Q1 2022 Electromagnetic Geoservices ASA Earnings Call Transcript
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Welcome to the presentation of EMGS's first-quarter 2022 results. I'm here as usual with our CFO, Anders Eimstad. And he will go through our financials. Please take note of our disclaimer. We warm stacked Atlantic Guardian after the completion of a high multi-client survey last year. And it remained laid up throughout the entire first quarter of this year. The revenues for the first quarter came in at USD6.2 million, of which USD4.9 million were multi-client revenues in the form of late sales and transfer fees.
Our EBITDA was USD4.5 million. And the adjusted EBITDA was USD3.7 million. This compares to USD0.1 million in EBITDA and negative USD1.5 million in adjusted EBITDA for the first quarter of 2021. The improvement is a result of increased multi-client revenue. The free cash flow balance at the end of the quarter was USD8.2 million. We also extended the maturity date of our bond loan with 24 months from May 2023 until May 2025. And the current balance is approximately USD24.5 million. Our equity remains negative. But it
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