Svake tall for EMGS

Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 13.0 million in the fourth quarter 2016, down from USD 20.5 million in the fourth quarter 2015 and from USD 22.1 million in the first quarter 2015. The revenues this quarter consisted of contract sales only, as no multi-client revenues were booked in the quarter. The Company has reduced its quarterly cost base, consisting of all operational costs including multi-client investments, from USD 49.0 million in the first quarter last year to USD 18.2 million this quarter. EBITDA ended with a negative USD 3.4 million.
«Although the market continues to be challenging, we are encouraged by the recovery of the oil price and the interest shown by various customers, including regulators, in our EM services. The reduction of the cost base is also expected to put us in a much better position as the market recovers,» says CEO of EMGS, Christiaan Vermeijden.
During the quarter, the vessel BOA Thalassa completed the announced contract work in India for ONGC and acquired 3D EM multi-client data off the west coast of India thereafter. The Atlantic Guardian was on a planned yard stay in February and started acquiring data on a multi-client project in the Hammerfest basin in the Barents Sea from mid-March.