Electromagnetic Geoservices ASA (“EMGS” or the “Company”) recorded revenues of USD 11.3 million in the fourth quarter 2017, down from USD 12.0 million in the fourth quarter 2016 and up from USD 10.0 million in the third quarter 2017.
Contract and other sales totalled USD 1.6 million, while multi-client sales amounted to USD 9.7 million in the fourth quarter 2017. EMGS has reduced its quarterly cost base, consisting of all operational costs including multi-client investments, from USD 14.3 million in the fourth quarter last year to USD 11.6 million this quarter. The Company recorded EBITDA of USD 0.4 million, up from negative USD 2.1 million in the fourth quarter 2016. Free cash decreased with USD 6.4 million from the previous quarter mainly due to negative cash flow from operating and investing activities.
During the quarter, the Atlantic Guardian acquired data on a pre-funded multi-client survey in Canada and multi-client surveys in the Barents Sea. The BOA Thalassa was idle until late November, after which she mobilised for two pre-funded multi-client surveys offshore Indonesia.
“We are pleased to have seen several opportunities mature outside of Norway and yet another quarter with a positive EBITDA as a result of a relatively healthy amount of revenues and low operational costs.”, says CEO of EMGS, Christiaan Vermeijden.