Magseis sinks to red as revenues drop

Artemis Athene in the Red Sea; Image by Ivar Gimse, Magseis
Artemis Athene in the Red Sea; Image by Ivar Gimse, Magseis

The Norwegian seismic survey company Magseis sank to a loss during the second quarter of 2016 compared to a profit in the year-ago quarter as its revenues declined. 

The seismic player on Wednesday posted a net loss of $3.97 million for the 2Q 2016, compared to a profit of $1.6 million in the same period last year.

Further, the company’s revenues for the second quarter of 2016 totaled $7.7 million, a drop compared to $16.6 million in the prior-year quarter.

Magseis noted that all revenue was related to the Bokor survey performed for Petronas offshore Malaysia. The survey was completed in mid-May after which the company started mobiliziation for the Red Sea survey for Saudi Aramco. This survey officially started on July 30.

The company’s cost of sales during the quarter was $5.9 million, compared to $9.9 million in the corresponding period last year.

Offshore Energy Today Staff

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