EMGS, the pioneer in seabed logging technology, experienced further improvements in operations from the previous quarter. Revenues increased by 28 per cent from previous quarter and were USD 48.4 million for the third quarter. The EBITDA increased to USD 8.8 million. The corresponding figures for the first three quarters were USD 112.1 million and USD 1.3 million.
EMGS increased the fleet by adding one more vessel in September. Due to a more favorable fleet allocation and improved operational performance EMGS managed to increase the utilization to 71 per cent, compared with 63 per cent in the previous quarter.
Highlights third quarter 2007
* Record quarterly revenues
* Improved operational efficiency and margins
* Seabed logging contract worth USD 10 million off Canada from super-major
* Capacity increased and growth opportunities secured through:
- a significant expansion in data processing capacity in the existing computer cluster
- a new high-efficiency vessel in service from September
- employment of a number of new high-quality specialists
* Developing interest in new scanning product
Please see the full report and presentation for third quarter 2007 by clicking on the hyperlinks below.
For further information visit www.emgs.com, or contact:
Terje Eidesmo
CEO
E-mail: tee@emgs.com
Phone: +47 73 56 88 10
Svein T. Knudsen
CFO
E-mail: sk@emgs.com
Phone: +47 22 42 81 00
About EMGS
EMGS is the market leader in deep electromagnetic (EM) imaging. The company spawned the EM imaging industry in 2002 with the commercialisation of seabed logging, a proven exploration method that uses EM energy to find offshore hydrocarbons without drilling wells. This proprietary and patented technology has been developed over the past 10 years, and its ability to indicate hydrocarbons directly is enabling EMGS' customers to dramatically improve their exploration performance in frontier and mature provinces. EMGS employs over 250 people from three main offices in Trondheim, Norway; Houston, USA; and Kuala Lumpur, Malaysia. The company operates the world's largest seabed-logging vessel fleet, and has, since its incorporation in 2002, conducted more than 300 surveys for many of the world's leading energy companies.
