EMGS delivered revenues of USD 44.4 million in the second quarter 2013, up from USD 31.7 million in the previous quarter and down from USD 57.1 million in the corresponding period last year. USD 14.8 million of the revenues came from multi-client sales. The Company had an EBITDA of USD 13.2 million and reported a net loss of USD 1.6 million. During the quarter, EMGS refinanced and issued a new unsecured bond loan of NOK 350 million.
"Although we are disappointed with our financial performance in the first half of this year, we are encouraged by our significantly improved backlog, the multi-client investments we have made in Brazil and the Barents Sea, as well as strong multi-client late sales," says CEO of EMGS, Roar Bekker.
Through the quarter, EMGS secured a major contract with PEMEX worth USD 99.8 million. Further, EMGS secured a contract extension in Asia worth USD 15 million and entered into a cooperation agreement with TGS to develop joint multi-client projects in north-western Europe.
Based on the results for the first half year, the high dependency of multi-client late sales in the second half of 2013 as well as contract opportunities which have been delayed to 2014, EMGS adjusts its revenue guiding to USD 170- 200 million and widens its EBITDA margin range to 20-30% for the full year. The Company's long-term outlook remains unchanged.
Please find the full report for the second quarter and first half year 2013 and the presentation of the results enclosed, or by clicking on the links below.
Contacts
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Chris Guldberg, EMGS Head of PR/IR, +47 73 56 88 10 / +47 92 81 07 07
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Chris Guldberg, EMGS Head of PR/IR, +47 73 56 88 10 / +47 92 81 07 07
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 700 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 and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com for more information.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
