EMGS Narrows Losses

Norwegian geophysical services company EMGS posted loss for the fourth-quarter 2017 of $5.9 million, improving from $15.1 million loss in the same period last year.

The Oslo-listed company generated revenues of $11.3 million in the quarter ended December 31, 2017, down from $12 million in the corresponding period in 2016, but up from $10 million sequentially.

Revenues for the full year 2017 amounted to $35.9 million, compared with $44.5 million for the full year of 2016. The decrease in revenues is mainly explained by a reduction in proprietary work in 2017 compared with 2016 and a reduction of work outside of Norway.

Losses for the full year 2017 were $21.5 million, up from a loss of $52.1 million in 2016.

EMGS secured backlog of $3 million at the end of the Q4 2017, compared with a backlog of $1 million at the end of 2016.

The company said it expects to operate two vessels in 2018. EMGS expects to keep one vessel in Asia in 2018, while the other vessel is expected to operate in Europe, Africa and the Americas.

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 >