reports
EMGS awarded Contract for Survey in India
EMGS awarded Contract for Survey in India Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has signed a Contract with an undisclosed client for a CSEM survey in India.The survey is expected to have a contract value of approximately USD 10 million, including mobilization fee. The Atlantic Guardian is expected to commence transit from Norway in the fourth quarter of 2024. ContactAnders Eimstad, CFO, This information is published in accordance with the Norwegian Securities Trading Act § 5-12. About EMGSEMGS, the marine EM market leader, use...
EMGS reports third quarter 2024 results
EMGS reports third quarter 2024 results Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the third quarter of 2024 are attached. Summary: * The Company recorded revenues of USD 1.1 million, down from USD 1.6 million in the third quarter of 2023. * Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of negative USD 5.9 million, down from negative USD 0.7 million in the third quarter of 2023. * Free cash increased with USD 7.4 million during the quarter, to USD 13.2 million. A pre-rec...
EMGS – Vessel activity and multi-client sales update for the third qua...
EMGS – Vessel activity and multi-client sales update for the third quarter 2024 Electromagnetic Geoservices ASA (the “Company” or “EMGS”) releases information on vessel activity and multi-client sales during the quarter approximately 4-5 working days after the close of each quarter. The Company defines vessel utilisation as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate. At the end of the third quarter 2024 the ...
EMGS reports second quarter 2024 results
EMGS reports second quarter 2024 results Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the second quarter of 2024 are attached. Summary: * The Company recorded revenues of USD 13.8 million, up from USD 0.2 million in the second quarter of 2023 and up from USD 0.2 million in the first quarter of 2024. * Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 7.0 million, up from negative USD 1.8 million in the second quarter of 2023. * Free cash decreased with USD 2.8 million d...
EMGS: Additional prefunding related to previously announced projects
EMGS: Additional prefunding related to previously announced projects Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 8 July 2024 wherein EMGS announced that the Company had entered into an agreement for a fully-prefunded Ocean Bottom Node (OBN) seismic survey in the Barents Sea. EMGS is pleased to announce that it has secured an additional USD 0.5 million of prefunding related to the OBN survey. Following this additional prefunding, the total contract value, prior to revenue share, is approx. USD 1.5 million....
EMGS – Vessel activity and multi-client sales update for the second qu...
EMGS – Vessel activity and multi-client sales update for the second quarter 2024 Electromagnetic Geoservices ASA (the “Company” or “EMGS”) releases information on vessel activity and multi-client sales during the quarter approximately 4-5 working days after the close of each quarter. The Company defines vessel utilisation as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate. At the end of the second quarter 2024 th...
EMGS Partners with Velocitas Geo Solutions for OBN Seismic Survey in N...
EMGS Partners with Velocitas Geo Solutions for OBN Seismic Survey in Norway Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that it has entered into an agreement for a fully pre-funded Ocean Bottom Node (OBN) seismic survey in the Barents Sea. This survey, which will be undertaken in collaboration with Velocitas Geo Solutions, marks EMGS' first venture into seismic node projects. The survey, set to commence in the third quarter of 2024, will be conducted using the Atlantic Guardian and is expected to take approximately two weeks to complete. The total con...
EMGS secures prefunding for multi-client acquisition in Norway
EMGS secures prefunding for multi-client acquisition in Norway Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has entered into a prefunding agreement related to a multi-client acquisition in the North Sea. The revenue will be USD 1.4 million and will be acquired as part of the current NCS campaign. Contact Anders Eimstad, CFO, This information is published in accordance with the Norwegian Securities Trading Act § 5-12. About EMGS EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology...
EMGS reports prefunding for multi-client acquisition in Norway
EMGS reports prefunding for multi-client acquisition in Norway Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has entered into a prefunding agreement related to multi-client acquisition in the Barents Sea. The scope of the survey has not yet been defined but represents a minimum commitment of USD 2.0 million. The fully prefunded multi-client survey is expected to commence in the third quarter of 2024. Contact Anders Eimstad, CFO, This information is published in accordance with the Norwegian Securities Trading Act § 5-12. About ...
EMGS secures pre-funded multi-client surveys in Norway
EMGS secures pre-funded multi-client surveys in Norway Electromagnetic Geoservices ASA ("EMGS" or the "Company") has entered into several agreements with Equinor and Partners for fully pre-funded multi-client survey acquisitions in the Barents Sea. The combined contracts have a total value of approximately USD 3.4 million. The first of the fully prefunded surveys is expected to commence in the third quarter of 2024, upon the Atlantic Guardian’s return from Brazil. Contact Anders Eimstad, CFO, This information is published in accordance with the Norwegian Securities Trading Act § 5-...
