Q1 2020 Electromagnetic Geoservices ASA Earnings Call Transcript
Welcome to the presentation of EMGS's first quarter results. I'm joined here by Anders Eimstad, our CFO, and together, we will present these results.
On slide 2, we have our standard disclaimer, so we can then move on to slide 3.
We were here three months ago presenting the fourth quarter of 2019 and the 2019 annual numbers. 2019 was one of our best years ever. And at that point, the future looked really bright. Now it feels like we live in a completely different world. And in many ways, we do live in a different world. And Q4 seems like it was ages ago.
We have a tumultuous quarter behind us. EMGS has really been hit hard. I'd say that we have been struck by a triple blow. The first blow came when Pemex notified us that they would not issue additional work orders for acquisition. That is when we started our restructuring and cost-cutting process. So when we were hit by the second and third blow, being the COVID-19 situation and the oil price collapse, we had already started our restructuring process. And we will talk more
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