EMGS Cuts Loss by Over 50%

Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 4.5 million in the third quarter 2016, down from USD 16.3 million in the third quarter 2015.

The company reported loss of USD 11.1 million compared to USD 25.4 million in the third quarter 2015.

Contract sales totaled USD 0.5 million, while multi-client sales amounted to USD 4.0 million. The company has reduced its quarterly cost base, consisting of all operational costs including multi-client investments, from USD 34.1 million in the third quarter last year to USD 14.2 million this quarter.

EBITDA ended at negative USD 6.2 million, up from negative USD 10.0 million in the third quarter 2015.

During the quarter, the Atlantic Guardian has completed the JIP field test and acquired data on multi-client projects in the Hammerfest basin and in the Barents Sea.

BOA Thalassa has been laid up at a reduced rate since May 01, 2016.

“We are being challenged by a very difficult market wherein opportunities are being pushed back as the oil industry is re-adjusting its level of spending. The reduction in the company’s cost base, as announced in October, will put us in a stronger position going forward. The provisional award in Asia has provided the company with some increased confidence, but the outlook remains uncertain,” said Christiaan Vermeijden, CEO of EMGS.

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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.

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OCEANS 2019

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OTC Brasil

The conference is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum…

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Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

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