EMGS Books Wider Loss in Q1

Norwegian geophysical services company EMGS posted loss for the first-quarter 2018 of $12 million, or 13 cents per share, against $10 million loss in the same period last year.

The Oslo-listed company generated revenues of $4.3 million in the quarter ended March 31, 2018, slightly up from $4.2 million in the corresponding period in 2017, but down from $11.3 million sequentially.

“The quarter has been seasonally weak as expected. However, the company is experiencing increased interest regarding proprietary and pre-funded multi- client acquisitions in- and outside of Norway,” said Christiaan Vermeijden, CEO of EMGS.

EMGS Q1 2018 vessel utilisation was 37 percent, with the vessels allocated to multiclient projects, compared to vessel utilisation of 92 percent same time last year.

Depreciation and ordinary amortisation as well as multiclient amortisation was up from $3.7 million to $4.8 million.

EMGS recorded quarterly net currency loss of $1.8 million, compared with a currency loss of $1 million in the first quarter of 2017.

The company secured backlog of $3.1 million at the end of Q1 2018, compared with a backlog of $4.5 million at the end of Q1 2017.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Mar 2019 >>
MTWTFSS
25 26 27 28 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 31

Subsea Valley

This yearly gathering has grown from 200 to 2000 delegates in only 5 years and is now one of the leading energy conferences in Europe…

read more >

Shallow and Deepwater Mexico Oil and Gas Conference

Shallow and Deepwater Mexico is a community gathering for the offshore sector focusing on the future of offshore in Mexico…

read more >

OMC 2019

OMC is the largest exhibition and conference dedicated to the Offshore, and Oil & Gas Industry…

read more >

SubOptic 2019

SubOptic is the longest running and most comprehensive conference series in the world for the submarine fiber industry…

read more >