202

Net interest and fx (gain)loss -35 -121

Other f inance cost 0 0

Net f inance costs -35 -121

EBT -6250 323

Tax 278 0

Net income -6528 323

Currency translation differences 0 724

Total comprehensive income -6528 1047

13

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

100

150

200

250

300

350

400

450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

New issue successfully completed

bull On May 6th Magseis announced a proposed new equity issue of up to 2716256 new shares equal to 10 of the existing share capital of the company at a price of NOK 22 per share

bull Use of proceedsndash To finance further investments in equipment and shorten lead-time for Crew 2ndash General corporate purposes

bull On May 7th Magseis announced that the new issue had been successfully completed withsubscriptions for 2655453 shares corresponding to gross proceeds of approx USD 78 million

bull The new issue recieved strong support from current shareholders but significant subscriptions from new shareholders were also recieved

bull Completion conditional upon approval from the AGM on June 5th 2015

Source Magseis 12

Q1 results 2015- Comprehensive income

bull Revenuendash Lower due to steaming (Saudi Arabia) less

production and yard stay during the quarter

bull Cost of salesndash TC and operational cost also reduced due

to less production and yard stay in Q1

bull Research and developmentndash Increased gradually during the last twelve

months due to more activity

bull SGampAndash A strengthened USDNOK has kept the

SGampA on line with last year despite a gradual growth of the company

Source Magseis

All figures in USD thousands Q1YTD 15 Q1YTD 14

Revenue 5726 13853

Cost of sales 6874 9157

Research and development 530 220

SGampA and other expenses 2447 2436

EBITDA -4125 2040

Depreciation and amortisation 2125 1838

Impairment 35 0

EBIT -6285 202

Net interest and fx (gain)loss -35 -121

Other f inance cost 0 0

Net f inance costs -35 -121

EBT -6250 323

Tax 278 0

Net income -6528 323

Currency translation differences 0 724

Total comprehensive income -6528 1047

13

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

100

150

200

250

300

350

400

450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

Q1 results 2015- Comprehensive income

bull Revenuendash Lower due to steaming (Saudi Arabia) less

production and yard stay during the quarter

bull Cost of salesndash TC and operational cost also reduced due

to less production and yard stay in Q1

bull Research and developmentndash Increased gradually during the last twelve

months due to more activity

bull SGampAndash A strengthened USDNOK has kept the

SGampA on line with last year despite a gradual growth of the company

Source Magseis

All figures in USD thousands Q1YTD 15 Q1YTD 14

Revenue 5726 13853

Cost of sales 6874 9157

Research and development 530 220

SGampA and other expenses 2447 2436

EBITDA -4125 2040

Depreciation and amortisation 2125 1838

Impairment 35 0

EBIT -6285 202

Net interest and fx (gain)loss -35 -121

Other f inance cost 0 0

Net f inance costs -35 -121

EBT -6250 323

Tax 278 0

Net income -6528 323

Currency translation differences 0 724

Total comprehensive income -6528 1047

13

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

100

150

200

250

300

350

400

450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

Q1 results 2015- Financial position

Source Magseis

bull Equipmentndash Increase related to Athene 4 500 upgrade

bull Other current assetsndash Receivables primarily related to BGP and

Lundin ndash Fuel and battery stock ndash VAT amp prepayments

bull Current liabilitiesndash Part of trade payables and accruals relate to

Athene 4 500 upgradendash Includes a USD 12m liability related to the

financing of the Deepwater RampD project

All figures in USD thousands 31-Mar-15 31-Mar-14 31-Dec-14

Equipment and intangibles 49716 39888 48285

Cash and cash equivalents 11299 7504 21591

Other current assets 9762 11678 12145

TOTAL ASSETS 70777 59070 82021

Share capital 237 186 237

Share premium 83774 60026 83755

Other reserves 2216 1327 2039

Retained earnings -25014 -12785 -18487

Currency translation reserve -5123 -3244 -5123

TOTAL EQUITY 56090 45510 62421

Obligation under f inance lease 2537 3320 2739

TC amortisation 1252 1737 1369

TOTAL NON-CURRENT ASSETS 3789 5057 4108

Trade payables 4812 2760 8050

Current portion of obligation under f inance lease 784 703 761

Other current liabilities 5302 5040 6681

TOTAL CURRENT LIABILITIES 10898 8503 15492

TOTAL LIABILITIES 14687 13560 19600

TOTAL EQUITY AND LIABILITIES 70777 59070 82021

14

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

100

150

200

250

300

350

400

450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

Q1 results 2015- Cash flow

bull Cash flow from operationsndash Variance from EBITDA due to USD -10m change in net working capital

bull Cash flow investmentsndash Mainly due to 4 500 sensor upgrade on Athene

bull Cash flow from financendash Relates to interest expense and finance lease instalments

Source Magseis

All figures in USD thousands YTD 15 YTD 14

Cash flow from oprating activities -5176 2502

Cash f low from investing activities -4812 -2313

Cash f low from financing activities -303 -276

Net change in cash and cash equivalents -10291 -87Cash balance at the beginning of the period 21591 6867Foreign exchange differences in the period 0 724Cash balance at period end 11300 7504

15

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

100

150

200

250

300

350

400

450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

Content

1 Highlights2 Operational update3 Market review4 Financials5 Summary and QampA

16

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

100

150

200

250

300

350

400

450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

Next step in strategic growth plan

bull Upgrade of Artemis Athene to 150km of cable (4500 sensor unit) now completed

bull Preparations for Crew 2 well underway

ndash 6000 sensor units 300km target Q216

ndash Several attractive vessel alternatives

ndash Estimated capex brought down by cost reductions and USDNOK rate to ~USD 45m

bull Growth strategy

ndash Funded for current operations

ndash Recent new issue enables production to start for Crew 2

Crew 1(75 km)

Crew 1(110 ndash

150km)

Crew 2(300km)

--

50

100

150

200

250

300

350

400

450

500

2013 2015e 2016e

Total km of cable

Source Magseis 17

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

Summary investment case

bull Clients extremely pleased with MASS data quality and performance

bull Strong improvement in productivity during 2014

Positioned to handle challenging shortndashterm

market

Ready to accelerate when market allows

Very solid foundation

Targeting paradigm shift for seismic industry

bull Severe cost cuts across the industry

bull Focus on maximizing efficiency and operating window of Athene

bull Extensive pipeline of upcoming projects with substantial scope

bull Preparations for Crew 2 in place ndash significant client interest

bull Crew 2 to bring acquisition costs down by 50-60

bull Cost-reduction allows for more OBS application partially replacing towed streamer seismic

18

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19

Questions

Magseis ASA

19

• Magseis ASA
• Disclaimer
• Content
• This is Magseis
• Key figures Q1 2015
• Content
• Red Sea pilot successfully completed
• Athene now upgraded
• Chevron survey now ongoing
• Current back-log and leads
• Content
• New issue successfully completed
• Q1 results 2015- Comprehensive income
• Q1 results 2015- Financial position
• Q1 results 2015- Cash flow
• Content
• Next step in strategic growth plan
• Summary investment case
• Slide Number 19