Loss Widens for EMGS

Norwegian geophysical services company EMGS has slipped deeper into the red when compared to third-quarter 2017, with revenues down some 44 percent and net loss widened by 10.8 million.

The Oslo-listed company reported net loss for the quarter ended September 30, 2018 of $11.2 million or 9 cents per share, versus loss of $0.4 million in Q3 2017.

Revenues for the quarter fell short at $6 million from $10.7 million in Q3 2017. Quarter-on-quarter revenues decreased some 24 percent. For the first nine months of 2018, EMGS has also seen revenues drop 21 percent from $23.1 million in the first nine months of 2017.

First-nine-months net loss widened from $16.6 million in 2017 at $29.4 million.

The vessel utilization for Q3 2018 was 29 percent against 77 percent in the corresponding quarter in 2017. Year-to-date vessel utilization was 33 percent, down 85 percent for the same period last year.

At the end of Q3 2018, EMGS backlog was $3.5 million, versus backlog of $3.2 million same time last year.

“The quarter has been slow as reflected in the numbers. However, we were very pleased to announce the recent LOA for the work in South America and are encouraged by a number of opportunities that continue to develop in a positive direction,” said CEO of EMGS, Christiaan Vermeijden.

To remind, Christiaan Vermeijden handed in his resignation at the end of this quarter and his last employment date will be December 31, 2018.

Subsea World News Staff

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