Earnings Release • May 11, 2017
Earnings Release
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• The Company's annual general meeting was held on 25 April and all resolutions were approved
| Amounts in USD million (except per share data) | Q1 2017 | Q1 2016 | 2016 | Q4 2016 |
|---|---|---|---|---|
| Contract sales | 0.70 | 13.0 | 21.8 | 8.0 |
| Multi-client sales | 3.22 | 0.0 | 22.7 | 4.0 |
| Total revenues | 3.92 | 13.0 | 44.5 | 12.0 |
| Operating profit/ (loss) | -9.40 | -8.3 | -45.1 | -15.0 |
| Income/ (loss) before income taxes | -10.43 | -15.5 | -52.9 | -14.9 |
| Net income/ (loss) | -10.46 | -15.5 | -52.8 | -15.1 |
| Earnings/ (loss) per share | -0.32 | -0.01 | -1.61 | -0.46 |
| Average number of shares outstanding (in thousands) | 32,794 | 1,311,766 | 32,794 | 32,794 |
| EBITDA | -5.7 | -3.4 | -8.9 | -2.1 |
| Multi-client and JIP test investments | 1.0 | 1.7 | 11.0 | 2.2 |
| Adjusted EBITDA | -6.7 | -5.1 | -19.9 | -4.3 |
EBITDA = Operating profit /(loss) + Depreciation and ordinary amortisation + Multi-client amortisation + Impairment of long-term assets
EMGS recorded revenues of USD 3.9 million in the first quarter of 2017, down from USD 13.0 million reported for the corresponding quarter of 2016. Contract sales totalled USD 0.7 million, while multi-client sales amounted to USD 3.2 million, net of an adjustment for a share of revenues from joint projects between EMGS and TGS. For the first quarter of 2016, revenues consisted of contract sales only.
The Company recorded 6.0 vessel months in the first quarter of 2017 compared with 4.8 months in the first quarter of 2016. Vessel utilisation was 92% for the first quarter of 2017. The Company's vessels were allocated 92% to multi-client projects and no vessel time was spent on contract work. In the comparable quarter of 2016, the Company recorded a total utilisation of 55%, with 29% allocated to contract work and 26% to multi-client projects.
Charter hire, fuel and crew expenses totalled USD 2.8 million in the first quarter this year, compared with USD 5.6 million in the first quarter of 2016. The Company capitalised USD 1.0 million in multi-client expenses in the quarter, while USD 1.7 million was capitalised in the first quarter of 2016. EMGS recorded an onerous contract provision for the BOA Thalassa vessel lease of USD 1.4 million in the fourth quarter of 2016 as the vessel is not expected to generate revenues for the charter period ending 1 April 2017. The charter agreement wasthus defined as an onerous contract. This accrual was reversed in the first quarter of 2017 and reduced the expenses accordingly. The charter hire, fuel and crew expenses have decreased from USD 7.3 million in the first quarter of 2016 to USD 5.2 million in same period this year when adding back the capitalised expenses and the vessel lease provision. The main reason for decreased expenses is the reduced activity level in the first quarter 2017 compared to the same quarter in 2016. BOA Thalassa was idle in the first quarter of 2017.
Employee expenses amounted to USD 5.2 million in the first quarter 2017, down from USD 7.5 million in the same quarter in 2016. The decrease is mainly explained by a reduction in the number of employees.
Other operating expenses totalled USD 1.7 million in the first quarter this year. In the first quarter last year, other operating expenses amounted to USD 3.4 million. The decrease is mainly explained by a reduction in activity and cost saving measures implemented during 2016.
Depreciation and ordinary amortisation totalled USD 1.4 million in the first quarter of 2017, down from USD 2.1 million in the first quarter of 2016. The reduction is due to various assets becoming fully depreciated.
Multi-client amortisation amounted to USD 2.3 million this quarter, compared with USD 2.8 million in the first quarter of 2016. The Company uses straight-line amortisation for its completed multi-client projects, assigned over the useful life time of 4 years. The amortisation is then distributed evenly, independently of sales during the quarter.
Net financial items ended at negative USD 1.0 million in the first quarter 2017, compared with negative USD 7.1 million in the corresponding quarter last year. In the first quarter of 2016, the Company recorded an accumulated loss on the sales of the Company's shares in North Energy ASA as loss on financial assets.
Loss before income taxes amounted to USD 10.4 million in the first quarter 2017, compared with a loss before income taxes of USD 15.5 million in the corresponding quarter in 2016.
