Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the first quarter of 2019 are attached.
* The Company recorded revenues of USD 10.8 million, up from USD 4.3 million in the first quarter 2018 and down from USD 13.4 million in the fourth quarter 2018.
* Adjusted EBITDA (including capitalised multi-client expenses and vessel and office leases expenses) of negative USD 1.2 million, up from negative USD 8.1 million in the first quarter 2018.
* The Company decreased its quarterly cost base, consisting of all operational costs including multi-client investments, from USD 12.4 million in the first quarter last year to USD 12.0 million this quarter.
* Free cash increased with USD 3.2 million during the quarter, to USD 9.6 million.
* During the quarter, the Atlantic Guardian completed the proprietary acquisition contract in South America. The BOA Thalassa commenced work under the USD 24 million proprietary acquisition contract in South-East Asia.
* Backlog at the end of the quarter of approx. USD 26 million.
CEO of EMGS, Bjørn Petter Lindhom, comments:
“EMGS has had a strong start to 2019, with a substantial increase to the Company’s backlog. The Company’s backlog as of today is approx. USD 100 million, including the LOA received from Pemex for a multi-year proprietary acquisition contract, announced by EMGS on 23 April 2019.
Furthermore, I am very pleased to note that in the first quarter of 2019, the Company has experienced increased sales traction in all major business regions.”
The results will be presented at 10:00 (local time Norway) today. The presentation will be held by CEO Bjørn Petter Lindhom 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