Norway: EMGS Reports Record Financial Results

EMGS, a company specializing in electromagnetic marine surveys, has announced record financial results, with quarterly revenues hitting a USD 57.8 million figure.

Highlights in the fourth quarter 2011 include record-high financial results:

Total revenues at USD 57.8 million for the quarter

EBITDA of USD 16.7 million

Net Income of USD 12.3 million

Multi-client basalt mapping survey in Norwegian Sea pre-funded by ExxonMobil

Successful start-up of USD 90 million Petrobras contract

European Patent Office ruled in favour of EMGS at final appeal level

EMGS and Schlumberger announced EM industry deal

Letter of Intent from Shell for 3D EM survey in Brunei

Subsequent important events:

EMGS and Schlumberger signed cooperative agreement

EM Leader mobilized for operations in Q1 2012

New Barents Sea multi-client 3D EM campaign launched

“We are proud to present our best ever quarterly and annual financial performance, with revenues, EBITDA and Net Income at an all-time high,” says Roar Bekker, EMGS chief executive officer. “As we mark EMGS’s 10th anniversary, I would like to take the opportunity to thank the EMGS team, customers, shareholders and suppliers for their commitment and support during our first decade. Together, we have established a strong platform to further develop the company and the EM market over the next decade.”

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Offshore Energy Today Staff, February 9, 2012; Image: EMGS