EMGS Reports Second Quarter 2022 Results

Source: www.gulfoilandgas.com 8/17/2022, Location: Europe

Electromagnetic Geoservices ASA’s (“EMGS”) Announces financial report and market presentation for the second quarter of 2022.

Highlights:

- The Company recorded revenues of USD 6.9 million, down from USD 9.4 million in the second quarter of 2021 and up from USD 6.2 million in the first quarter of 2022.
- Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 2.8 million, down from USD 4.6 million in the second quarter of 2021.
- Free cash increased with USD 3.4 million during the quarter, to USD 11.6 million.
- Atlantic Guardian time charter extended by one year to 20 October 2023.
- Subsequent to the end of the second quarter 2022, EMGS announced that the Company secured USD 3.8 million in uplifts related to the existing multi-client library in Norway. The Company also announced that it has secured USD 2.0 million in prefunding for a multi-client survey in East Canada as well as an acquisition contract with a maximum value of USD 11 million.
- The Atlantic Guardian is currently acquiring a proof-of-concept survey in the Mid-Atlantic Ridge related to marine mineral exploration.


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