EMGS sees another quarter of positive EBITDACompany News // November 2, 2017
Electromagnetic Geoservices (EMGS) recorded revenues of US$10.0 million in the third quarter 2017, up from US$4.5 million in the third quarter 2016 and down from US$10.6 million in the second quarter 2017.
Contract and other sales totalled US$0.7 million while multi-client sales amounted to US$9.3 million.
The company has reduced its quarterly cost base, consisting of all operational costs including multi-client investments, from US$14.2 million in the third quarter last year to US$9.2 million this quarter.
The company recorded EBITDA of US$2.9 million, up from - US$6.2 million in the third quarter 2016. Free cash increased with US$10.9 million from the previous quarter.
During the quarter, Atlantic Guardian completed the first commercial survey with the Deep Blue (JIP) source and acquired data on prefunded multi-client surveys in the Norwegian Sea and in the Barents Sea, while the Boa Thalassa has been off-hire.
"We are pleased to see another quarter with a positive EBITDA as a result of a relatively healthy amount of revenues and low operational costs. The commercialisation of the DeepBlue (JIP) was a major milestone in the company as this will be giving our customers the ability to use CSEM to image smaller prospects and prospects at greater depth below mudline," said CEO Christiaan Vermeijden.