Electromagnetic Geoservices ASA's ("EMGS" or the "Company") financial report and
market presentation for the fourth quarter of 2020 are attached.
Highlights:
* The Company recorded revenues of USD 4.0 million, down from USD 37.2 million
in the fourth quarter of 2019 and up from USD 2.1 million in the third quarter
of 2020.
* Adjusted EBITDA (including capitalised multi-client expenses and vessel and
office lease expenses) of USD 0.6 million, down from USD 20.9 million in the
fourth quarter of 2019.
* Free cash decreased with USD 0.1 million during the quarter, to USD 4.2
million.
* As of 2 February 2021, USD 7.3 million held in a pledge account has been
released and is now moved from restricted cash to cash and cash equivalents.
EMGS expect, upon reaching certain conditions, to issue a time-limited
guarantee, secured by cash in a pledged account, in the amount of approximately
USD 3.6 million.
* Subsequent to the end of the fourth quarter 2020, EMGS received payment in
the amount of USD 3.9 million related to significantly past due receivables
totalling USD 5.0 million as of 31 December 2020.
A recorded presentation will be available over the internet from 10:00 (local
time Norway) today. To access the presentation, please go to the Company's
homepage (www.emgs.com (http://www.emgs.com/)) and follow the link.
Contact
Anders Eimstad, Chief Financial Officer, +47 94 82 58 36
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.
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act