Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the fourth quarter of 2022 are attached.
* The Company recorded revenues of USD 15.2 million, up from USD 5.1 million in the fourth quarter of 2021 and up from USD 6.6 million in the third quarter of 2022.
* Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 8.2 million, up from USD 0.4 million in the fourth quarter of 2021.
* Free cash increased with USD 56 thousand during the quarter, to USD 11.4 million.
* Trade receivables at the end of the quarter were USD 7.9 million.
* The Atlantic Guardian is currently in warm-stack 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.