A big boost in revenue has helped Electromagnetic Geoservices (EMGS) cut its loss for the second quarter 2019.
The offshore survey company saw its loss shrink to $2.0m during the past quarter from $6.2m this time last year.
Revenue for the period totalled $14.5m — almost double the level seen at this point last year — thanks to $9.3m booked in contract sales.
This was, however, partly offset by a $1.5m year-on-year increase to EMGS's cost base, which was $12.4m during the quarter.
EMGS said its cost base consists of all operational costs including multi-client investments and vessel and office lease expenses.
Contracts signed
EMGS's contract backlog as of 30 June was $96.7m, which is a significant increase compared to $6.7m at the end of the same quarter in 2018.
Major contracts were awarded for work in offshore Norway, south-east Asia and Mexico during the quarter, as TradeWinds has reported.
"We now have both our vessels working on long-term contracts securing a healthy cashflow for the company," said Bjorn Petter Lindhom, EMGS's chief executive.
Lindhom became the company's permanent head in May, having been interim chief executive since December, following former boss Christiaan Vermeijden's decision to step down for resigned for personal reasons.
