EMGS reports second quarter 2017 results - sees increase in revenuesCompany News // August 7, 2017
EMGS says it has reduced its quarterly cost base, consisting of all operational costs including multi-client investments, from US$15.8 million in the second quarter last year to US$9.2 million this quarter.
The company recorded EBITDA of US$4.5 million, up from US$2.8 million in the second quarter 2016. Free cash decreased with USD 0.9 million from the previous quarter.
During the quarter, 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," said the CEO of EMGS, Christiaan Vermeijden.