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Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the first quarter of 2021 are attached.
* The Company recorded revenues of USD 1.6 million, down from USD 11.3 million in the first quarter of 2020 and down from USD 4.0 million in the fourth quarter of 2020.
* Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of negative USD 1.5 million, down from negative USD 0.8 million in the first quarter of 2020.
* Free cash increased with USD 7.9 million during the quarter, to USD 12.1 million.
* Subsequent to the end of the first quarter 2021, EMGS completed the multi-client project in Mexico and has commenced transit to Southeast Asia.
A pre-recorded presentation will be available over the internet from 20:00 (local time Norway) today. To access the presentation, please go to the Company’s homepage (www.emgs.com) and follow the link.
Anders Eimstad, Chief Financial Officer, +47 94 82 58 36
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