Electromagnetic Geoservices (EMGS) said its loss deepened in the first quarter, ended March 31, 2016, as revenues slipped some 60% on continuously weak market.
The Oslo-listed company posted net loss of USD 15.5 million, compared to net los of USD 1.2 million in the same period in 2015. However, EMGS improved Quarter-on-quarter (QOQ), and narrowed its loss by some 35% from USD 24.1 milion in Q4 2015.
First-quarter revenues were USD 13 million, a drop from USD 32.3 million in the prior-year quarter and from USD 20.5 million QOQ. The Q1 turnover was only generated trough contract sales, mostly related to the project the company completed in India.
EMGS had two vessels in operation in Q1 2016, versus four vessels operating in Q1 2015. Vessel utilisation was 55% in the first quarter of 2016, compared to 76% a year earlier.
As of March 31, 2016, EMGS’ backlog was about USD 7 million, compared with a backlog of USD 23 million at the end of Q1 2015.
Subsea World News Staff