Magseis Loss Grows

Norwegian ocean bottom seismic specialist, Magseis, has reported net loss of USD 11 million or USD 0.37 per share in the fourth quarter 2015, compared to USD 4.1 million (0.15) net loss year-on-year, and net loss of USD 0.3 million during Q3 2015.

The Oslo-listed company has seen its revenue drop to USD 5.5 million compared to USD 12.8 million during Q3 2015 and USD 11.7 million same time last year.

Revenue for the year 2015 was USD 40.7 million compared to USD 56.6 in 2014. The reduced revenue in 2015 is mainly a result of mobilisation time incurred for Artemis Athene to the Read Sea and Malaysia.

Full-year EBITDA came at a negative USD 2.3 million, against USD 5 million in 2014. Loss in 2015 widened by 207 per cent to USD 16.3 million, versus USD 5.4 million for the year 2014.

“Our full-year figures with revenue of USD 40.7 million and EBITDA of USD -2.3 million are well below our expectations and reflect a challenging year in which utilisation during Q1 and Q4 was weak,” said Ivar Gimse, Magseis CEO.

As at December 31, 2015, Magseis had a total of 77 full-time employees including a seismic crew of 42.

Westcon Group AS has remained the company’s largest shareholder with 17.9 per cent, now followed by Anfar Invest with 12.8 per cent.

Subsea World News Staff

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