EMGS Revenues Grow 28% for Q3 2007

EMGS, the pioneer in seabed logging technology, experienced further improvements in operations from the previous quarter. Revenues increased by 28% from previous quarter and were U.S. $48.4 million for the third quarter. The EBITDA increased to $8.8 million. The corresponding figures for the first three quarters were $112.1 million and $1.3 million.

EMGS increased the fleet by adding one more vessel in September. Due to a more favorable fleet allocation and improved operational performance, EMGS managed to increase the utilization to 71%, compared with 63% in the previous quarter.

Highlights from the third quarter of 2007 include record quarterly revenues, improved operational efficiency and margins, a seabed logging contract worth $10 million, increased capacity and secured growth opportunities. Additionally, EMGS experienced a significant expansion in data processing capacity in the existing computer cluster, acquired a new high-efficiency vessel in service since September, hired a number of new high-quality specialists, and developed interest in a new scanning product.

EMGS is the market leader in deep electromagnetic imaging. The company spawned the EM imaging industry in 2002 with the commercialization of seabed logging, a proven exploration method that uses EM energy to find offshore hydrocarbons without drilling wells. This proprietary and patented technology has been developed over the past 10 years, and its ability to indicate hydrocarbons directly is enabling EMGS` customers to dramatically improve their exploration performance in frontier and mature provinces. EMGS employs more than 250 people from three main offices in Trondheim, Norway; Houston, USA; and Kuala Lumpur, Malaysia. The company operates the world`s largest seabed-logging vessel fleet, and has, since its incorporation in 2002, conducted more than 300 surveys for many of the world`s leading energy companies.

Company: Electromagnetic Geoservices ASA (emgs) more info
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