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

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