EMGS reports second quarter 2022 results
August 17 2022 - 2:00PM
EMGS reports second quarter 2022 results
Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”)
financial report and market presentation for the second quarter of
2022 are attached.
Highlights:
* The Company recorded revenues of USD 6.9 million, down from
USD 9.4 million in the second quarter of 2021 and up from USD 6.2
million in the first quarter of 2022. * Adjusted EBITDA (including
capitalised multi-client expenses and vessel and office lease
expenses) of USD 2.8 million, down from USD 4.6 million in the
second quarter of 2021. * Free cash increased with USD 3.4 million
during the quarter, to USD 11.6 million.
* Atlantic Guardian time charter extended by one year to 20
October 2023.
* Subsequent to the end of the second quarter 2022, EMGS
announced that the Company secured USD 3.8 million in uplifts
related to the existing multi-client library in Norway. The Company
also announced that it has secured USD 2.0 million in prefunding
for a multi-client survey in East Canada as well as an acquisition
contract with a maximum value of USD 11 million.
* The Atlantic Guardian is currently acquiring a
proof-of-concept survey in the Mid-Atlantic Ridge related to marine
mineral exploration.
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 Q2 2022 final
- Q2 2022 EMGS Report
Electromagnetic Geoservi... (LSE:0J5B)
Historical Stock Chart
From Jun 2024 to Jul 2024
Electromagnetic Geoservi... (LSE:0J5B)
Historical Stock Chart
From Jul 2023 to Jul 2024