Seabed seismic participant Magseis Fairfield has returned to revenue in Q3 2020 regardless of main income drop in opposition to the prior-year quarter.

The Oslo-listed firm generated Q3 2020 income of $47 million, down from $134 million identical time final 12 months.

Revenue was up from Q2 2020 income of $45 million.

The year-on-year decline displays that the corporate had important income from node gross sales within the third quarter 2019.

The firm additionally stated that hostile impacts from Covid-19 and decrease oil worth in 2020 contributed to income drop.

Third-quarter EBITDA got here at $10.four million, in opposition to EBITDA of $16.1 million in Q3 2019. Year-to-date EBITDA got here at $26.2 million, versus $59.2 million in 2019.

The firm booked quarterly revenue of $three million, versus lack of $104 million within the prior-year quarter.

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Magseis Fairfield order backlog stood at $170 million on the finish Q3 2020, of which $50 million stands for supply in 2020.

This compares to backlog of $151 million on the finish of second quarter of this 12 months.

The market outlook for the OBN market reveals a small enhance from 2020 to 2021 however the exercise will nonetheless be beneath the 2019 ranges. The OBN market is predicted to see good development past 2021 on the again of forecasted development in offshore exploration spend in greenfield and brownfield tasks, the corporate stated in its quarterly report.

Cost-cutting measures

In April 2020, Magseis Fairfield introduced measures as a response to the brand new market surroundings, leading to additional capex cuts.

Group price of gross sales amounted to $30.7 million in Q3 2020, in opposition to $106.7 million in Q3 2019.

The year-on-year improved gross margin displays higher venture margins on account of higher operational price management and improved operational execution.

Total belongings for the Group was $333 million on the finish of the third quarter 2020, versus $356.5 million on the finish of 2019.

The submit Magseis Fairfield again in black appeared first on Offshore Energy.

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