EMGS Hikes Revenues

Norwegian geophysical services company EMGS has reduced its quarterly loss as revenues almost doubled for the period ended June 30, 2019.

The Oslo-listed company reported net loss for Q2 2019 of $2 million or 2 cents per share, versus loss of $6.2 million in Q2 2018.

Revenues for the quarter rose at $14.5 million from $7.9 million in Q2 2018. Quarter-on-quarter revenues also increased from $10.8 million. Contract and other sales totaled $10 million, while multi-client sales amounted to $4.5 million.

The vessel utilisation for Q2 2019 was 73 percent compared with 31 percent in the corresponding quarter in 2018.

At the end of Q2 2019, EMGS backlog was approximately $97 million, versus backlog of $6.7 million same time last year.

For the first six months EMGS booked net loss of $7.5 million on revenue of $25.3 million, compared with net loss of $18.2 million on revenues of $12.2 million in the first half of 2018.

Subsea World News Staff

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