EMGS Cuts Losses

Norwegian geophysical services company EMGS has halved its quarterly loss as revenues more than doubled for the period ended March 31, 2019.

The Oslo-listed company reported net loss for Q1 2019 of $6 million or 5 cents per share, versus loss of $12 million in Q1 2018.

Revenues for the quarter rose at close to $11 million from $4.3 million in Q1 2018. Quarter-on-quarter revenues fell from $13.4 million. Contract and other sales totaled $3.1 million, while multi-client sales amounted to $6.9 million.

The vessel utilisation for Q1 2019 was 11 percent compared with 37 percent in the corresponding quarter in 2018.

At the end of Q1 2019, EMGS backlog was approximately $25 million, versus backlog of $3.2 million same time last year.

Subsea World News Staff