Company has reduced its quarterly cost base, consisting of all operational costs including multi-client investments, from USD 15.8 million in the second quarter last year to USD 9.2 million this quarter. The Company recorded EBITDA of USD 4.5 million, up from USD 2.8 million in the second quarter 2016. Free cash decreased with USD 0.9 million from the previous quarter.
During the quarter, the Atlantic Guardian has acquired data on prefunded multi-client surveys in the Barents Sea, while the BOA Thalassa has been off-hire.
“We are pleased to see an increase in revenues when compared to the first quarter and a positive EBITDA as a result of a continuous focus on costs. The recently completed rights issue will strengthen the Company’s financial position going forward”, says CEO of EMGS, Christiaan Vermeijden.
Please find the full report for the second quarter 2017 enclosed. The results will be presented at 11:00 CET today at Karenslyst Allè 2 in Oslo. The presentation will be published at 09:30 CET.
Hege Veiseth, CFO, +47 99 21 67 43