First quarter results 2011
(Thomson Reuters ONE) -
Highlights in the first quarter 2011:
* Total revenues at USD 21.5 million for the quarter
* Negative EBITDA of USD 3.3 million
* Awarded contract of USD 8.5 million offshore Mozambique
* Awarded USD 12.5 million Red Sea contract
* Conversion of USD 5 million bond loan to shares
Subsequent important events:
* Third crew mobilised
* Fugro converted NOK 150 million bond loan to shares
* Major international oil company has joined EMGS and Shell in Joint Industry
Project (JIP)
* Successful completion of NOK 250 million unsecured bond issue
Roar Bekker, EMGS chief executive officer, commented: "The progress we have made
during the first quarter has laid the foundation for what looks to be a good
year for EMGS. Our backlog remains strong, and with three high-capacity vessels
in operation and productivity improvements on the PEMEX contract, we are on
track to deliver positive net income for the financial year."
The full first quarter report and presentation can be downloaded 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
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 500 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 Stavanger, 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.
First quarter report 2011:
http://hugin.info/137402/R/1517066/453529.pdf
First quarter presentation 2011:
http://hugin.info/137402/R/1517066/453530.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#1517066]
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 54820
Anzahl Zeichen: 3222
contact information:
Town:
Trondheim
Kategorie:
Business News
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"First quarter results 2011"
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