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 2020 >>
MTWTFSS
24 25 26 27 28 29 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 1 2 3 4 5

9th Annual Submarine Power Cable and Interconnection Forum

This year’s Advance Submarine Power Cable and Interconnection conference will focus on the cutting edge thinking that is emerging across…

read more >

The 24th Annual PNEC Conference & Exhibition

The 24th annual PNEC Conference and Exhibition  will bring together the industry thought leaders and technology providers that enable the management…

read more >

OWI APAC 2020

Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >

M&CCE Expo Marine & Coastal Civil Engineering 2020

This conferences, events, demos, and competitions provide a productive background buzz throughout M&CCE…

read more >