- Per Christian Grytnes appointed new Acting CEO
- Successful completion of the first extension of the Red Sea S-78 project
- Awarded a second extension of the Red Sea S-78 project
- Revenues of USD 4.8 million compared to USD 20.0 million in 2016
- EBITDA of USD -4.5 million compared to USD 5.5 million in 2016
- Net profit of USD -9.8 million compared to USD 0.1 million in 2016
Full year of 2017
- Revenues of USD 73.9 million compared to USD 58.9 million in 2016
- EBITDA of USD 26.1 million compared to USD 8.5 million in 2016
- Net profit of USD 6.7 million compared to USD -16.7 million in 2016
- Successfully raised MNOK 300 in new equity
- Awarded contract for leasing of MASS nodes in South East Asia
- Letter of intent for node lease contract in NE Asia (MASS Modular)
- Strengthening the team with CFO and SVP Sales & Marketing
Per Christian Grytnes, acting CEO Statements;
"The fourth quarter is reflecting transition between two contracts for Saudi Aramco in the Rea Sea. Revenue and result were as forecasted lower than previous periods due to restrictions on start-up of activities. The good performance for 2017 comes as a result of two simultaneous and efficient operations in the Red Sea and in the North Sea. Magseis has through 2017 proven the business models for both large scale cable operations and flexible modularised ROV operations.
The safe and efficient operation in the Red Sea continued throughout the quarter and the shooting performance delivered by our partnership remains stable and above our initial projections.
We are continuing to challenge the business models within the OBS market to reduce the cost. Reduced cost will increase the addressable market and capture market shares from the high-end streamer and production monitoring market.
Magseis is still firm in our outlook for the total OBS market for 2018. The tendering activities continued to increase beyond previous expectations through third and fourth quarter in 2017. The tendering activities adds visibility into the opportunity pipeline in 2018 and 2019. Although we have seen that some of the jobs announced next year have been postponed, we see a steady inflow of new tender opportunities."
A presentation will be held Wednesday 28 February, by Per Christian Grytnes (acting CEO) and Nina Midtlie (GFD) at 08:00 (CET) am at Høyres Hus, located at Stortingsgaten 20, Oslo.
The presentation is open to the public.
A live webcast from the presentation will be available at Magseis (www.magseis.com) from 14:00 CET.
The fourth quarter and full year 2017 financial earnings release and presentation will be made available at Magseis (www.magseis.com) and Oslo Stock Exchange (www.oslobors.no) websites.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Per Christian Grytnes, Acting CEO
Tel: +47 48 21 48 21
Nina Midtlie, Group Financial Director
Tel: +47 98 20 63 78
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Magseis is a rapidly growing Norwegian geophysical company providing ocean bottom seismic ("OBS") acquisition. The Company's proprietary Marine Autonomous Seismic System ("MASS") enables highly cost-efficient acquisition and delivers superior data quality. The Company is headquartered in Oslo, Norway and has offices in Norway, Sweden, the United States and Singapore.