Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the first quarter of 2022 are attached.
- The Company recorded revenues of USD 6.2 million, up from USD 1.6 million in the first quarter of 2021 and up from USD 5.1 million in the fourth quarter of 2021.
- Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 3.7 million, up from negative USD 1.5 million in the first quarter of 2021.
- Free cash decreased with USD 1.6 million during the quarter, to USD 8.2 million.
- Maturity date of the Company’s Senior Unsecured Convertible Bond (EMGS03) extended by 24 months to May 2025.
- Subsequent to the end of the first quarter 2022, EMGS announced that the Company secured USD 2.8 million in prefunding for two surveys in Norway.
Anders Eimstad, Chief Financial Officer, +47 94 82 58 36
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company’s services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel. CSEM technology can also be used to detect the presence of marine mineral deposits (primarily Seabed Massive Sulphides) and EMGS believes that the technology can also be used to estimate the mineral content of such deposits. The Company is undertaking early-stage initiatives to position itself in this future market.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.