Highlights in the first quarter 2012:
- Revenues of USD 55.6 million, up 159% from Q1 2011
- EBITDA of USD 16.1 million, up USD 19.4 million from Q1 2011
- EBITDA margin of 29%
- Net income of USD 7.0 million
- Schlumberger and EMGS signed cooperative agreement
- EM Leader mobilized in Asia Pacific
- New Barents Sea multi-client 3D EM campaign launched
Subsequent important events:
- David Neser appointed Chief Operating Officer and Chief Technology Officer
- Dave Ridyard appointed Executive Vice President of Strategic Business Development
- Multi-year contract with national oil company extended on a project-to-project basis
- EMGS awarded 3D EM survey in Papua New Guinea
"We're off to a great start to the year with the best first-quarter financial results in the company's history. Today's results, along with continued strong operational performance and favourable market developments, puts is in a good position to move the company forward and deliver record-high financial performance in 2012," says Roar Bekker, EMGS chief executive officer.
The full first 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 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. 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.
