EMGS Out of Red

Electromagnetic Geoservices (EMGS) has pulled back to profit in the third quarter due to high revenue from contracts and data sales.

The Trondheim based, EMGS totaled $29.8 million in contract sales, for this quarter, while multi-client sales were at $11.9 million.

The Company had an EBITDA of $11.0 million and a profit of $7.0 million, coming back from a $2.5 million net loss in Q2 2014, and compared to $12.2 million loss same time last year.

EMGS generated $41.7 million in revenues for the third quarter 2014 (Q3), compared to Q2 $42.5 million and 61.3 million in the first quarter this year.

However, EMGS recorded a year-over-year jump in revenues from $23.6 million, which is an improvement of approximately 77 percent.

Revenues for this part of the year came in at $145.5 million, compared with $99.7 million for the corresponding period last year.

According to the company, despite the negative sentiment and the current challenges in the oil service industry, EMGS maintains its guidance to deliver full year 2014 revenues of more than $200 million.

CEO of EMGS, Roar Bekker, commented: “We are off to a good start in Asia and executing on our plan for this region, where we intend to stay throughout 2015. Our multi-client library in the Barents Sea continues to yield good returns and we expect to see strong late sales towards the end of the year. In addition, we are engaged in numerous negotiations and project plans which will increase visibility into 2015.”

Subsea World News Staff