Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 7.9 million in the second quarter 2018, down from USD 8.3 million in the second quarter 2017 and up from USD 4.3 million in the first quarter 2018. Contract sales and other revenues totalled USD 0.9 million, while multi-client sales amounted to USD 7.0 million in the second quarter 2018.
The Company increased the quarterly cost base, consisting of all operational costs including multi-client investments from USD 9.2 million in the second quarter last year to USD 10.9 million in the second quarter 2018. EMGS had two vessels on hire this quarter compared to one vessel in the second quarter last year. The Company recorded an EBITDA of negative USD 0.8 million, down from USD 2.3 million in the second quarter 2017. Free cash increased with USD 3.6 million from the previous quarter mainly due to positive cash flow from financial activities as the Company completed a comprehensive refinancing this quarter.
During the quarter, the Atlantic Guardian has acquired data in the Barents Sea and in the North Sea, while the BOA Thalassa has been idle.
“We were pleased to see the positive results from the 24th licensing round in Norway, in terms of revenues to the Company, the various CSEM commitments and the healthy late sales potential. We are also encouraged that a number of international opportunities continue to develop in a positive direction,” says CEO of EMGS, Christiaan Vermeijden.
Please find the full report for the second quarter 2018 and the presentation enclosed. The results will be presented at 10:00 CET today. The presentation will be held by CEO Christiaan Vermeijden 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