EMGS Narrows Q3 Loss on Revenue Boost

Norwegian geophysical services company EMGS posted loss for the third-quarter 2017 of $1.6 million, improving from $11.1 million loss in the same period last year.

The Oslo-listed company generated revenues of $10 million in the quarter ended September 2017, up 122 percent from $4.5 million in the corresponding period in 2016, but down from $10.6 million sequentially.

The company reported vessel utilisation of 77 per cent for the quarter. The vessel Atlantic Guardian mostly carried out multi-client projects in Norway. BOA Thalassa is expected to start a new charter in October this year.

Revenues for the first nine months of 2017 came at $24.6 million, compared with $32.6 million for the first nine months of 2016. Loss for the same period has been narrowed to $15.6 million, from $37.8 million in the same period last year. Revenue drop was caused by reduction in contract work, the company explained.

EMGS secured backlog of $3.3 million at the end of the Q3 2017, compared with a backlog of $5.0 million same time last year.

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.

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Europort 2019

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