publishes its results for the third quarter of 2021
The financial report and market presentation of Electromagnetic Geoservices ASA (âEMGSâ or the âCompanyâ) for the third quarter of 2021 are attached.
* The Company recorded revenues of $ 12.7 million, up from $ 2.1 million in the third quarter of 2020 and up from $ 9.4 million in the second quarter of 2021.
* Adjusted EBITDA (including capitalized multi-customer expenses and vessel and office rental expenses) of $ 7.6 million, compared to negative $ 1.2 million in the third quarter of 2020.
* Free cash flow increased by $ 1.5 million during the quarter to $ 14.7 million.
* EMGS has completed a voluntary partial buyback of bonds with a total face value of $ 4.0 million.
* EMGS wrote down $ 2.1 million held in Accendo Banco SA after regulators revoked their banking license.
* After the end of the third quarter of 2021, the chairman of the board of directors of EMGS resigned.
EMGS CEO BjÃ¸rn Petter Lindhom comments:
âThe third quarter was solid both in terms of sales and profitability and in terms of operational performance. Our cash flow remains strong.
As we currently work to plan for the 2022 acquisition season, we maintain our continued focus on delivering late sales from our extensive multi-client library, consulting and software services, and initiatives. regarding the positioning of the Company for the maritime future. mining exploration market.
A pre-recorded presentation will be available on the Internet from 8:00 p.m. local time in Norway today. To access the presentation, please go to the Company’s home page (www.emgs.com) and follow the link.
Anders Eimstad, CFO, +47 94 82 58 36
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to assist oil and gas companies in their search for offshore hydrocarbons. EMGS supports every step of 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 prospectors a clearer and more complete understanding of the subsoil. This improves exploration efficiency and reduces research risk and costs per barrel. CSEM technology can also be used to detect the presence of marine mineral deposits (mainly massive sulphides from the seabed) and EMGS believes that the technology can also be used to estimate the mineral content of these deposits. The Company is undertaking early initiatives to position itself in this future market.
This information is subject to disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Law.