Geokinetics reports loss in second quarter

Geophysical services company Geokinetics has announced that revenues for the second quarter ended 30 June 2010 have decreased 17.5 per cent to $119.5m (£74.9m) from $144.8m in the second quarter of 2009.

The company reported a loss in EBITDA of $3.8m and a loss applicable to common stockholders of $39.6m, or $2.24 per share.

Backlog increased to $519m as of 30 June 2010, compared with $428m at the end of first-quarter 2010 and $318m at the end of the second-quarter 2009.