EMGS reported revenues of USD 61.3 million in the first quarter 2014, up from USD 44.6 million in the previous quarter and from USD 31.7 million in the first quarter last year.
Contract sales totaled USD 46.4 million, while multi-client sales were at USD 14.9 million this quarter. The Company had an EBITDA of USD 20.4 million and a net profit of USD 8.2 million.
The Company had two vessels operating on the contract for PEMEX in the quarter. EMGS also completed a survey in Australia, started working on a USD 8.3 million contract for a new customer in Morocco and commenced its first major, multi-client project in the US Gulf of Mexico.
Best, quarterly revenues
“We are happy to deliver our best quarterly revenues so far. In addition, we are investing in future growth through new multi-client projects, including the most exciting multi-client area in the world; the US Gulf of Mexico,” said CEO of EMGS, Roar Bekker.
EMGS reiterates its guidance to deliver 2014 revenues of more than USD 200 million. The Company is investing in new and important multi-client libraries going forward, and firmly believes that these investments will yield good returns and new investment opportunities for both 2014 and the years to come. In addition, recent agreements with regulating authorities, new customers, as well as increased interactions with both existing and potential new customers, add to the Company’s positive outlook for 2015 and beyond.
Report, presentation and webcast
Please find the links to the full report for the first quarter 2014, the presentation of the results, and the webcast link, below.
Roar Bekker, EMGS chief executive officer, +47 911 41 149
Svein Knudsen, EMGS chief financial officer, +47 911 41 149
Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59