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 2024 at 11:00 CEST. The calling notice is attached to this stock exchange notification, and will, together with all appendixes, the Company's annual report for 2023, and the remuneration report for 2023 be published on the Company's webpage Contact Anders Eimstad, Chief Financial Officer, About EMGS EMGS, t...
EMGS secures late sales multi-client revenue
EMGS secures late sales multi-client revenue Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has entered into several late sales licencing agreements related to its existing Norwegian EM multi-client library, with a total combined revenue to the Company of approx. USD 1.3 million. The revenue is expected to be recognised in the second quarter of 2024. Contact Anders Eimstad, CFO, This information is published in accordance with the Norwegian Securities Trading Act § 5-12. About EMGS EMGS, the marine EM market leader, uses its prop...
EMGS reports first quarter 2024 results
EMGS reports first quarter 2024 results Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the first quarter of 2024 are attached. Summary: * The Company recorded revenues of USD 0.2 million, down from USD 5.0 million in the first quarter of 2023 and down from USD 1.1 million in the fourth quarter of 2023. * Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of negative USD 3.8 million, down from USD 2.4 million in the first quarter of 2023. * Free cash decreased with USD 1.6 million ...
EMGS – Annual report for 2023 - ESEF
EMGS – Annual report for 2023 - ESEF Reference is made to the stock exchange notice published by Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 17 April 2024, where EMGS published its audited financial statements and annual report for 2023. As noted by the Company in that stock exchange notification, the European Single Electronic Format (ESEF) 2023 annual report would be published on or about 19 April 2024. The ESEF file is attached to this stock exchange notification and will also be available on . Contact Anders Eimstad, Chief Financial Officer, This inf...
EMGS – Board of directors approves audited financial statements and an...
EMGS – Board of directors approves audited financial statements and annual report for 2023 The board of directors of Electromagnetic Geoservices ASA ("EMGS" or the "Company") has today approved EMGS' 2023 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 14 February 2024. EMGS' annual report for 2023 is enclosed to this stock exchange notification. The annual report will be published in European Single Electronic Format (ESEF) on or about Friday ...
EMGS: Vessel activity and multi-client sales update for the first quar...
EMGS: Vessel activity and multi-client sales update for the first quarter 2024 Electromagnetic Geoservices ASA (the “Company” or “EMGS”) releases information on vessel activity and multi-client sales during the quarter approximately 4-5 working days after the close of each quarter. The Company defines vessel utilisation as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate. At the end of the first quarter 2024 the C...
Letter of Intent results in fully prefunded multi-client survey in Nor...
Letter of Intent results in fully prefunded multi-client survey in Norway Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 9 February 2024, wherein EMGS announced that the Company had received a Letter of Intent from Equinor for a fully prefunded multi-client survey in the North Sea. The Company is pleased to announce that the survey has now been awarded, with a contract value of approximately USD 2.0 million. The fully prefunded survey is expected to commence early March 2024. Contact Anders Eimstad, CFO, ...
EMGS reports fourth quarter 2023 results
EMGS reports fourth quarter 2023 results Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the fourth quarter of 2023 are attached. Highlights: * The Company recorded revenues of USD 1.1 million, down from USD 15.2 million in the fourth quarter of 2022 and down from USD 1.6 million in the third quarter of 2023. * Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of negative USD 1.7 million, down from USD 8.2 million in the fourth quarter of 2022. * Free cash decreased with USD 1.3 m...
EMGS receives Letter of Intent for fully prefunded multi-client survey...
EMGS receives Letter of Intent for fully prefunded multi-client survey in Norway Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has received a Letter of Intent from Equinor for a fully prefunded multi-client survey in the North Sea. The survey is expected to have a contract value of approximately USD 2.0 million. Subject to a binding contract being entered into, the fully prefunded survey is expected to commence early March 2024. Contact Anders Eimstad, CFO, This information is published in accordance with the Norwegian Securities...
EMGS: Fully prefunded multi-client project in Brazil
EMGS: Fully prefunded multi-client project in Brazil Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has been awarded a contract from Petrobras for a fully prefunded multi-client survey offshore Brazil. The survey is expected to start late March or early April 2024. The total contract value is approximately USD 11.7 million. CEO of EMGS, Bjørn Petter Lindhom, comments: “We are delighted to return to Brazil for EMGS’ first acquisition project offshore Brazil in almost 10 years. As 2023 marked a year with little acquisition activity for E...
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