Income tax expenses of USD 33 thousand were recorded in the first quarter of 2017, while the Company did not record any income tax expenses in the first quarter last year.
Lossfor the first quarter of 2017 amounted to USD 10.5 million, up from a loss of USD 15.5 million in the same period last year.
In the first quarter 2017, net cash flow from operating activities was negative USD 0.1 million, compared with a negative net cash flow of USD 9.7 million in the first quarter of 2016. The cash flow from operating activities this quarter was mainly affected by a negative EBITDA of USD 5.7 million and a reduction of trade receivables of USD 5.2 million. The negative cash flow in the comparable quarter last year was mainly caused by a negative EBITDA.
EMGS applied USD 1.3 million in investing activities in the first quarter this year, compared with USD 1.0 million in the first quarter of last year. The Company invested USD 0.4 million in equipment and USD 1.0 million in the multi-client library in the first quarter 2017.
The carrying value of the multi-client library was USD 21.6 million at 31 March 2017, down from USD 24.3 million at 31 December 2016.
Cash flow from financial activities was positive USD 0.4 million in the first quarter of 2017, compared with a negative cash flow of USD 1.1 million in the same quarter last year. The positive cash flow this quarter included proceeds from drawing on the revolving credit facility of USD 3.0 million and partial repayment of the bond loan of USD 2.0 million.
The Company had a net decrease in cash, excluding restricted cash, of USD 1.0 million during the first quarter of 2017. At 31 March 2017, cash and cash equivalents totalled USD 17.8 million, including 4.8 million in restricted cash.
Total borrowings were USD 32.3 million at 31 March this year, up from USD 31.9 million at 31 December 2016 and up from USD 32.7 million at 31 March last year. This includes the Company's bond loan, which has a carrying value of USD 28.4 million at 31 March 2017 and USD 30.9 million at 31 December 2016. The decrease is mainly due to the bond buy-back of USD 2.0 million described under Events in the first quarter.
The bond loan containsthe following two financial covenants; free cash and cash equivalents of at least USD 10 million and capital employed ratio of minimum 1/3. In addition, the bond agreement has restrictions regarding the Company's ability to sell the multi-client library, declare or make dividend payments, incur additional indebtedness, change its business or enter into speculative financial derivative agreements. As of 31 March 2017, the free cash and cash equivalents totalled USD 13.0 million, while the capital employed ratio equalled 54%.
To improve the free cash position and ensure compliance with the minimum liquidity covenant in the bond loan, the USD 10 million revolving credit and the USD 10 million guarantee facility were made fully available to EMGS based on security in form of guarantees from Siem Industries Inc. and Perestroika AS. As of 31 March 2017, USD 3.0 was drawn on the revolving credit facility.
| Q1 2017 | Q4 2016 | Q3 2016 | Q2 2016 | Q1 2016 | |
|---|---|---|---|---|---|
| Contract | 0 % |
35% | 0 % |
0 % |
29% |
| Multi-client | 92% | 54% | 31% | 76% | 26% |
| Funded R&D project | 0 % |
0 % |
21% | 0 % |
0 % |
| Total utilisation | 92% | 89% | 52% | 76% | 55% |
Vessel utilisation for the first quarter of 2017 amounted to 92% compared with 55% for the corresponding quarter in 2016.
In the first quarter of 2017, the Company's vessels were allocated 92% to multi-client projects and no time was spent on contract work. In the comparable quarter of 2016, the vessels were allocated 29% to contract work and 26% to multi-client projects.
EMGS recorded 6.0 vessel months in the quarter. In the first quarter 2016, the Company recorded 4.8 vessel months.
| Utilisation Q1 2017 | Status Q1 2017 | Firm charter period | Optional charter period | |
|---|---|---|---|---|
| BOA Thalassa | 0 % |
Idle | 01 October 2019 | 3 x 6 months |
| Atlantic Guardian | 92% | In operation | 30 September 2021 | 5 x 12 months |
The Atlantic Guardian has acquired data on a prefunded multi-client survey in the Barents Sea from the beginning of November to the beginning of March. Following that, the vessel commenced another multi-client survey in the Barents Sea which was completed 29 April.
The BOA Thalassa completed a contract in Malaysia on 1 January. The vessel has been idle at a reduced rate after the contract work in Malaysia was completed. The days where the vessel is laid up are not included in the utilisation number.
