Magseis Returns to Profit

Norwegian seabed seismic services player, Magseis, has bounced back in black in the first quarter 2017 on higher revenues backed by its Red Sea campaign.

The Oslo-listed company has seen its revenues at USD 21 million, up from USD 18 million same time last year. The Q1 2017 revenues is a result of the Saudi Aramco survey.

Fourth-quarter EBITDA came at USD 8.3 million, against EBITDA of USD 1.6 million in Q1 2016.

The company booked quarterly profit of about USD 3.5 million or 6 cents per share, versus loss of USD 3.9 million or 13 cents per share in the prior-year quarter.

Magseis has also raised USD 40 million of new equity to finance its planned expansion.

Anfar Invest is the company’s largest shareholder with 10 percent, followed by Westcon Group AS with 8 percent and Geo Innova with 7.6 percent.

As of March 31, 2017, Magseis reported a total of 85 employees including a seismic crew of 46.

Subesa World News Staff