Photo: Courtesy: EMGS

EMGS posts third consecutive quarterly loss

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.

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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.