Magseis Hikes Revenues

Norwegian seabed seismic services player, Magseis, has bounced back in black at the end of the fourth quarter 2016 with its quarterly revenues at all-time high.

The Oslo-listed company has seen its revenues up to USD 20 million from USD 5.5 million same time last year. The Q4 2016 revenues is a result of the Saudi Aramco Red Sea survey.

Revenues for the twelve months ended December 31, 2016, increased by close to USD 19 million at USD 59 million.

Fourth-quarter EBITDA came at USD 5.5 million, against negative EBITDA of USD 6.3 million in Q4 2015.

The company booked slight quarterly profit of about USD 60K, versus loss of USD 11.2 million or 37 cents per share in the prior-year quarter. Net loss for the year was relatively flat with net loss in 2015 at USD 16.7 million.

Magseis’ full-year bottom line was impacted in Q3 2016 when the company recognised impairment of asset values of USD 6.7 million associated with the conversion from G1 to G2 seismic node technology.

Westcon Group AS is the company’s largest shareholder with 14.1 percent, followed by Anfar Invest with 11.4 percent and Geo Innova with 10.3 percent.

As of December 31, 2016, Magseis reported a total of 83 employees including a seismic crew of 42.

Subesa World News Staff

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