Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 3.9 million in the first quarter 2017, down from USD 13.0 million in the first quarter 2016 and from USD 12.0 million in the fourth quarter 2016.
Contract sales totalled USD 0.7 million, while multi-client sales amounted to USD 3.2 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 first quarter last year to USD 12.0 million this quarter. EBITDA ended at negative USD 5.7 million, down from negative USD 3.4 million in the first quarter 2016. Free cash decreased with USD 1.0 million from the previous quarter.
During the quarter, the Atlantic Guardian has acquired data on multi-client projects in the Barents Sea. The BOA Thalassa has been laid up at a reduced rate since 5 January.
“We have noted an increase in commercial activity, and with a reduced cost base and the announced rights issue, the Company is well positioned going forward,” says CEO of EMGS, Christiaan Vermeijden.
Please find the full report for the first quarter 2017 enclosed. The results will be presented at 10:00 CET today at the Company’s premises in Dronning Mauds gate 15 in Oslo. The presentation will be published at 09:30 CET.
Hege Veiseth, CFO, +47 99 21 67 43