EMGS reports first quarter 2022 results
May 19 2022 - 2:00PM
EMGS reports first quarter 2022 results
Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”)
financial report and market presentation for the first quarter of
2022 are attached.
Highlights:
* The Company recorded revenues of USD 6.2 million, up from USD
1.6 million in the first quarter of 2021 and up from USD 5.1
million in the fourth quarter of 2021. * Adjusted EBITDA (including
capitalised multi-client expenses and vessel and office lease
expenses) of USD 3.7 million, up from negative USD 1.5 million in
the first quarter of 2021. * Free cash decreased with USD 1.6
million during the quarter, to USD 8.2 million.
* Maturity date of the Company's Senior Unsecured Convertible
Bond (EMGS03) extended by 24 months to May 2025.
* Subsequent to the end of the first quarter 2022, EMGS
announced that the Company secured USD 2.8 million in prefunding
for two surveys in Norway.
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.
- Q1 EMGS 2022 Presentation
- Q1 2022 EMGS Report
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