Norwegian geophysical services company EMGS has returned to profit as revenues hiked more than fourfold for the period ended September 30, 2019.
The Oslo-listed company reported profit for Q3 2019 of $5.1 million or 4 cents per share, versus loss of $11.2 million in Q3 2018.
Revenues for the quarter rose at $26.9 million from $6 million in Q3 2018. Quarter-on-quarter revenues also increased from $14.5 million. Contract and other sales totaled $21.3 million, while multi-client sales amounted to $5.7 million.
The vessel utilisation for Q3 2019 was 73 percent compared with 29 percent in the corresponding quarter in 2018.
At the end of Q3 2019, EMGS backlog was approximately $78 million, versus backlog of $3.5 million same time last year.
For the nine months EMGS booked net loss of $2.9 million on revenue of $52.2 million, compared with net loss of $29.4 million on revenues of $18.2 million in the nine months of 2018.
Subsea World News Staff