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EMGS reports third quarter 2017 results

Tuesday, November 21, 2017

Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 10.0 million in the third quarter 2017, up from USD 4.5 million in the third quarter 2016 and down from USD 10.6 million in the second quarter 2017.

Contract and other sales totalled USD 0.7 million, while multi-client sales amounted to USD 9.3 million. The Company has reduced its quarterly cost base, consisting of all operational costs including multi-client investments, from USD 14.2 million in the third quarter last year to USD 9.2 million this quarter. The Company recorded EBITDA of USD 2.9 million, up from negative USD 6.2 million in the third quarter 2016. Free cash increased with USD 10.9 million from the previous quarter.

During the quarter, the Atlantic Guardian completed the first commercial survey with the Deep Blue (JIP) source and acquired data on prefunded multi-client surveys in the Norwegian Sea and in the Barents Sea, while the BOA Thalassa has been off-hire.

"We are pleased to see another quarter with a positive EBITDA as a result of a relatively healthy amount of revenues and low operational costs. The commercialisation of the DeepBlue (JIP) was a major milestone in the Company as this will be giving our customers the ability to use CSEM to image smaller prospects and prospects at greater depth below mudline.", says CEO of EMGS, Christiaan Vermeijden.



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