- Successful launch of our mobile ROV crew on the ConocoPhillips “Eldfisk” project
- Continued strong performance in the Red Sea
- Preparations for our second cable-based crew well underway
- Revenue of USD 19.4 million compared to USD 7.7 million in 2016
- EBITDA of USD 8.4 million compared to USD -1.6 million in 2016
- Net Income of USD 3.3 million compared to USD -4.0 million in 2016
- Revenue of USD 40.5 million compared to USD 25.8 million in 2016
- EBITDA of USD 16.7 million compared to USD 0.02 million in 2016
- Net Income of USD 6.8 million compared to USD -7.9 million in 2016
Idar Horstad, CEO Statements
“The second quarter of 2017 in Magseis was marked by outstanding performance. Operational performance of the Artemis Athene crew improved further and, together with our partner BGP, continued to deliver above expectations. This crew has now worked more than a year in the Red Sea on a challenging survey, with large variations in water depth and a comprehensive scope, and managed to not only deliver a high-quality operation but also excellent QHSE performance.
Closer to home, the ConocoPhillips Ocean Bottom Seismic (OBS) 4D project is well underway. Experience with this technology has been growing steadily over the past few months on this project, we are performing per plan and have a very satisfied client. With this being our second large-scale ROV-based project, we have already identified several areas for continued improvement and we are looking forward to offering this promising technology to other clients.
Discussions regarding the charter of the new vessel are ongoing. The production of the 6,000 new MASS nodes is well underway and will be ready by Q1 2018. With a total of 14,000 MASS nodes Magseis will be one of the two largest suppliers of OBS node technology. Although the quarter’s financial performance was impacted by an extended yard stay and transit period between the two Red Sea surveys, strong operational performance on both the ConocoPhillips survey and the Red Sea survey has resulted in a stronger than expected financial performance with USD 19.4 million of Revenue and a record USD 8.4 million in EBITDA.”
A presentation will be held Friday August 18, 2017, by Idar Horstad (CEO) and Mikkel Ektvedt (CFO) at 09:00 Central European Time (CET) at Hotel Continental, located at Stortingsgaten 24-26, Oslo. The presentation is open to the public.
The second quarter 2017 earnings release and presentation is available here at our Investors page and Oslo Stock Exchange (www.oslobors.no) websites.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Idar Horstad, CEO
+47 915 36 258
Mikkel Ektvedt, CFO
+47 918 48 488