GEOTECH has successfully completed the winter field season 2019-2020.
The end of the field season is the time to summarize and analyze the results. The projects in Eastern Siberia, the Timan-Pechora region and the Yamalo-Nenets Autonomous Okrug were successful and met 100% goals and objectives. There is also been an increased number of contracts for services with the use of the most breakthrough seismic solutions, including the use of cable-free telemetry systems and advanced seismic processing techniques (Green Seismic, high-density survey using UniQ technology).
As the country is working through the coronavirus pandemic (COVID-19), the company’s indicator of works completed was 96-97%, which is certainly a great performance result.
The company is ready for the demobilization and conservation of field crews for the off-season. The acquisition works continues only in the Southern region of Russia and for the international project. In mid-June, the marine crew No.52 based in Astrakhan plans to begin seismic works in the Caspian Sea.
Despite a challenging market situation, the financial performance of the company is showing growth.
Consolidated revenue amounted to 16.4 billion rubles in 2019, and 6.4 billion rubles in 1Q 2020. The company's EBITDA for 2019 was 4.0 billion rubles, for the 1Q 2020 was 1.5 billion rubles.
The company’s net profit totalled to 1 billion rubles in 2019. This was a significant increase compared with a modest 0.1 billion rubles in 2018. Net profit for the 1Q 2020 was 0.6 billion rubles.
Converting the company’s long-term debt into its capital allowed to considerably improve the company’s structure of liabilities. GEOTEK's liquidity indicators demonstrate the financial stability of the company. Despite the challenging times the company goes through, it continues to strictly meet its financial obligations and have the salaries paid without delays.
President Vladimir Tolkachev congratulated GEOTECH’s employees on the successful completion of the winter field season: “I would like to highlight the tremendous work done by our production managers, seismic crew leaders, and local specialists”, he emphasized. Additionally, it was noted that GEOTECH was one of the first companies in the industry, that promptly implemented the isolation measures that helped to protect people and prevent infections in field parties.
Currently, the company is preparing for the next field season 2020-2021, which is just around the corner.