Magseis Fairfield Reports Q1 Loss

Seabed seismic services player Magseis Fairfield has posted loss in the first quarter of 2019.

The Oslo-listed company has seen its revenue at USD 120 million, up from USD 25 million same time last year (excluding Fairfield and WGP Group revenue).

First-quarter EBITDA came at 16 million, against EBITDA of $10.3 million in Q1 2018.

The company booked quarterly loss of $6.4 million or 4 cents per share, versus profit of USD 5.6 million or 8 cents per share in the prior-year quarter.

Magseis Fairfield generated revenue of USD 120 million in the first full quarter after the business combination of Magseis and Fairfield in the fourth quarter last year. The first part of the year has been active. So far this year we have completed four contracts and started up five new data acquisition contracts, and successfully delivered the second shipment under the large MASS I node sales contract we entered into last year,” says CEO Per Christian Grytnes in Magseis Fairfield.

Magseis Fairfield reported headcount of 625 employees including contractors but excluding seismic crew of 155.