Market Overview

EMGS: Third quarter results 2012


Highlights in the third quarter 2012
  • Total revenues at USD 43.2 million for the quarter
  • EBITDA of USD 7.3 million
  • Net loss of USD 5.8 million
  • USD 20 million contract awarded in Asia
  • PEMEX data acquisition successfully completed
  • Expanding the addressable market through proof of concept surveys
Subsequent important events:
  • West of Shetland and Norwegian Sea basalt mapping project fully pre-funded
  • New 3D EM data acquisition project in Brazil
"Compared to the previous quarters, the third quarter is disappointing financially. However, we are on track to deliver the best-ever annual results in the company's history. The fundamental demand for EM services remains strong and we expect to see continued profitable revenue growth in 2013," says Roar Bekker, EMGS chief executive officer.
 
The full third quarter report and presentation can be downloaded by clicking on the links below.
 
Contact
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Chris Guldberg, EMGS Head of PR/IR, +47 73 56 88 10 / +47 92 81 07 07
 
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 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.
 
EMGS has conducted more than 650 surveys to improve drilling success rates across the world's mature and frontier offshore basins. The company operates on a worldwide basis with main offices in Trondheim, Stavanger and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com for more information.
 
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.






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Source: EMGS via Thomson Reuters ONE

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