Based on preliminary and unaudited results, EMGS expects to report third quarter revenues of approximately USD 42 million and EBITDA of approximately USD 7 million. This is below market expectations mainly due to lower-than-expected multi-client sales, the previously announced cancellation of a USD 7 million contract in Asia and proof of concept surveys designed to expand the application of 3D EM into new market segments.
EMGS lowers its revenue guidance from USD 215 - 230 million to USD 210 million for the full financial year 2012 in light of the preliminary third quarter results, the company's forecast for the fourth quarter and uncertainty regarding multi-client sales in the fourth quarter. The company maintains its full-year guidance of approximately 30% EBITDA margin.
EMGS will publish the full third quarter financial report on 15 November 2012 at 07:30 CET. The presentation will be held at Hotel Continental in Oslo and will be broadcasted live over the Internet from 08:30 CET.
Contact
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
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, 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 650 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, Stavanger 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.