At work: EMGS puts an electromagnetic receiver through its paces
EMGS claws back losses
Norwegian outfit Electromagnetic Geoservices (EMGS) losses narrowed for the first quarter as revenues jumped 68% to $43.5 million compared to $25.9 million over the same period last year.
The outfit recorded a net loss of $4.5 million for the January to March quarter versus a net loss of $12.3 million for the first quarter last year.
Revenues increased mainly due to one additional vessel in operation and higher utilisation rates, said EMGS in a statement today.