As of 31 March 2017, EMGS' backlog was USD 4.5million compared with a backlog of USD 7.0 million at the end of the first quarter 2016. USD 3.5 million of the backlog as of 31 March 2017 is related prefunding and the remaining USD 1.0 million is related to processing, interpretation and other projects.
On 22 March, EMGS announced that the Company had entered an agreement with DNB Bank ASA whereby the existing USD 10 million revolving credit and the USD 10 million guarantee facility are made fully available to EMGS based on security in form of guarantees from Siem Industries Inc. and Perestroika AS who will receive market level guarantee commission. This will improve the free cash position and ensure compliance with the minimum liquidity covenant in the Company's bond loan.
Further, the Company offered its bondholders to buy back in full their nominal outstanding amount at a price equivalent to 70% of the par value. The buy-back period was closed on 28 March 2017, and the nominal amount of NOK 24 million was bought back.
On 30 March, the Board of Directors of EMGS called for an annual general meeting in the Company to propose to the shareholders to increase the share capital through issuance of new shares with preferential and tradable subscription rights for the shareholders with the gross proceeds of the NOK equivalent of USD 17 million. The proposed rights issue is fully underwritten.
EMGS signed an extended charter agreement for the vessel BOA Thalassa with BOA SBL AS (owner of the vessel) at new and improved commercial terms. The new terms are valid through 1 October 2019 with an option to extend the agreement through 1 April 2021. EMGS and the owner have agreed to a reduction of the charter hire rate by approximately 20% as well as increased flexibility during 2017.
EMGS and TGS agreed to expand the companies' cooperation agreement in the Barents Sea. TGS has invested in a 3D CSEM data acquisition project related to the 24th licensing round in Norway. The contribution from TGS was booked as a reduction of the carrying value of EMGS' multi-client library in the first quarter of 2017.
On 16 March, EMGS announced that the Company had entered into agreements involving data licensing as well as processing and interpretation services related to 3D EM data in Norway and Mexico. The agreements represented revenues of approximately USD 2 million.
On 24 March, EMGS announced that the Company had entered into agreements involving data licensing (prefunding and late sales) related to 3D EM data in the Barents Sea. The agreements represent revenues of approximately USD 3.7 million.
On 25 April, EMGS held its annual general meeting. All resolutions were resolved. Reference is made to the Company's website (www.emgs.com) for a copy of the minutes from the annual general meeting. The minutes make reference, amongst others, to the reduction in share capital and new par value and the approval of the fully underwritten rights issue. The proceeds from the rights issue are expected be received on 11 July.
EMGS was listed at the Oslo Stock Exchange in March 2007. During the first quarter 2017, the EMGS share was traded between NOK 5.24 and NOK 10.30 per share. The last closing price before 31 December 2016 was NOK 5.24.
As of 31 March 2017, the Company had a total of 32,794,139 shares outstanding.
EMGS is subject to a number of risk factors, of which the most important isthe demand for EM services. The low oil price has resulted in a substantial decline in E&P spending, and a corresponding sharp deterioration of the market for geophysical services, including EMGS' services.
During 2015 and 2016, EMGS Board and management have implemented comprehensive cost reduction measures, including changes to the organisation to reduce the Company's cost base. This has reduced the operational cost base from USD 143 million in 2015 to USD 63 million for 2016. EMGS will continue its cost reduction program in 2017 and targets a cost base below USD 50 million for 2017, subject to operational activity.
EMGS management follows the Company's liquidity risk closely, including weekly updates of the Company's sales forecast and vessel schedule, in addition to a corresponding update of the cost and free cash forecast.
Based on the Company's low backlog and the current market situation, there is material uncertainty related to the expected level of revenues going forward.
The ever-changing exogenous factors in the industry will impact the business and risk factors going forward and they represent added uncertainties. In addition, there are risks associated with EM marine operations which might affect the profitability of projects. Examples include: changes in governmental regulations affecting EMGS' markets, technical downtime, adverse weather conditions, licensing and permitting, as well as delays in closing revenue-generating contracts. Reference is made to the Annual Report of 2016 for a further description of otherrelevant risk factors.
The market outlook for oil services is challenging and characterised by high uncertainty. The industry has announced another decrease, albeit relatively modest, in E&P spending for 2017. However, EMGS has noted an increase in commercial activity, and with a reduced cost base and the announced rights issue, the Company is well positioned going forward.
