EMGS Narrows Q3 Loss on Revenue Boost
- Business & Finance
Norwegian geophysical services company EMGS posted loss for the third-quarter 2017 of $1.6 million, improving from $11.1 million loss in the same period last year.
The Oslo-listed company generated revenues of $10 million in the quarter ended September 2017, up 122 percent from $4.5 million in the corresponding period in 2016, but down from $10.6 million sequentially.
The company reported vessel utilisation of 77 per cent for the quarter. The vessel Atlantic Guardian mostly carried out multi-client projects in Norway. BOA Thalassa is expected to start a new charter in October this year.
Revenues for the first nine months of 2017 came at $24.6 million, compared with $32.6 million for the first nine months of 2016. Loss for the same period has been narrowed to $15.6 million, from $37.8 million in the same period last year. Revenue drop was caused by reduction in contract work, the company explained.
EMGS secured backlog of $3.3 million at the end of the Q3 2017, compared with a backlog of $5.0 million same time last year.
Subsea World News Staff