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EMGS Reports Weaker Quarter

  • Business & Finance

Norwegian geophysical services company EMGS has recorded slightly lower results when compared to second-quarter 2017, with net loss widened by some 200K.

The Oslo-listed company reported net loss for the quarter ended June 30, 2018 of $6.2 million or 6 cent per share, versus loss of $6 million in Q2 2017. Sequentially, the result improved from net loss of $12.1 million or 13 cents per share.

Revenues for the quarter declined to $7.9 million from $8.3 million in Q2 2017. Quarter-on-quarter revenues increased some 84 percent. For the first six months of 2018, revenues fell 63 percent from $34 million in the first six months of 2017.

First-half net loss widened from $16 million in 2017 at $18 million.

The vessel utilisation for the second quarter 2018 was 31 percent against 85 percent in the corresponding quarter in 2017. For the first half of this year, the vessel utilisation was 34 percent, down 89 percent for the same period last year.

Subsea World News Staff

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