EMGS Sees More Red Ink

Norwegian geophysical services company EMGS has slipped deeper into the red when compared to fourth-quarter 2017, despite revenues growth of some 24 percent.

The Oslo-listed company reported net loss for the quarter ended December 31, 2018 of $7.1 million or 5 cents per share, versus loss of $6.2 million in Q4 2017.

Revenues for the quarter rose at $13.4 million from $10.8 million in Q4 2017. Quarter-on-quarter revenues increased some 123 percent. Contract and other sales totaled $7.0 million, while multi-client sales amounted to $6.4 million.

For the twelve months of 2018, EMGS has seen revenues drop 7 percent from $33.9 million in 2017.

Full-year 2018 result was negative with net loss widened from $23.2 million in 2017 at $36.6 million.

At the end of Q4 2018, EMGS backlog was $3.3 million, versus backlog of $3.2 million same time last year.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 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 1

OTC ASIA 2020

The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >

20th Annual Subsea Tieback Forum & Exhibition

Subsea Tieback’s firm foundation is its conference program.

read more >

Submarine Networks EMEA 2020

Submarine Networks World Europe brings together the executives developing the strategy…

read more >

Tech20: Subsea Robots

Tech20 features world-leading experts, exploring the latest tech trends, asking big questions and sharing big ideas…

read more >