Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the fourth quarter of 2023 are attached.
Highlights:
* The Company recorded revenues of
* Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of negative
* Free cash decreased with
* The Atlantic Guardian is currently in warm-stack in
A pre-recorded presentation will be available over the internet from 20:00 (local time
Contact
About EMGS
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.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Attachments
- EMGS Q4 2023 Report
- EMGS Q4 2023 presentation
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