Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the first quarter of 2020 are attached.
* The Company recorded revenues of USD 11.3 million, up from USD 10.8 million in the first quarter 2019 and down from USD 37.2 million in the fourth quarter 2019.
* Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of negative USD 0.8 million, up from negative USD 1.2 million in the first quarter 2019.
* The Company increased its quarterly cost base, consisting of all operational costs including multi-client investments and vessel and office lease expenses, from USD 12.0 million in the first quarter last year to USD 12.1 million this quarter.
* Free cash decreased with USD 3.7 million during the quarter, to USD 16.0 million.
* During the quarter, the Atlantic Guardian completed a proprietary survey for Pemex in Mexico. Subsequently the Atlantic Guardian transited to Las Palmas in preparation for a proprietary survey which was eventually terminated. The Petrel Explorer commenced the fully prefunded multi-client survey in the Martin Linge area at the end of the quarter.
The results will be presented at 10:00 (local time Norway) today. The presentation will be held by CEO Bjørn Petter Lindhom and Interim CFO Anders Eimstad and will be broadcasted live over the Internet. The webcast can be accessed on www.emgs.com. It will be possible to post questions through the webcast.
Anders Eimstad, Interim CFO, +47 94 82 58 36