Photo: EMGS

EMGS loss widens on halved revenues

Norwegian geophysical services company EMGS has seen its second-quarter loss widened as revenues slipped almost 50 per cent

The Oslo-listed firm booked Q2 2020 loss of $6.6 million or 5 cents, versus loss of $2 million in Q2 2019.

Revenues for the quarter fell at $7.5 million from $14.5 million same time last year.

Quarter-on-quarter revenues fell from $11.3 million, while the net loss narrowed from $9.6 million.

Contract and other Q2 sales totaled $2.6 million, while multi-client sales amounted to $4.9 million.

Revenues for the first half of 2020 amounted to $18.8 million, compared with $25.3 million for the first half of 2019.

Impairment of long-term assets totaled $1.6 million in Q2 2020, while no expenses occurred same time last year.

The vessel utilisation for Q2 2020 was 23 per cent, versus 73 per cent in the corresponding quarter in 2019.

At the end of Q2 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 second quarter 2019 was $96.7 million.