Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 10.6 million in the second quarter 2017, down from USD 15.1 million in the second quarter 2016 and up from USD 3.9 million in the first quarter 2017. Contract sales totalled USD 0.5 million, while multi-client sales amounted to USD 10.1 million. The Company has reduced its quarterly cost base, consisting of all operational costs including multi-client investments, from USD 15.8 million in the second quarter last year to USD 9.2 million this quarter. The Company recorded EBITDA of USD 4.5 million, up from USD 2.8 million in the second quarter 2016. Free cash decreased with USD 0.9 million from the previous quarter.
During the quarter, the Atlantic Guardian has acquired data on prefunded multi-client surveys in the Barents Sea, while the BOA Thalassa has been off-hire.
"We are pleased to see an increase in revenues when compared to the first quarter and a positive EBITDA as a result of a continuous focus on costs. The recently completed rights issue will strengthen the Company's financial position going forward", says CEO of EMGS, Christiaan Vermeijden.
Please find the full report for the second quarter 2017 enclosed. The results will be presented at 11:00 CET today at Karenslyst Allè 2 in Oslo. The presentation will be published at 09:30 CET.
Contact
Hege Veiseth, CFO, +47 99 21 67 43
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 offices in Trondheim, Oslo, Houston, Villahermosa, Rio de Janeiro and Kuala Lumpur
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
During the quarter, the Atlantic Guardian has acquired data on prefunded multi-client surveys in the Barents Sea, while the BOA Thalassa has been off-hire.
"We are pleased to see an increase in revenues when compared to the first quarter and a positive EBITDA as a result of a continuous focus on costs. The recently completed rights issue will strengthen the Company's financial position going forward", says CEO of EMGS, Christiaan Vermeijden.
Please find the full report for the second quarter 2017 enclosed. The results will be presented at 11:00 CET today at Karenslyst Allè 2 in Oslo. The presentation will be published at 09:30 CET.
Contact
Hege Veiseth, CFO, +47 99 21 67 43
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 offices in Trondheim, Oslo, Houston, Villahermosa, Rio de Janeiro and Kuala Lumpur
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
