Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 52.5 million in the fourth quarter 2014, up from USD 41.7 million in the third quarter and from USD 44.9 million in the corresponding quarter in 2013. Contract sales totaled USD 25.5 million, while multi-client sales were at USD 27.0 million this quarter. The Company had an EBITDA of USD 18.6 million and a net income of USD 15.1 million.
The Company had record-high multi-client sales in the quarter, mostly from the library in the Barents Sea. In addition, the Company signed contracts for its vessel BOA Thalassa in Asia and a 3.5 months contract for the EM Leader in Uruguay. The Atlantic Guardian spent most of the quarter at yard and contributed with only 0.9 vessel months this quarter.
"2014 was a successful year for EMGS. We signed contracts with a number of new customers and expanded our multi-client libraries in strategically important basins. Our multi-client investments are becoming an increasingly important part of our business both in terms of return on capital invested and improved adoption," says CEO of EMGS, Bjarte Bruheim.
For the full year 2014, EMGS had revenues of USD 198.0 million, an EBITDA of USD 61.0 million and net income of USD 27.9 million.
The negative market sentiment for the oil service industry creates a challenging environment with increased uncertainty. EMGS has a strong balance sheet and can utilize its flexible cost structure to adjust its cost level to the shifting market conditions.
Please find the full report for the fourth quarter 2014 enclosed. The presentation of the results will start at 10:00 am CET and the presentation material will be published at 09:30 am CET.
Contacts
Bjarte Bruheim, EMGS chief executive officer, +47 911 41 149
Svein Knudsen, EMGS chief financial officer, +47 911 41 149
Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59
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 the 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 operates on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia.
For more information, visit www.emgs.com
