EMGS Electromagnetic GeoServices AS

EMGS: Board of directors approves audited financial statements and annual report for 2019

EMGS: Board of directors approves audited financial statements and annual report for 2019

The board of directors of Electromagnetic Geoservices ASA (“EMGS” or the “Company”) has today approved EMGS’ 2019 annual financial statements and annual report.



There are no material changes to the financial statements compared to the preliminary and unaudited full year results presented by the Company on 6 February 2020. The 2019 audit opinion from the Company’s auditor, EY, is without qualifications. However, it includes an emphasis of matter related to material uncertainty pertaining to the going concern assumption. For further details regarding the going concern assumption, please refer to the annual report.

As further described as subsequent events in the annual report, based on the recent market and operational developments the Company has resolved to make the following two impairments in the first quarter of 2020:

*The book value of the multi-client library has been impaired by USD 0.8 million, due to a reduction in expected future revenue.

*The book value of the DeepBlue system has been reduced from USD 22.5 million at year end 2019 to USD 16.8 million at end of the first quarter of 2020.



EMGS’ annual report for 2019 is enclosed to this stock exchange notification.



Contact

Anders Eimstad, EMGS Interim Chief Financial Officer,



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 exploration experts a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.



For more information, visit

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachment

EN
30/04/2020

Underlying

EMGSElectromagnetic GeoServices AS

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Electromagnetic GeoServices AS

 PRESS RELEASE
Free
EMGS Electromagnetic...

EMGS: Notice of Annual General Meeting

EMGS: Notice of Annual General Meeting Notice is hereby given of the annual general meeting of Electromagnetic Geoservices ASA ("EMGS" or the "Company"). The annual general meeting will be held at the Company's offices in Karenslyst Allé 4, 4(th) floor, 0278 Oslo, Norway on 19 June 2025 at 12:00 CEST. The calling notice is attached to this stock exchange notification, and will, together with all appendixes, the Company's annual report for 2024, and the remuneration report for 2024 be published on the Company's webpage ContactAnders Eimstad, Chief Financial Officer, About EMGSEMGS, the m...

May 28, 2025 1 EN
 PRESS RELEASE
Free
EMGS Electromagnetic...

EMGS reports first quarter 2025 results

EMGS reports first quarter 2025 results Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the first quarter of 2025 are attached. Summary: * The Company recorded revenues of USD 10.0 million, up from USD 0.2 million in the first quarter of 2024 and up from USD 9.7 million in the fourth quarter of 2024. * Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 2.0 million, up from negative USD 3.8 million in the first quarter of 2024.* Free cash decreased with USD 3.1 million during th...

May 13, 2025 1 EN
 PRESS RELEASE
Free
EMGS Electromagnetic...

EMGS: Result of Written Resolution of Bondholders

EMGS: Result of Written Resolution of Bondholders Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 6 May 2025 pertaining to EMGS’ proposal to extend the maturity date for, and amend certain terms of, the Company’s outstanding bond issue Elec ASA 18/25 FRN USD FLOOR STEP C CONV (“EMGS03”). EMGS has today been notified by Nordic Trustee AS, as trustee for EMGS03, that the proposed resolution has been resolved and adopted. The notice from the written bondholders' resolution is attached to this release. ContactAnde...

May 7, 2025 1 EN
 PRESS RELEASE
Free
EMGS Electromagnetic...

EMGS: Summons for written resolution in relation to Elec ASA 18/25 FRN...

EMGS: Summons for written resolution in relation to Elec ASA 18/25 FRN USD FLOOR STEP C CONV Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 6 May 2025 regarding the Siem Day transaction, including the information therein regarding a proposed extension of the maturity date for Elec ASA 18/25 FRN USD FLOOR STEP C CONV (“EMGS03”) as well as certain other proposed amendments to the bond terms related to the transaction. Attached hereto is a summons for a written resolution by the bondholders in EMGS03. The propo...

May 6, 2025 1 EN
 PRESS RELEASE
Free
EMGS Electromagnetic...

EMGS: Establishes new business platform within Subsea Construction thr...

EMGS: Establishes new business platform within Subsea Construction through vessel acquisition – no equity required Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce a significant step in the Company’s strategic development through the establishment of a new business platform within the offshore subsea construction market. EMGS has entered into a set of agreements for a transaction (the “Transaction”) whereby a newly formed subsidiary of the Company will acquire the OSCV Siem Day (the “Vessel”) from Siem Day II AS (the “Seller”). The Siem Day, built in 2013 by...

May 6, 2025 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch