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EMGS reports third quarter 2018 results

Monday, November 19, 2018

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.



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