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EMGS Preliminary second quarter results for EMGS ASA indicate weaker revenues than current market consensus for the three months ended 30 June 2008. The company expects to report revenues in the range of USD 22 - 24 million.
The reduced revenues are caused by postponed licensing rounds in India and Norway as well as by delayed contracts in West Africa, in addition to an unexpected yard-stay for one vessel. Furthermore, the fleet utilisation rate in the second quarter has been negatively affected by the steaming of two vessels for multi-client operations in the Barents Sea.
Terje Eidesmo, chief executive officer of EMGS said:
"The EM market continues to grow, but its trajectory is not linear quarter-to-quarter due to the uneven timing of tenders and licensing rounds, in addition to the seasonality of weather and budgets. As the dominant provider of EM services in the world, EMGS is not immune to these fluctuations.
"The company remains focused on providing a high level of service to its growing customer base and recently has introduced a number of new technologies and products, including scanning and 3D, and multi-client surveys. These will broaden the market and enhance the explorationists' toolkit, so that they can better identify and define drilling prospects. The company remains committed to growing a profitable business."
EMGS will announce the financial results for the second quarter of 2008 on Thursday 21 August at 08:30 AM CET. The presentation will be held at Hotel Continental in Oslo and will be broadcasted live over the Internet.
About EMGS EMGS is the market leader in deep electromagnetic (EM) imaging. The company launched the EM imaging industry in 2002 with the commercialisation of seabed logging, a proven exploration method that uses EM energy to find offshore hydrocarbons without drilling wells. This proprietary and patented technology has been developed over the past 10 years, and its ability to indicate hydrocarbons directly is enabling EMGS' customers to dramatically improve their exploration performance in frontier and mature provinces.
EMGS employs over 300 people from three main offices in Trondheim, Norway; Houston, USA; and Kuala Lumpur, Malaysia. The company operates the world's largest EM vessel fleet and has conducted more than 300 surveys for many of the world's leading energy companies.
Please visit www.emgs.com for the latest news and in-depth information about EMGS and EM imaging technology.
For general enquiries please email findinghydrocarbons@emgs.com
