EMGS reports second quarter 2018 results

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.

EMGS second quarter 2018 presentation – link to webcast.

Link to webcast

Invitation to presentation of second quarter 2018 results

Electromagnetic Geoservices ASA (EMGS) will release its second quarter 2018 results on Thursday 26 July 2018. CEO Christiaan Vermeijden and CFO Hege Veiseth will present the results from 10:00 CET.

Vessel update and activity for the second quarter

Electromagnetic Geoservices ASA (the "Company" or "EMGS") releases information on vessel activity and utilisation 4-5 working days after the close of each quarter. The Company defines vessel utilisation as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate.

Pre-funding for multi-client survey in the Norwegian North Sea

Electromagnetic Geoservices ASA ("EMGS" or the "Company") has entered into an agreement for pre-funding of a non-exclusive, multi-client 3D CSEM acquisition in the Norwegian North Sea. The pre-funding amounts to approximately USD 1.5 million.

Multi-client revenues related to the 24th license round awards

On 18 June 2018, the Norwegian Ministry of Petroleum and Energy (the "MPE") announced the awards of new production licenses in the 24th licensing round on the Norwegian continental shelf.