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EMGS reports second quarter 2017 results

Friday, July 28, 2017

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.

The results were presented at Karenslyst Allè 2 in Oslo.



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