- Completion of ConocoPhillips’ Eldfisk 4D survey using our new modular ROV crew
- Full utilisation and continued strong production on S-78 extension in the Red Sea
- Field test of Seismic Apparition’s Source Isolation technology
- Revenue of USD 28.7 million compared to USD 13.1 million in 2016
- EBITDA of USD 13.9 million compared to USD 3.0 million in 2016
- Net profit of USD 9.7 million compared to USD -8.8 million in 2016
First nine months
- Revenue of USD 69.1 million compared to USD 39.9 million in 2016
- EBITDA of USD 30.7 million compared to USD 3.0 million in 2016
- Net profit of USD 16.5 million compared to USD -16.8 million in 2016
Idar Horstad, CEO Statements
“The third quarter of 2017 is the best quarter ever for Magseis with revenue of USD 28.7 million, EBITDA of USD 13.9 million and a net profit of USD 9.7million. The good performance comes as a result of two simultaneous and efficient operations in the Red Sea and in the North Sea. The Mobile ROV operation in the North Sea has been a success and demonstrated the high efficiency that can be achieved by dual ROV operations due to the small size of our nodes. There is large potential to reduce the cost of OBS operations through the use of our modular units and clients are excited about the possibility of using vessels already on charter.
The safe and efficient operation in the Red Sea continued throughout the quarter and the shooting performance delivered by our partner BGP remains stable and above our initial projections. We are in a good position to continue working for Saudi Aramco in this important region which is estimated to contain as much as 30% of their potential resources.
We are working on the revised design for our next cable vessel and we plan to complete the rigging towards the end of Q2 next year. Operationally the next milestone will be at the end of Q1 next year when we will be operating 14,000 MASS nodes plus another 6,000 nodes by the end of the year.
Earlier this year we signed an exclusive agreement with Seismic Apparition for a new technology for more efficient shooting on OBS projects. Source Isolation™, is applicable for 4D surveys and we performed a field test in the North Sea during the 3rd quarter. The results are very encouraging and have already been presented at geophysical conferences and client meetings. The plan is to commercialize this technology during 2018, potentially reducing project cost by 30-50%.
Although we have seen that some of the jobs announced in the North Sea next year have been postponed, we see a steady increase in other regions and our estimates for the total market in 2018 still remains at above USD 1.2 billion.”
A presentation will be held Thursday 2 November, by Idar Horstad (CEO) and Mikkel Ektvedt (CFO) at 09:00 Central European Time (CET) at Høyres Hus, located at Stortingsgaten 20, Oslo. The presentation is open to the public.
A recorded webcast from the presentation will be available here from 14:00 CET.
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