Q2 financial results
- Revenues at USD 57.1 million, up 20% from Q2 2011
- EBITDA of USD 22.4 million, up 35% from Q2 2011
- EBITDA margin of 39%
- Net income of USD 11.4 million
Events in the first half year
- Schlumberger and EMGS signed cooperative agreement
- EM Leader mobilized in Asia Pacific
- New Barents Sea multi-client 3D EM campaign launched
- EMGS awarded USD 4 million contract in Papua New Guinea
- PEMEX contract extension worth USD 39 million signed
- EMGS customer purchased 3D EM multi-client library in Norway for USD 8 million
Subsequent important events
- EMGS awarded USD 7 million contract in Asia
- USD 20 million contract awarded for largest ever 3D EM survey in Asia
"We are pleased to have delivered yet another strong quarter and the best first half year results in the company's history, driven by our strong operational performance and high vessel utilization," says Roar Bekker, EMGS chief executive officer.
The full second quarter report and presentation can be downloaded by clicking on the links below.
Contact
Roar Bekker, EMGS chief executive officer +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer +47 22 01 14 00
Roar Bekker, EMGS chief executive officer +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer +47 22 01 14 00
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency, and reduces risks and the finding costs per barrel.
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency, and reduces risks and the finding costs per barrel.
EMGS has conducted more than 600 surveys to improve drilling success rates across the world's mature and frontier offshore basins. The company operates on a worldwide basis with main offices in Trondheim, Stavanger and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
