Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the third quarter of 2022 are attached.
Highlights:
* The Company recorded revenues of USD 6.6 million, down from USD 12.7 million in the third quarter of 2021 and down from USD 6.9 million in the second quarter of 2022.
* Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 1.4 million, down from USD 7.6 million in the third quarter of 2021.
* Free cash decreased with USD 0.2 million during the quarter, to USD 11.4 million.
* The Atlantic Guardian is currently acquiring a proprietary survey in Trinidad and Tobago for Woodside.
