Magseis Posts Loss in Q2

Norwegian seabed seismic services player Magseis has posted loss in the second quarter of 2018 as costs went up on increase in the organisation and its mobile ROV crew.

The Oslo-listed company has seen its revenue at USD 19.7 million, up from USD 19.4 million same time last year. Revenue for the first six months of 2018 came at $44.2 million, against $40.4 million in the first six months of 2017.

Second-quarter EBITDA came at $5.2 million, against EBITDA of $8.4 million in Q2 2017. Year-to-date EBITDA was $15.5 million, with versus $16.7 million.

The company booked quarterly loss of $0.5 million or 1 cent per share, versus profit of USD 3.3 million or 5 cents per share in the prior-year quarter. Magseis recorded positive first 6 months with $5.1 million profit (7 cents per share), compared to profit of $6.8 million in the corresponding period in 2017.

Magseis boosted its headcount, compared to last year, reporting a total of 168 employees including a seismic crew of 73 as of June 30, 2018.

Subesa World News Staff

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