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.
Contact
Hege Veiseth, CFO, +47 99 21 67 43
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Villahermosa, Rio de Janeiro and Kuala Lumpur.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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