Norwegian geophysical services company EMGS has booked its third loss this year as market continues to be very challenging for seismic players.
The Oslo-listed firm posted Q3 2020 loss of $4.2 million, versus profit of $5.1 million in Q3 2019.
Revenues for the quarter fell at $2.1 million from $26.9 million same time last year.
Year-to-date revenues decreased from $52.2 million at $21 million, while the net loss widened from $3 million at $20.4 million.
Contract and other Q3 sales totaled $2 million, while multi-client sales amounted to $0.1 million.
No impairment of long-term assets was recorded in this quarter, compared to USD 0.2 million in Q3 2019.
The vessel utilisation for Q3 2020 was 0 per cent, versus 73 per cent in the corresponding quarter in 2019.
At the end of Q3 2020, EMGS backlog was approximately $39.6 million of which $37.7 million is optional backlog that EMGS said is unlikely to materialise.
Backlog at the end of third quarter 2019 was $78.3 million.
Quarter-on-Quarter
In the second quarter of this year EMGS booked loss of $6.6 million or 5 cents, versus loss of 3 cents per share in Q3 2020.
Revenues for the second quarter were at $7.5 million.
Contract and other Q2 sales totaled $2.6 million, while multi-client sales amounted to $4.9 million.
The vessel utilisation for Q2 2020 was 23 per cent.