Norwegian geophysical services company EMGS has returned to profit as revenues hiked close to 180 percent for the period ended December 31, 2019.
The Oslo-listed company reported profit for Q4 2019 of $18 million or 14 cents per share, versus loss of $7 million in Q4 2018.
Revenues for the quarter rose at $37.2 million from $13.4 million same time last year. Quarter-on-quarter revenues also increased from $27 million. Contract and other sales totaled $28.2 million, while multi-client sales amounted to $9 million.
The vessel utilisation for Q4 2019 was 80 percent compared with 32 percent in the corresponding quarter in 2018.
At the end of Q4 2019, EMGS backlog was approximately $58 million ($14.3 million firm), versus backlog of $3.3 million same time last year.
For the twelve months EMGS booked profit of $15 million on revenue of $89.4 million, compared with net loss of $36.6 million on revenues of $27 million in 2018.