Skip to main content

EMGS reports second quarter 2024 results

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the second quarter of 2024 are attached.

Summary:

* The Company recorded revenues of USD 13.8 million, up from USD 0.2 million in the second quarter of 2023 and up from USD 0.2 million in the first quarter of 2024.

* Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 7.0 million, up from negative USD 1.8 million in the second quarter of 2023.

* Free cash decreased with USD 2.8 million during the quarter, to USD 5.9 million.

* The Atlantic Guardian completed the acquisition of the fully prefunded multi-client survey in Brazil and started transiting towards Norway.

A pre-recorded presentation will be available over the internet from 21:00 (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.

Attachments

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.