The Company expects that the 24th licensing round will trigger some additional sales in Q2 and Q3 2017. Otherwise, marketing efforts are ongoing to secure backlog in Asia and the Americas. The Company has commenced to commercialise parts of the Advanced CSEM System as developed under the Joint Industry Project (JIP).
Based on the current operational forecast, EMGS expects to operate two vessels in 2017. The Company expects to keep one vessel in Asia throughout 2017, on a pay as you go basis until 1 October, while the other vessel is expected to operate continuously in Europe and possibly the Americas. EMGS will continue to invest in its multi-client library in selected areas. Capital investment plans are limited to maintenance of existing equipment and to the JIP (up to USD 3.0 million net of contributions from third parties).
Oslo, 10 May 2017 Board of Directors and CEO
| Q1 2017 | Q1 2016 | 2016 | |
|---|---|---|---|
| Amounts in USD 1 000 | Unaudited | Unaudited | Audited |
| Operating revenues | |||
| Contract sales | 701 | 13,037 | 21,797 |
| Multi-client pre-funding | 830 | 0 | 579 |
| Multi-client late sales | 2,386 | 0 | 22,151 |
| Total revenues | 3,918 | 13,037 | 44,527 |
| Operating expenses | |||
| Charter hire, fuel and crew expenses | 2,766 | 5,563 | 18,176 |
| Employee expenses | 5,172 | 7,483 | 25,097 |
| Depreciation and ordinary amortisation | 1,407 | 2,111 | 7,677 |
| Multi-client amortisation | 2,292 | 2,824 | 11,244 |
| Impairment of long-term assets | 0 | 0 | 17,286 |
| Other operating expenses | 1,682 | 3,400 | 10,137 |
| Total operating expenses | 13,319 | 21,381 | 89,617 |
| Operating profit/ (loss) | -9,402 | -8,344 | -45,090 |
| Financial income and expenses | |||
| Interest income | 14 | 51 | 217 |
| Interest expense | -1,053 | -1,038 | -3,273 |
| Net gains/(losses) of financial assets and liabilities | 1,026 | -4,913 | -6,297 |
| Net foreign currency income/(loss) | -1,016 | -1,207 | 1,512 |
| Net financial items | -1,029 | -7,107 | -7,841 |
| Income/ (loss) before income taxes | -10,430 | -15,451 | -52,931 |
| Income tax expense | 33 | 0 | -100 |
| Income/ (loss) for the period | -10,464 | -15,451 | -52,831 |
| Q1 2017 | Q1 2016 | 2016 | |
|---|---|---|---|
| Amounts in USD 1 000 | Unaudited | Unaudited | Audited |
| Income/ (loss) for the period | -10,464 | -15,451 | -52,831 |
| Oher comprehensive income | |||
| Other comprehensive income to be reclassified to profit or loss in subsequent | |||
| periods: | |||
| Exchange differences on translation of foreign operations | -8 | 0 | 115 |
| Net (loss)/gain on available-for-sale (AFS) financial assets | 0 | 7,202 | 7,202 |
| Oher comprehensive income | -8 | 7,202 | 7,317 |
| Actuarial gains/(losses) on defined benefit plans | 0 | 0 | 0 |
| Other comprehensive income | -8 | 7,202 | 7,317 |
| Total other comprehensive income/ (loss) for the period | -10,472 | -8,249 | -45,514 |
| 31 March 2017 | 31 March 2016 31 December 2016 | ||
|---|---|---|---|
| Amounts in USD 1 000 | Unaudited | Unaudited | Audited |
| ASSETS | |||
| Non-current assets | |||
| Multi-client library | 21 643 | 41 187 | 24 332 |
| Other intangible assets | 2 399 | 3 409 | 2 457 |
| Property, plant and equipment | 12 874 | 15 920 | 13 901 |
| Assets under construction | 28 353 | 27 139 | 28 255 |
| Total non-current assets | 65 268 | 87 655 | 68 945 |
| Current assets | |||
| Spare parts, fuel, anchors and batteries | 7 565 | 10 503 | 7 854 |
| Trade receivables | 3 336 | 15 633 | 8 534 |
| Other receivables | 6 337 | 6 686 | 7 080 |
| Cash and cash equivalents | 12 995 | 19 978 | 14 038 |
| Restricted cash | 4 780 | 5 806 | 4 841 |
| Total current assets | 35 013 | 58 606 | 42 347 |
| Total assets | 100 282 | 146 261 | 111 292 |
| EQUITY | |||
| Capital and reserves attributable to equity holders | |||
| Share capital, share premium and other paid-in equity | 319 272 | 319 113 | 319 283 |
| Other reserves | -1 615 | -1 722 | -1 608 |
| Retained earnings | -295 439 | -247 597 | -284 975 |
| Total equity | 22 218 | 69 794 | 32 700 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Provisions | 19 645 | 15 535 | 19 140 |
| Financial liabilities | 4 479 | 0 | 4 668 |
| Borrowings | 29 042 | 32 514 | 31 636 |
| Total non-current liabilities | 53 166 | 48 049 | 55 444 |
| Current liabilities | |||
| Trade payables | 4 850 | 6 277 | 6 672 |
| Current tax liabilities | 5 841 | 5 641 | 5 853 |
| Other short term liabilities | 10 923 | 12 262 | 10 372 |
| Financial liabilities | 0 | 4 019 | 0 |
| Borrowings | 3 285 | 219 | 251 |
| Total current liabilities | 24 899 | 28 418 | 23 148 |
| Total liabilities | 78 064 | 76 467 | 78 592 |
| Total equity and liabilities | 100 282 | 146 261 | 111 292 |
| 31 March 2017 | 31 March 2016 31 December 2016 | ||
|---|---|---|---|
| Amounts in USD 1 000 | Unaudited | Unaudited | Audited |
| Net cash flow from operating activities | |||
| Income/(loss) before income taxes | -10,430 | -15,451 | -52,931 |
| Adjustments for: | |||
| Withholding tax expenses | 4 | 877 | 1,219 |
| Total taxes paid | -49 | -494 | -522 |
| Depreciation and ordinary amortisation | 1,406 | 2,111 | 7,677 |
| Multi-client amortisation and impairment | 2,292 | 2,824 | 27,722 |
| Impairment of other long term assets | 0 | 0 | 808 |
| Cost of share-based payment | -11 | 74 | 245 |
| Change in trade receivables | 5,198 | 2,947 | 10,046 |
| Change in inventories | 289 | 1,251 | 3,900 |
| Change in trade payables | -1,822 | -4,163 | -3,767 |
| Change in other working capital | 3,258 | -244 | 2,317 |
| Financial gain on bond repayment | -836 | 0 | 0 |
| Amortisation of interest | 605 | 593 | 2,413 |
| Net cash flow from operating activities | -96 | -9,675 | -873 |
| Investing activities: | |||
| Purchase of property, plant and equipment | -428 | -586 | -3,398 |
| Investment in multi-client library and JIP test | -963 | -1,744 | -11,500 |
| Sale of financial assets | 0 | 1,375 | 1,375 |
| Cash used in investing activities | -1,391 | -955 | -13,523 |
| Financial activities: | |||
| Financial lease payments - principal | -43 | -140 | 141 |
| Proceeds from new loan | 3,013 | 0 | 0 |
| Repayment/settlement of loan and FRA | -1,954 | -409 | -1,143 |
| Payment of interest on bonds | -572 | -592 | -2,313 |
| Cash used in/provided by financial activities | 444 | -1,141 | -3,315 |
| Net change in cash | -1,043 | -11,771 | -17,711 |
| Cash balance beginning of period | 14,038 | 31,749 | 31,749 |
| Cash balance end of period | 12,995 | 19,978 | 14,038 |
| Net change in cash | -1,043 | -11,771 | -17,711 |
| Share capital share | Foreign currency | ||||
|---|---|---|---|---|---|
| Amounts in USD 1 000 | premium and other paid-in-capital |
translation reserves |
Available-for-sale reserve |
Retained earnings | Total equity |
| Balance as of 1 January 2016 | 319,038 | -1,722 | -7,202 | -232,144 | 77,970 |
| Income/(loss) for the period | 0 | 0 | 0 | -15,451 | -15,451 |
| Other comprehensive income | 0 | 0 | 7,202 | 0 | 7,202 |
| Total comprehensive income | 0 | 0 | 7,202 | -15,451 | -8,249 |
| Cost of share-based payments | 75 | 0 | 0 | 0 | 75 |
| Balance as of 31 March 2016 (Unaudited) | 319,113 | -1,722 | 0 | -247,595 | 69,794 |
| Income/(loss) for the period | 0 | 0 | 0 | -11,209 | -11,209 |
| 0 | 115 | 0 | 0 | ||
| Other comprehensive income Total comprehensive income |
0 | 115 | 0 | -11,209 | 115 -11,094 |
| 62 | 0 | 0 | 0 | ||
| Cost of share-based payments Balance as of 30 June 2016 (Unaudited) |
