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EMGS reports 1Q20 results

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Oilfield Technology,

Electromagnetic Geoservices ASA has released its for 1Q20.


  • The company recorded revenues of US$11.3 million, up from US$10.8 million in 1Q19 and down from US$37.2 million in 4Q19.
  • Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of negative US$0.8 million, up from negative US$1.2 million in 1Q19.
  • The company increased its quarterly cost base, consisting of all operational costs including multi-client investments and vessel and office lease expenses, from US$12 million in 1Q19 to US$12.1 million in 1Q20.
  • Free cash decreased with US$3.7 million during 1Q20, to US$16 million.
  • During the quarter, the Atlantic Guardian completed a proprietary survey for Pemex in Mexico. Subsequently the Atlantic Guardian transited to Las Palmas in preparation for a proprietary survey which was eventually terminated. The Petrel Explorer commenced the fully prefunded multi-client survey in the Martin Linge area at the end of the quarter.

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