EMGS Reports Third Quarter 2020 Results

Source: www.gulfoilandgas.com 11/5/2020, Location: Europe

Electromagnetic Geoservices ASA's financial report and market presentation for the third quarter of 2020 are attached.

Highlights:
* The Company recorded revenues of USD 2.1 million, down from USD 26.9 million in the third quarter of 2019 and down from USD 7.5 million in the second quarter of 2020.

* Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of negative USD 1.2 million, down from USD 11.6 million in the third quarter of 2019.

* Free cash decreased with USD 5.5 million during the quarter, to USD 4.3 million.


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