Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the fourth quarter of 2020 are attached.
* The Company recorded revenues of USD 4.0 million, down from USD 37.2 million in the fourth quarter of 2019 and up from USD 2.1 million in the third quarter of 2020.
* Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 0.6 million, down from USD 20.9 million in the fourth quarter of 2019.
* Free cash decreased with USD 0.1 million during the quarter, to USD 4.2 million.
* As of 2 February 2021, USD 7.3 million held in a pledge account has been released and is now moved from restricted cash to cash and cash equivalents. EMGS expect, upon reaching certain conditions, to issue a time-limited guarantee, secured by cash in a pledged account, in the amount of approximately USD 3.6 million.
* Subsequent to the end of the fourth quarter 2020, EMGS received payment in the amount of USD 3.9 million related to significantly past due receivables totalling USD 5.0 million as of 31 December 2020.
A recorded presentation will be available over the internet from 10:00 (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