EMGS reports second quarter and first half year 2013 results
(Thomson Reuters ONE) -
EMGS delivered revenues of USD 44.4 million in the second quarter 2013, up from
USD 31.7 million in the previous quarter and down from USD 57.1 million in the
corresponding period last year. USD 14.8 million of the revenues came from
multi-client sales. The Company had an EBITDA of USD 13.2 million and reported a
net loss of USD 1.6 million. During the quarter, EMGS refinanced and issued a
new unsecured bond loan of NOK 350 million.
"Although we are disappointed with our financial performance in the first half
of this year, we are encouraged by our significantly improved backlog, the
multi-client investments we have made in Brazil and the Barents Sea, as well as
strong multi-client late sales," says CEO of EMGS, Roar Bekker.
Through the quarter, EMGS secured a major contract with PEMEX worth USD 99.8
million. Further, EMGS secured a contract extension in Asia worth USD 15 million
and entered into a cooperation agreement with TGS to develop joint multi-client
projects in north-western Europe.
Based on the results for the first half year, the high dependency of multi-
client late sales in the second half of 2013 as well as contract opportunities
which have been delayed to 2014, EMGS adjusts its revenue guiding to USD
170- 200 million and widens its EBITDA margin range to 20-30% for the full year.
The Company's long-term outlook remains unchanged.
Please find the full report for the second quarter and first half year 2013 and
the presentation of the results enclosed, or by clicking on the links below.
Contacts
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 700 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 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.
Second quarter presentation 2013 :
http://hugin.info/137402/R/1724293/574742.pdf
Second quarter report 2013:
http://hugin.info/137402/R/1724293/574741.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: EMGS via Thomson Reuters ONE
[HUG#1724293]
Unternehmensinformation / Kurzprofil:
Datum: 22.08.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 289947
Anzahl Zeichen: 3776
contact information:
Town:
Trondheim
Kategorie:
Business News
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