EMGS Reports 2Q and 1H 2014 Results

By Joseph R. Fonseca
Thursday, August 21, 2014
CEO of EMGS, Roar Bekker

 

Electromagnetic Geoservices ASA's (EMGS) reported revenues of USD 42.5 million in the second quarter 2014, down from USD 61.3 million in the first quarter this year and from USD 44.4 million in the corresponding quarter last year. Contract sales totaled USD 35.5 million, while multi-client sales were at USD 7.0 million this quarter. The Company had an EBITDA of USD 10.9 million and a net loss of USD 2.5 million.
 

Revenues for the first half year 2014 came in at USD 103.8 million, compared with USD 76.1 million for the corresponding period last year. The increase in revenues is related to more contract work this year.
 
The Company had two vessels operating in Norway in the quarter, of which one vessel acquired 3D EM data in the Barents Sea under the Company's joint multi-client project with TGS. In addition, one vessel where operating for PEMEX, before going into a planned yard stay, while the fourth vessel, the EM Leader, spent the full quarter acquiring data under the multi-client project called Daybreak in the US Gulf of Mexico.
 
"We have been awarded a multiple of contracts with new and existing customers in Norway this quarter, demonstrating a positive trend for adoption of our EM technology. Going forward, we are optimistic about increasing the visibility by securing additions to our backlog during the second half of this year," says CEO of EMGS, Roar Bekker.
 
On 19 August EMGS settled the NOK 75 million convertible bond loan to North Energy. The Company will receive NOK 46.6 million in cash and converted NOK 28.4 million of the loan into 6,851,463 shares in North Energy, at a strike price of NOK 4.1451. After the transaction, EMGS holds 11,851,463 shares in North Energy, representing 9.96%.  In addition, the Company receives interest of a total of NOK 2.4 million.
 
EMGS maintains its guidance to deliver full year 2014 revenues of more than USD 200 million.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

NYK Line Joins PNW West Coast Metro Pool

Effective October 20, 2014, NYK Line has become a member of the PNW West Coast Metro Pool (WCMP) operated by Trac Intermodal. The WCMP operates chassis at all major marine terminals,

ISS Manages Heavy-lift Project at Port of Mombasa

Inchcape Shipping Services (ISS) announced it has completed another complex heavy-lift project in Africa, this time at the Port of Mombasa in Kenya. ISS was

News

Video: USCG Medevacs Navy Sailor off Virginia

The U.S. Coast Guard (USCG) medevaced a man Wednesday from a Navy vessel off the Virginia coast after watchstanders at Coast Guard Sector Hampton Roads in Portsmouth

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

New Research Vessel Delivered on the Great Lakes

The new oceanographic research and fisheries assessment vessel, Arcticus, completed her sea trials and was delivered to the U.S. Geological Survey's Great Lakes Science Center on October 17.

Arctic Operations

Lavrov: No need for NATO in the Arctic

During the open lecture on Russia’s foreign policy, Foreign Minister Sergei Lavrov stated that he could see no need for NATO presence in the Arctic. ‘From time to time,

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

MEPC Approves Draft Polar Code

Draft Polar Code approved by IMO’s Marine Environment Protection Committee A key step on the way to a mandatory Polar Code for ships operating in Arctic and

Offshore Energy

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1900 sec (5 req/sec)