EMGS reports fourth quarter 2021 results
February 02 2022 - 2:00PM
EMGS reports fourth quarter 2021 results
Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”)
financial report and market presentation for the fourth quarter of
2021 are attached.
Highlights:
* The Company recorded revenues of USD 5.1 million, up from USD
4.0 million in the fourth quarter of 2020 and down from USD 12.7
million in the third quarter of 2021. * Adjusted EBITDA (including
capitalised multi-client expenses and vessel and office lease
expenses) of USD 0.4 million, down from USD 0.7 million in the
fourth quarter of 2020. * Free cash decreased by USD 4.8 million
during the quarter (including USD 3 million used towards the
voluntary bond buy-back), to USD 9.9 million.
* EMGS completed a partial voluntary bond buy-back with a total
nominal value of USD 4.0 million.
* Subsequent to the end of the fourth quarter 2021, EMGS
proposed a 24-month extension of the maturity of the outstanding
convertible bond issue, from May 2023 to May 2025. The proposal,
which also includes a 100 bps adjustment to the interest margin,
has received indicative support from a sufficient majority of
bondholders
A pre-recorded presentation will be available over the internet
from 20:00 (local time Norway) today. To access the presentation,
please go to the Company’s homepage (www.emgs.com) and follow the
link. Contact Anders Eimstad, Chief Financial
Officer, +47 94 82 58 36 About EMGS EMGS, the
marine EM market leader, uses its proprietary electromagnetic (EM)
technology to support oil and gas companies in their search for
offshore hydrocarbons. EMGS supports each stage in the workflow,
from survey design and data acquisition to processing and
interpretation. The Company's services enable the integration of EM
data with seismic and other geophysical and geological information
to give explorationists a clearer and more complete understanding
of the subsurface. This improves exploration efficiency and reduces
risks and the finding costs per barrel. CSEM technology can also be
used to detect the presence of marine mineral deposits (primarily
Seabed Massive Sulphides) and EMGS believes that the technology can
also be used to estimate the mineral content of such deposits. The
Company is undertaking early-stage initiatives to position itself
in this future market.
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
- EMGS Q4 2021 Final
- Fourth quarter Report 2021 Final
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