EMGS Reports Second Quarter 2020 Results

Source: www.gulfoilandgas.com 7/23/2020, Location: Europe

Electromagnetic Geoservices ASA’s (EMGS) financial report and market presentation for the second quarter of 2020.

- The Company recorded revenues of USD 7.5 million, down from USD 14.5 million in the second quarter of 2019 and down from USD 11.3 million in the first quarter of 2020.

- Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of negative USD 2.0 million, down from USD 2.1 million in the second quarter of 2019.

- Free cash decreased with USD 6.2 million during the quarter, to USD 9.8 million.

- A renegotiated charter party agreement for the Atlantic Guardian has been agreed. Amongst other changes, as part of the renegotiated charter party agreement, the day rate applicable while the vessel is cold stacked (for a period not to exceed 12 months) is significantly reduced, leading to an aggregate reduction in the Company’s operational cost base for the period June through December 2020 of more than USD 1.5 million. The firm period of the charter party agreement is extended by 12 months, with a new expiry of the firm period in October 2022.

- During the quarter, the Petrel Explorer completed acquisition of two multi-client surveys on the Norwegian continental shelf. Following completion of these surveys, the vessel was demobilised and returned to the vessel owner. The Atlantic Guardian completed transit to Norway for cold stacking.

Botswana >>  4/26/2021 - Tlou Energy Limited is an ASX, AIM and BSE listed company focused on delivering power in Botswana and southern Africa through the exploration and deve...
Netherlands/Holland >>  4/26/2021 - First-quarter highlights
- Following the agreement to sell the Domestic Appliances business to global investment firm Hillhouse Capital, this b...

Australia >>  4/23/2021 - The Board of Red Emperor Resources NL provides the following commentary on its activities and an Appendix 5B for the quarter ended 31 March 2021. ...
Canada >>  4/22/2021 - Precision Drilling announces 2021 first quarter financial results:
- Revenue of $236 million was a decrease of 38% compared with the first quarte...

France >>  4/22/2021 - - Formation of Technip Energies on February 16, 2021
- Strong Q1 2021 performance with Adjusted Recurring EBIT Margin of 5.9%
- €6.5 billion...

Netherlands/Holland >>  4/22/2021 - Fugro shows margin resilience despite continued Covid-impact. Growth expected to resume in the course of the second quarter.

- Slightly im...

Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.