Magseis Ends in Loss

Norwegian geophysical contractor, Magseis has ended in red in its first full year of operation.

The company, which has a total of 77 full-time employees including 46 seismic crew, recorded net loss second quarter in a row.

During the third quarter, the company recorded a $2.0 million net loss, compared to $0.2 million profit during Q2 2014.

However, during the fourth quarter, Magseis posted further increase in net loss of $4.1 million.

Fourth quarter revenues decreased to $11.8 million compared to $12.2 in the fourth quarter of 2013 due to less favourable rates for winter acquisition, more weather standby and no revenue in the second half of December due to a short yard stay to install handling equipment and steaming to the Barents Sea multi-client project.

Revenues for 2014 amounted to $56.6 million compared to $12.2 in the same period in 2013. The increase can be attributed to a full year of operations in 2014 compared to only three months operations in 2013.

Magseis posted EBITDA of $-1.4 million in the fourth quarter of 2014 and $4.9 million in 2014 compared to $-0.7 million and $-6.8 million in the respective periods in 2013.

“Our results for the quarter have been impacted by low rates for winter acquisition but thanks to a strong performance by the crew we managed to generate positive EBITDA for the project as a whole. However, the loss recognized on our Barents Sea multi-client project combined with significant R&D expenditure during the quarter has resulted in a negative EBITDA of USD -1.4 million for the quarter,” said Ivar Gimse, CEO Magseis ASA.

Subsea World News Staff

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