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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.

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