EMGS: reports third quarter 2021 results
10 Noviembre 2021 - 1:00PM
EMGS: reports third quarter 2021 results
Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”)
financial report and market presentation for the third quarter of
2021 are attached.
Highlights:
* The Company recorded revenues of USD 12.7 million, up from USD
2.1 million in the third quarter of 2020 and up from USD 9.4
million in the second quarter of 2021.
* Adjusted EBITDA (including capitalised multi-client expenses
and vessel and office lease expenses) of USD 7.6 million, up from
negative USD 1.2 million in the third quarter of 2020.
* Free cash increased with USD 1.5 million during the quarter,
to USD 14.7 million.
* EMGS completed a partial voluntary bond buy-back with a total
nominal value of USD 4.0 million.
* EMGS impaired USD 2.1 million held in Accendo Banco S.A after
regulators revoked their banking license.
* Subsequent to the end of the third quarter 2021, EMGS’
chairman of the board of directors stepped down.
CEO of EMGS, Bjørn Petter Lindhom, comments:
“The third quarter was strong both in terms of revenue and
profitability, and in terms of operational performance. Our cash
position remains strong.
While we are now working on planning for the 2022 acquisition
season, we maintain our continuous focus on delivering on
late-sales from our extensive multi-client library, consulting and
software services, and our initiatives with respect to positioning
the Company for the future marine minerals exploration market.”
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.
- Q3 2021 Report_Final
- EMGS 3rd Quarter Presentation
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