Norway: EMGS Announces Record Revenues in Fourth Quarter 2011

Norway EMGS Announces Revenue Growth in Fourth Quarter 2011

EMGS has released the fourth quarter results for 2011 with recorded revenues of USD 57.8 million, up from USD 27.2 million in the fourth quarter of 2010.

Highlights in the fourth quarter 2011 include record-high financial results:

* Total revenues at USD 57.8 million for the quarter

* EBITDA of USD 16.7 million

* Net Income of USD 12.3 million

* Multi-client basalt mapping survey in Norwegian Sea pre-funded by ExxonMobil

* Successful start-up of USD 90 million Petrobras contract

* European Patent Office ruled in favour of EMGS at final appeal level

* EMGS and Schlumberger announced EM industry deal

* Letter of Intent from Shell for 3D EM survey in Brunei

Subsequent important events:

* EMGS and Schlumberger signed cooperative agreement

* EM Leader mobilized for operations in Q1 2012

* New Barents Sea multi-client 3D EM campaign launched

“We are proud to present our best ever quarterly and annual financial performance, with revenues, EBITDA and Net Income at an all-time high,” says Roar Bekker, EMGS chief executive officer. “As we mark EMGS’s 10th anniversary, I would like to take the opportunity to thank the EMGS team, customers, shareholders and suppliers for their commitment and support during our first decade. Together, we have established a strong platform to further develop the company and the EM market over the next decade.”

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 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 has conducted more than 600 surveys to improve drilling success rates across the world’s mature and frontier offshore basins. The company operates on a worldwide basis with main offices in Trondheim, Stavanger and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia.

EMGS

Subsea World News Staff , February 09, 2012;  Image: EMGS