Second quarter results 2011
(Thomson Reuters ONE) -
Highlights in the second quarter 2011:
* Total revenues at USD 47.6 million for the quarter
* EBITDA of USD 16.5 million
* Third crew mobilised and in operation from 8 May
* NOK 150 million bond loan from Fugro converted to shares
* Major international oil company joined EMGS and Shell in Joint Industry
Project (JIP)
* Successful completion of NOK 250 million unsecured bond issue with maturity
in May 2014
* High-resolution Barents Sea survey awarded by Statoil
Subsequent important events:
* USD 20 million callable bond repaid in July
* EMGS awarded USD 90 million contract by Petrobras
Roar Bekker, EMGS chief executive officer, commented: "We are delighted to
present our best-ever quarterly financial performance. Today's results, along
with our record-high backlog and the increasing demand we are witnessing for our
services, puts us in a strong position to continue growing the EM market in a
profitable and sustainable manner."
The full second 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
Chris Guldberg, EMGS PR/IR manager, +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 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.
Second quarter report 2011:
http://hugin.info/137402/R/1541083/471321.pdf
Second quarter presentation 2011:
http://hugin.info/137402/R/1541083/471322.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#1541083]
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 59111
Anzahl Zeichen: 3316
contact information:
Town:
Trondheim
Kategorie:
Business News
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"Second quarter results 2011"
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