Magseis: Q2-17 Financial Results




Second Quarter

  • 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

First Half

  • 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.

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