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Tuesday, 14 October, 2008, 16:20 GMT | more prices >>

EMGS sinks deeper into red



By Upstream staff 

Electromagnetic survey specialist EMGS’s full year revenues grew 19% last year while the Norwegian outfit recorded a net loss of $30.9 million for the year.

The company’s revenue increased from $117.8 million in 2006 to $140.3 million last year, but the company posted a net loss of $30.9 million for the year versus net losses of $25.3 million in 2006.

Vessel utilisation dropped to 48% in the fourth quarter last year, in line with expectations, as many of the vessels were off contracted work, said EMGS.

Last year’s utilisation was 65% in the first quarter, 63% in the second quarter and 71% in the third quarter.

The company said it engaged in several contract negotiations in the fourth quarter last year.

The largest contract, worth about $10 million, was awarded by a new client, Mexico's state-run producer Pemex.


Wednesday, 20 February, 2008, 07:52 GMT  | last updated: Wednesday, 20 February, 2008, 07:57 GMT

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