EMGS
Electromagnetic Geoservices ASA’s ("EMGS" or the "Company") financial report and market presentation for the fourth quarter of 2020 are attached.
Highlights:
* The Company recorded revenues of USD 4.0 million, down from USD 37.2 million in the fourth quarter of 2019 and up from USD 2.1 million in the third quarter of 2020.
* Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 0.6 million, down from USD 20.9 million in the fourth quarter of 2019.
* Free cash decreased with USD 0.1 million during the quarter, to USD 4.2 million.
* As of 2 February 2021, USD 7.3 million held in a pledge account has been released and is now moved from restricted cash to cash and cash equivalents. EMGS expect, upon reaching certain conditions, to issue a time-limited guarantee, secured by cash in a pledged account, in the amount of approximately USD 3.6 million.
* Subsequent to the end of the fourth quarter 2020, EMGS received payment in the amount of USD 3.9 million related to significantly past due receivables totalling USD 5.0 million as of 31 December 2020.
A recorded presentation will be available over the internet from 10:00 (local time Norway) today. To access the presentation, please go to the Company’s homepage (www.emgs.com) and follow the link.
Contact
Anders Eimstad, Chief Financial Officer, +47 94 82 58 36
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 the 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.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachments
To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About Globenewswire
Subscribe to releases from Globenewswire
Subscribe to all the latest releases from Globenewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Globenewswire
Zealand Pharma18.7.2025 18:30:00 CEST | Press release
Zealand Pharma major shareholder announcement: Van Herk Investments B.V.
SpringWorks Therapeutics, Inc.18.7.2025 17:30:40 CEST | Press release
European Commission Grants Conditional Approval of EZMEKLY® (mirdametinib) for the Treatment of Adult and Pediatric Patients with NF1-PN
Photocat A/S18.7.2025 17:00:00 CEST | Press release
PHOTOCAT has today applied for a transfer of its trading venue from Nasdaq First North Growth Market to Spotlight Stock Market.
Golden Ocean Group Limited18.7.2025 16:30:00 CEST | Press release
GOGL – Notice of Special General Meeting
Kapitalforeningen SDG Invest18.7.2025 16:06:31 CEST | Pressemeddelelse
Kapitalforeningen SDG Invest - Opdateret prospekt
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom