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.

Highlights:
- 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.


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