EMGS Sees More Red Ink

Norwegian geophysical services company EMGS has slipped deeper into the red when compared to fourth-quarter 2017, despite revenues growth of some 24 percent.

The Oslo-listed company reported net loss for the quarter ended December 31, 2018 of $7.1 million or 5 cents per share, versus loss of $6.2 million in Q4 2017.

Revenues for the quarter rose at $13.4 million from $10.8 million in Q4 2017. Quarter-on-quarter revenues increased some 123 percent. Contract and other sales totaled $7.0 million, while multi-client sales amounted to $6.4 million.

For the twelve months of 2018, EMGS has seen revenues drop 7 percent from $33.9 million in 2017.

Full-year 2018 result was negative with net loss widened from $23.2 million in 2017 at $36.6 million.

At the end of Q4 2018, EMGS backlog was $3.3 million, versus backlog of $3.2 million same time last year.

Subsea World News Staff