EMGS reports best quarterly revenues so far

Electromagnetic Geoservices ASA has 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 USD 46.4 million, while multi-client sales were at USD 14.9 million this quarter. The Company had an EBITDA of USD 20.4 million and a net profit of USD 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 USD 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 USD 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.

Press Release, May 08, 2014

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply