Magseis Fairfield demonstrated the resilience of the ocean bottom seismic market by reporting third quarter net profit of $3.1 million on revenues of $46.9 million.
Magseis Fairfield demonstrated the resilience of the ocean bottom seismic market by reporting third quarter net profit of $3.1 million on revenues of $46.9 million.
EBITDA was $10.4 million, marking the third sequential quarter with EBITDA improvement. Operating profit was $3.7 million. Cash balance increased to $62 million.
Order backlog increased to $170 million, of which $50 million will be delivered by the end of the year.
‘The market outlook for the OBN market shows a small increase from 2020 to 2021 but the activity will still be below the 2019 levels,’ said the company’s results statement. ‘The OBN market is expected to see good growth beyond 2021 on the back of forecasted growth in offshore exploration spend in greenfield and brownfield projects.’
Carel Hooijkaas, CEO of Magseis Fairfield, said: ‘We are delivering another strong quater despite lower year on year revenue. We are encouraged by the forecasted OBN market rebound beyond 2021, especially since we see significant additional upside from technology advancements.’
