Electromagnetic Geoservices ASA (“EMGS” or the “Company”) recorded revenues of USD 13.4 million in the fourth quarter 2018, up from USD 10.8 million in the fourth quarter 2017 and up from USD 6.0 million in the third quarter 2018. Contract and other sales totalled USD 7.0 million, while multi-client sales amounted to USD 6.4 million in the fourth quarter 2018.
The Company increased its quarterly cost base, consisting of all operational costs including multi-client investments, from USD 11.3 million in the fourth quarter last year to USD 13.2 million this quarter. The Company recorded EBITDA of USD 0.6 million, down from USD 1.2 million in the fourth quarter 2017. Free cash decreased with USD 3.0 million from the previous quarter.
During the quarter, the Atlantic Guardian initiated a proprietary contract in South America for USD 8 million. The BOA Thalassa has had a yard stay and been idle this quarter.
“While the market outlook for oil services remains challenging, we are pleased that increased interest outside of Norway has translated to increased commercial activity, resulting in a positive EBITDA for the quarter”, says CEO of EMGS, Bjørn Petter Lindhom.
Please find the full report for the fourth quarter 2018 and the presentation enclosed. The results will be presented at 10:00 CET today. The presentation will be held by CEO Bjørn Petter Lindhom and CFO Hege A. Veiseth 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.
Hege Veiseth, CFO, +47 99 21 67 43