Electromagnetic Geoservices ASA’s (EMGS) reported revenues of $61.3 million in the first quarter 2014, up from $44.6 million in the previous quarter and from $31.7 million in the first quarter last year.
Contract sales totaled $46.4 million, while multi-client sales were at $14.9 million this quarter. The Company had an EBITDA of $20.4 million and a net profit of $8.2 million.
The Company had two vessels operating on the contract for PEMEX in the quarter. The Company also completed a survey in Australia, started working on a $8.3 million contract for a new customer in Morocco and commenced its first major multi-client project in the US Gulf of Mexico.
“We are happy to deliver our best quarterly revenues so far. In addition, we are investing in future growth through new multi-client projects, including the most exciting multi-client area in the world; the US Gulf of Mexico,” says CEO of EMGS, Roar Bekker.
EMGS reiterates its guidance to deliver 2014 revenues of more than $200 million. The Company is investing in new and important multi-client libraries going forward and firmly believes that these investments will yield good returns and new investment opportunities for both 2014 and the years to come. In addition, recent agreements with regulating authorities, new customers, as well as increased interactions with both existing and potential new customers add to the Company’s positive outlook for 2015 and beyond.