EMGS Delivers Annual Revenue Growth of 16 Percent (Norway)

EMGS, the marine EM market leader, which uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons, has announced yesterday the full year and fourth quarter results 2012.

The highlights in the fourth quarter 2012 were revenues of USD 200.8 million, EBITDA of USD 55.9 million and net profit of USD 11.9 million.

The Q4 Financial results were revenues at USD 45.0 million, EBITDA of USD 10.1 million and net loss of USD 0.7 million.

Other highlights in 2012 were the Petrobras contract extension worth USD 12 million (awarded and executed), USD 7 million contract awarded by Shell in Malaysia and a three-year global frame agreement signed with Shell.

The Company also received Letters of Intent from two new customers for contracts totalling 10 weeks of data acquisition in Asia, as well as a Letter of Award received for a contract totalling approximately six months of data acquisition for the BOA Thalassa in Asia.

“Although earnings fell short of our expectations for the second half of 2012, we have delivered annual revenue growth of 16% with continued strong margins for the full financial year 2012. We have also made strategically important investments in new technology, product development and a rapidly growing multi-client data library. This provides a good foundation for further growth in 2013 and beyond,” said Roar Bekker, CEO of EMGS.

[mappress]

February 7, 2013