EMGS : EMGS reports second quarter and first half year 2013 results

     EMGS : EMGS reports second quarter and first half year 2013 results

EMGS delivered revenues of USD 44.4 million in the second quarter 2013, up
from USD 31.7 million in the previous quarter and down from USD 57.1 million
in the corresponding period last year. USD 14.8 million of the revenues came
from multi-client sales. The Company had an EBITDA of USD 13.2 million and
reported a net loss of USD 1.6 million. During the quarter, EMGS refinanced
and issued a new unsecured bond loan of NOK 350 million.
"Although we are disappointed with our financial performance in the first half
of this year, we are encouraged by our significantly improved backlog, the
multi-client investments we have made in Brazil and the Barents Sea, as well
as strong multi-client late sales," says CEO of EMGS, Roar Bekker.
Through the quarter, EMGS secured a major contract with PEMEX worth USD 99.8
million. Further, EMGS secured a contract extension in Asia worth USD 15
million and entered into a cooperation agreement with TGS to develop joint
multi-client projects in north-western Europe.
Based on the results for the first half year, the high dependency of
multi-client late sales in the second half of 2013 as well as contract
opportunities which have been delayed to 2014, EMGS adjusts its revenue
guiding to USD 170- 200 million and widens its EBITDA margin range to 20-30%
for the full year. The Company's long-term outlook remains unchanged.
Please find the full report for the second quarter and first half year 2013
and the presentation of the results enclosed, or by clicking on the links
below.
Contacts
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Chris Guldberg, EMGS Head of PR/IR, +47 73 56 88 10 / +47 92 81 07 07
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM)
technology to support oil and gas companies in their search for offshore
hydrocarbons. EMGS supports each stage in the workflow, from survey design and
data acquisition to processing and interpretation. The company's services
enable integration of EM data with seismic and other geophysical and
geological information to give explorationists a clearer and more complete
understanding of the subsurface. This improves exploration efficiency, and
reduces risks and the finding costs per barrel.
EMGS has conducted more than 700 surveys to improve drilling success rates
across the world's mature and frontier offshore basins. The company operates
on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston,
USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com for more
information.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Second quarter presentation 2013
Second quarter report 2013

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Source: EMGS via Thomson Reuters ONE
HUG#1724293
 
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