Loss Widens for EMGS

Electromagnetic Geoservices (EMGS) said its loss deepened in the first quarter, ended March 31, 2016, as revenues slipped some 60% on continuously weak market.

The Oslo-listed company posted net loss of USD 15.5 million, compared to net los of USD 1.2 million in the same period in 2015. However, EMGS improved Quarter-on-quarter (QOQ), and narrowed its loss by some 35% from USD 24.1 milion in Q4 2015.

First-quarter revenues were USD 13 million, a drop from USD 32.3 million in the prior-year quarter and from USD 20.5 million QOQ. The Q1 turnover was only generated trough contract sales, mostly related to the project the company completed in India.

EMGS had two vessels in operation in Q1 2016, versus four vessels operating in Q1 2015. Vessel utilisation was 55% in the first quarter of 2016, compared to 76% a year earlier.

As of March 31, 2016, EMGS’ backlog was about USD 7 million, compared with a backlog of USD 23 million at the end of Q1 2015.

Subsea World News Staff

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

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