EMGS reports first quarter 2023 results
The Company announced revenues of USD 5.0 million, down from USD 6.2 million in the first quarter of 2022 and down from USD 15.2 million in the fourth quarter of 2022. Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 2.4 million, down from USD 3.7 million in the first quarter of 2022. Free cash increased with USD 2.8 million during the quarter, to USD 14.2 million.
The Atlantic Guardian was in warm-stack for the entire quarter.
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company’s services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel. CSEM technology can also be used to detect the presence of marine mineral deposits (primarily Seabed Massive Sulphides) and EMGS believes that the technology can also be used to estimate the mineral content of such deposits. The Company is undertaking early-stage initiatives to position itself in this future market.
