Magseis Reports Profitable Q2

Norwegian seabed seismic services player Magseis has bounced back in black in the second quarter of 2017 as revenue jumped over 150 percent.

The Oslo-listed company has seen its revenue at USD 19.4 million, up from USD 7.7 million same time last year. Revenue for the first half of 2017 came at $40.5 million, against $25.8 million in the first half of 2016.

Second-quarter EBITDA came at USD 8.4 million, against negative EBITDA of USD 1.6 million in Q2 2016. Year-to-date EBITDA was $16.7 million.

The company booked quarterly profit of about USD 3.3 million or 5 cents per share, versus loss of USD 4 million or 25 cents per share in the prior-year quarter. Magseis also recorded positive first 6 months with $6.8 million profit (11 cents per share), compared to loss of $ 7.9 million in the corresponding period in 2016.

Anfar Invest is the company’s largest shareholder with close to 10 percent, followed by Westcon Group AS with 8.8 and Geo Innova with 7.5 percent.

As of June 30, 2017, Magseis reported a total of 102 employees including a seismic crew of 44.

Subesa World News Staff

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