EMGS reports second quarter 2023 results
16 Agosto 2023 - 1:00PM
EMGS reports second quarter 2023 results
Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”)
financial report and market presentation for the second quarter of
2023 are attached.
Highlights:
* The Company recorded revenues of USD 0.2 million, down from
USD 6.9 million in the second quarter of 2022 and down from USD 5.0
million in the first quarter of 2023. * Adjusted EBITDA (including
capitalised multi-client expenses and vessel and office lease
expenses) of negative USD 1.8 million, down from USD 2.8 million in
the second quarter of 2022. * Free cash decreased with USD 0.8
million during the quarter, to USD 13.5 million.
* The Atlantic Guardian was in warm-stack for the entire
quarter.
A pre-recorded presentation will be available over the internet
from 20:00 (local time Norway) today. To access the presentation,
please go to the Company’s homepage (www.emgs.com) and follow the
link. Contact Anders Eimstad, Chief Financial
Officer, +47 94 82 58 36 About EMGS EMGS, the
marine EM market leader, uses its proprietary electromagnetic (EM)
technology to support oil and gas companies in their search for
offshore hydrocarbons. EMGS supports each stage in the workflow,
from survey design and data acquisition to processing and
interpretation. The Company's services enable the integration of EM
data with seismic and other geophysical and geological information
to give explorationists a clearer and more complete understanding
of the subsurface. This improves exploration efficiency and reduces
risks and the finding costs per barrel. CSEM technology can also be
used to detect the presence of marine mineral deposits (primarily
Seabed Massive Sulphides) and EMGS believes that the technology can
also be used to estimate the mineral content of such deposits. The
Company is undertaking early-stage initiatives to position itself
in this future market.
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
- EMGS Q2 2023 presentation
- Q2 2023 Report
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