Magseis Fairfield has reported first quarter revenue of $43 million, a gross profit of $7.9 million and EBTIDA of $0.6 million.
Magseis Fairfield has reported first quarter revenue of $43 million, a gross profit of $7.9 million and EBTIDA of $0.6 million. Available cash is $44 million and the order backlog is $228 million, up 15% from from the end of 2020.
‘We continued to build backlog and exited the quarter with more crews ready to execute on the growing order backlog for the remainder of the year. We continue to see tendering activity for 2021, and importantly we are bidding for the first projects in 2022,’ said Magseis Fairfield CEO Carel Hooijkaas.
The market outlook for the OBN market indicates double-digit growth for appraisal and development projects and single-digit growth for production projects from 2021 through to 2025, he added.
Meanwhile, the company has launched a strategy to become carbon neutral by 2040 or earlier, launching initiatives to reduce the environmental impact of its own and subcontractors’ operations, and offering the option to its customers to offset any remaining emissions.
Magseis Fairfield has also become part of the Centre for Geophysical Forecasting (CGF) to do research into geophysical solutions for the renewables market. The company is expected to carry out client testing in both the carbon capture and storage (CCS) and windfarm markets in the North Sea this summer.
