Electromagnetic Geoservices ASA (“EMGS” or the “Company”) recorded revenues of USD 4.3 million in the first quarter 2018, up from USD 4.2 million in the first quarter 2017. Contract and other sales totalled USD 0.8 million, while multi-client sales amounted to USD 3.5 million in the first quarter 2018.
EMGS has maintained a quarterly cost base, consisting of all operational costs including the long-term lease of two vessels and multi-client investments, of around USD 12.4 million, up from USD 12.0 million during the same quarter last year. The Company recorded an EBITDA of negative USD 6.4 million, down from negative USD 5.5 million in the first quarter 2017. Free cash decreased with USD 4.7 million from the previous quarter mainly due to negative cash flow from operating and investing activities.
During the quarter, the Atlantic Guardian acquired data on a multi-client survey in the Barents Sea. The BOA Thalassa completed two pre-funded multi-client surveys offshore Indonesia.
“The quarter has been seasonally weak as expected. However, the Company is experiencing increased interest regarding proprietary and pre-funded multi-client acquisitions in- and outside of Norway”, says CEO of EMGS, Christiaan Vermeijden.
Please find the full report for the first 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