Electromagnetic Geoservices (EMGS), the marine EM market leader, has reported its first quarter 2024 results.
Summary:
- The Company recorded revenues of USD 0.2 million, down from USD 5.0 million in the first quarter of 2023 and down from USD 1.1 million in the fourth quarter of 2023.
- Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of negative USD 3.8 million, down from USD 2.4 million in the first quarter of 2023.
- Free cash decreased with USD 1.6 million during the quarter, to USD 8.7 million.
- The Atlantic Guardian completed the acquisition of the fully prefunded multi-client survey in the North Sea and started transiting towards Brazil.
Q1 2024 Presentation recording
Source: EMGS
