EMGS Narrows Losses

Electromagnetic Geoservices (EMGS) posted loss for the fourth-quarter 2016 of $15.1 million, improving from $24.1 million loss in the same period last year.

For 2016, the company reported loss of $52.1 million, against loss of $76.7 million in 2015.

EMGS generated revenues of $12.0 million in the fourth quarter 2016, down from $20.5 million in the fourth quarter 2015 and up from $4.5 million in the third quarter 2016.

Revenues for the full year 2016 came at $44.5 million, compared with $81.1 million a year ago.

The company reported vessel utilisation of 89 per cent for the fourth quarter of 2016. The vessel BOA Thalassa worked on contract in Malaysia, and Atlantic Guardian carried out multi-client projects in the Barents Sea.

“We continue to be challenged by a market in which cost controls, reduced spending and reduced activity take center stage. However, technology improvements, the cost reduction program and an overall organisational realignment, as announced over the course of the year, have put us in a much better position going forward,” said Christiaan Vermeijden, CEO of EMGS.

Subsea World News Staff