EMGS Narrows Losses

Electromagnetic Geoservices (EMGS) posted loss for the fourth-quarter 2016 of $15.1 million, improving from $24.1 million loss in the same period last year.

For 2016, the company reported loss of $52.1 million, against loss of $76.7 million in 2015.

EMGS generated revenues of $12.0 million in the fourth quarter 2016, down from $20.5 million in the fourth quarter 2015 and up from $4.5 million in the third quarter 2016.

Revenues for the full year 2016 came at $44.5 million, compared with $81.1 million a year ago.

The company reported vessel utilisation of 89 per cent for the fourth quarter of 2016. The vessel BOA Thalassa worked on contract in Malaysia, and Atlantic Guardian carried out multi-client projects in the Barents Sea.

“We continue to be challenged by a market in which cost controls, reduced spending and reduced activity take center stage. However, technology improvements, the cost reduction program and an overall organisational realignment, as announced over the course of the year, have put us in a much better position going forward,” said Christiaan Vermeijden, CEO of EMGS.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Sep 2018 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

1ST NORWAY PUMPS & PIPES CONFERENCE

The primary goal is to bring together professionals from Energy and Medicine to transfer knowledge and share challenges…

read more >

RIO OIL & GAS 2018

The leading oil and gas event in Latin America is organized every two years by the Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >

Submarine Networks World 2018

In 2018, expect over 600 industry leaders from more than 300 organisations worldwide to gather once again in Singapore…

read more >

RPG 2018

Attending RPG 2018 will benefit international academics, researchers, engineers and consultants working in renewable energy…

read more >