319,175 | -1,607 | 0 | -258,804 | 62 58,762 |
| Income/(loss) for the period | 0 | 0 | 0 | -11,064 | -11,064 |
| Other comprehensive income | 0 | 0 | 0 | 0 | 0 |
| Total comprehensive income | 0 | 0 | 0 | -11,064 | -11,064 |
| Cost of share-based payments | 59 | 0 | 0 | 0 | 59 |
| Balance as of 30 September 2016 (Unaudited) | 319,233 | -1,607 | 0 | -269,868 | 47,757 |
| Income/(loss) for the period | 0 | 0 | 0 | -15,107 | -15,107 |
| Other comprehensive income | 0 | 0 | 0 | 0 | 0 |
| Total comprehensive income | 0 | 0 | 0 | -15,107 | -15,107 |
| Cost of share-based payments | 50 | 0 | 0 | 0 | 50 |
| Balance as of 31 December 2016 (Audited) | 319,283 | -1,607 | 0 | -284,975 | 32,700 |
| Income/(loss) for the period | 0 | 0 | 0 | -10,464 | -10,464 |
| Other comprehensive income | 0 | - 8 |
0 | 0 | - 8 |
| Total comprehensive income | 0 | - 8 |
0 | -10,464 | -10,472 |
| Cost of share-based payments | -11 | 0 | 0 | 0 | -11 |
| Balance as of 31 March 2017 (Unaudited) | 319,272 | -1,615 | 0 | -295,439 | 22,218 |
These interim consolidated financial statements of the Group have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as of 31 December 2016, which is available on www.emgs.com.
EMGS reports its sales revenue as one reportable segment. The sales revenues and related costs are incurred worldwide.
The amounts below show sales revenues reported by geographic region.
| Q1 2017 | Q1 2016 | 2016 | 2015 | |
|---|---|---|---|---|
| Amounts in USD million | Unaudited | Unaudited | Audited | Audited |
| Americas | 0.2 | 0.2 | 5.4 | 36.1 |
| Asia/Pacific | 0.2 | 12.5 | 20.6 | 11.0 |
| EAME | 3.5 | 0.3 | 18.5 | 34.0 |
| Total | 3.9 | 13.0 | 44.5 | 81.1 |
The multi-client library consists of electromagnetic data acquired through multi-client surveys, i.e. EMGS owns the data. The electromagnetic data can be licensed to customers on a non-exclusive basis. Directly attributable costs associated with multiclient projects such as acquisition costs, processing costs, and other direct project costs are capitalised.
| Q1 2017 | Q1 2016 | 2016 | 2015 | |
|---|---|---|---|---|
| Amounts in USD million | Unaudited | Unaudited | Audited | Audited |
| Opening carrying value | 24.3 | 42.3 | 42.3 | 33.8 |
| Additions | 1.0 | 1.7 | 9.7 | 36.8 |
| Amortisation charge | -2.3 | -2.8 | -11.2 | -8.6 |
| Impairment | 0.0 | 0.0 | -16.5 | -15.3 |
| Cash contribution from partners | -1.4 | 0.0 | 0.0 | -4.4 |
| Closing carrying value | 21.6 | 41.2 | 24.3 | 42.3 |
This quarterly report includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for EMGS ASA and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for EMGS' businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest
rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although EMGS ASA believes that its expectations and the information in this report were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this report. EMGS ASA nor any other company within the EMGS Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the report, and neither EMGS ASA, any other company within the EMGS Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the report. EMGS ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the report.
For further information, visit www.emgs.com, or contact:
HEGE AASEN VEISETH CFO Email: [email protected] Phone: +47 992 16 743
EMGS Headquarters Stiklestadveien 1 N-7041 Trondheim, Norway
Europe, Africa & Middle East Dronning Mauds gate 15, 7th Floor N-0250 Oslo, Norway
North & South America 15021 Katy Freeway, Suite 500 Houston, TX 77094, USA T +1 281 920 5601
Asia Pacific Unit E-15. 2-4, 15th Floor East Wing Rohas Perkasa No. 9 Jalan P. Ramlee 50250 Kuala Lumpur T +603 21 66 0613
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