Magseis Delivers Best Quarter Ever

Norwegian seabed seismic services player Magseis has bounced back in black in the third quarter of 2017 as revenue jumped close to 120 percent when compared to the prior-year quarter.

The Oslo-listed company has seen its revenue at USD 28.6 million, up from USD 13.1 million same time last year. Revenue for the first nine months of 2017 came at $69.1 million, against $38.9 million in the first nine months of 2016.

Third-quarter EBITDA came at USD 13.9 million, against EBITDA of USD 3 million in Q3 2016. Year-to-date EBITDA was $30.6 million, with EBIT at $18.3 million.

The company booked quarterly profit of about USD 9.6 million or 16 cents per share, which is Magseis’ best result so far, versus loss of USD 8.8 million or 23 cents per share in the prior-year quarter. Magseis also recorded positive first 9 months with $16.5 million profit (27 cents per share), compared to loss of $16.7 million in the corresponding period in 2016.

Anfar Invest is the company’s largest shareholder with close to 10 percent, followed by Westcon Group AS with 9.3 and Geo Innova with 7.5 percent.

As of June 30, 2017, Magseis reported a total of 102 employees including a seismic crew of 46.

Subesa World News Staff

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