Electromagnetic Geoservices ASA has released its for 1Q20.
Highlights
- 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.