May 08, 2024 / 06:00PM GMT
Bjorn Lindhom - Electromagnetic Geoservices ASA - Chief Executive Officer
Welcome to the presentation of EMGS's first quarter 2024 results. I am again here with our CFO, Anders Eimstad, and together we'll present these results. Please take note of our disclaimer.
During the quarter, we mobilized the Atlantic Guardian after a long idle period, and we completed the fully pre-funded multi-client survey over the PL1202S in the North Sea. Upon completion of this survey, we started the transition towards Brazil.
The revenues during the quarter were only USD239,000, The USD2.7 million in revenues from the multi-client surveying in North Sea will be recognized upon data delivery in the second quarter in accordance with the IFRS 15 accounting rules.
Our EBITDA came in at negative $2 million and the adjusted EBITDA came in at negative $3.8 million. We capitalized $1.2 million in expenses related to the North Sea multi-client survey during the quarter. The free cash balance at the end of the quarter was $8.7 million.
And subsequent to the end of the first quarter, we have
Q1 2024 Electromagnetic Geoservices ASA Earnings Call (Pre-Recorded) Transcript
May 08, 2024
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