Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 6.0 million in the third quarter 2018, down from USD 10.7 million in the third quarter 2017 and down from USD 7.9 million in the second quarter 2018. Contract sales and other revenues totalled USD 1.3 million, while multi-client sales amounted to USD 4.7 million in the third quarter 2018.
The Company increased the quarterly cost base, consisting of all operational costs including multi-client investments from USD 9.1 million in the third quarter last year to USD 11.9 million in the third quarter 2018. EMGS had two vessels on hire this quarter compared to one vessel in the third quarter last year. The Company recorded an EBITDA of negative USD 4.0 million, down from USD 4.9 million in the third quarter 2017. Free cash decreased with USD 5.9 million from the previous quarter mainly due to negative cash flow from operating activities and investing activities.
During the quarter, the Atlantic Guardian has acquired data in the Norwegian Sea and in the North Sea, while the BOA Thalassa has been idle.
"The quarter has been slow as reflected in the numbers. However, we were very pleased to announce the recent LOA for the work in South America and are encouraged by a number of opportunities that continue to develop in a positive direction," says CEO of EMGS, Christiaan Vermeijden.
Please find the full report for the third quarter 2018 and the presentation enclosed. The results will be presented at 10:00 CET today. The presentation will be held by CEO Christiaan Vermeijden and CFO Hege A. Veiseth and will be broadcasted live over the Internet. The webcast can be accessed here. It will be possible to post questions through the webcast.
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, Mexico City, 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.
The Company increased the quarterly cost base, consisting of all operational costs including multi-client investments from USD 9.1 million in the third quarter last year to USD 11.9 million in the third quarter 2018. EMGS had two vessels on hire this quarter compared to one vessel in the third quarter last year. The Company recorded an EBITDA of negative USD 4.0 million, down from USD 4.9 million in the third quarter 2017. Free cash decreased with USD 5.9 million from the previous quarter mainly due to negative cash flow from operating activities and investing activities.
During the quarter, the Atlantic Guardian has acquired data in the Norwegian Sea and in the North Sea, while the BOA Thalassa has been idle.
"The quarter has been slow as reflected in the numbers. However, we were very pleased to announce the recent LOA for the work in South America and are encouraged by a number of opportunities that continue to develop in a positive direction," says CEO of EMGS, Christiaan Vermeijden.
Please find the full report for the third quarter 2018 and the presentation enclosed. The results will be presented at 10:00 CET today. The presentation will be held by CEO Christiaan Vermeijden and CFO Hege A. Veiseth and will be broadcasted live over the Internet. The webcast can be accessed here. It will be possible to post questions through the webcast.
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, Mexico City, 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.
