Welcome to the presentation of EMGS's Second Quarter 2025 Results. As usual, I'm here with our CFO, Anders Eimstad, and together we will present these results. Please take note of our disclaimer. During the second quarter, the Atlantic Guardian completed the second of the two proprietary contracts in the Krishna Godavari Basin off the East Coast of India. After the completion, the vessel started the transit towards Norway for a multi-client campaign, where the vessel is currently acquiring data on the first of these multi-client surveys. We would also like to inform that the previously announced CMD transaction has not been completed, and EMGS continues to work towards closing this transaction. Further information will be provided if and when it happens. The financials for the quarter came in as follows.
Our revenue came in at $9.6 million, our EBITDA was $2.8 million, and the adjusted EBITDA came in at $2.1 million. The company's convertible bond loan in the amount of $19.5 million, with a maturity of May 2025, was extended until November 2030. An option to issue up to $13.5 million in additional bonds through one or more TAP issues was included in the amended terms. Moving on to our operations and market section. It is not often that we are allowed to talk about our proprietary projects, but Cairn Oil and Gas, which is part of the Vedanta Group, has allowed us to share some information about their use of EM. Within the second quarter, we completed a large 3D EM survey for them in the deep waters of the Krishna Godavari Basin, more specifically in the KGDWHP 2017/1 block.
This was after completing a similar survey for another customer in the same basin. The Cairn block spans about 4,500 square kilom in water depths ranging from 500 m to 2,500 m. We used a deep blue source system, and the acquired EM data has been merged with the reprocessed 3D seismic data, and they are in the process of high grading their prospectivity and aim to progress to drilling. The Chief Exploration Officer at Cairn Oil and Gas, Mr. Sam Algar, is commenting that the acquired data will support their definition of locations for exploration, appraisal, and subsequent development. Their CFO, Mr. Hitesh Vaid, is further commenting that through their partnership with EMGS, they will fast-track development of the deep water block in line with their vision to contribute 50% of India's oil and gas production.
We are very grateful for the opportunity to work closely with Cairn Oil and Gas and for their willingness to talk about their partnership with EMGS in public. The Cairn Oil and Gas project is a good example of how EMGS is working with most customers, but it's not often that they're willing to be as open as Cairn has been. We would also like to say a few words about our ongoing projects on the Norwegian continental shelf. The multi-client campaign consists of three survey areas, two in the North Sea and one in the southern Norwegian Sea. The first project is the equivalent of a converted contract, meaning that the survey has been designed together with and specifically for a licensed group. It is acquired as a multi-client survey, but it is at contract rates.
The two other surveys are traditional multi-client surveys in mostly open acreage, where we target a wider customer base. Both surveys are fully pre-funded, and we see good potential for future late sales. The business driver for the two multi-client surveys are the 2025 APA licensing round, with expected awards in January 2026, as well as future similar APA license rounds. The total secured pre-funding for the campaign is approximately $3.5 million, and we expect to complete the campaign well within the third quarter. All surveys are in shallow water, so we are using our self-express source. With that, I will pass it on to Anders to go through our numbers in more detail.
Thank you, Mr. Petter. The total revenue for the second quarter was $9.6 million. The graph on the upper right shows the quarterly revenue development. From this graph, you can see that the revenue has been relatively consistent over the last three quarters. Of the $9.6 million in revenue in the second quarter, $9.4 million was from acquisition survey in India, while $0.2 million is related to late sales. We had one vessel on charter in the second quarter. During the quarter, the Atlantic Guardian completed the second of two Indian proprietary survey acquisitions and started transit back to Norway. The vessel utilization in the quarter was 44%. We recorded an EBITDA of $2.8 million in the second quarter. EBITDA excludes the capitalized multi-client expenses as well as the vessel and office lease expenses. If we add these expenses to the EBITDA, we get an adjusted EBITDA.
The quarterly development of the adjusted EBITDA is shown in the graph at the bottom right of the slide. The adjusted EBITDA in the second quarter was $2.1 million. The next slide details the movement in the operational cost base. In the graph to the left, you can see the quarterly development and the components of EMGS's operational cost base. The components are charter hire, fuel and crew expenses, employee expenses, and other operational expenses. In addition, the capitalized multi-client expenses and vessel and office lease expenses are added to the cost base. The operational cost base for the second quarter was $7.5 million compared to an operational cost base of $8 million in the previous quarter. The charter hire, fuel, and crew expenses were $0.8 million lower in the second quarter as compared to the first quarter.
However, in the first quarter, $1.5 million related to transit cost to India, which was capitalized in the fourth quarter, was expensed. Other operational expenses increased by $0.5 million. The increase is mostly related to costs associated with the operations in India, as well as the CMDA transaction. The next slide details the movement of free cash in the second quarter. Free cash decreased in the second quarter by $2.5 million. This is illustrated in the graph to the left. The light blue bar to the left shows a free cash position at the end of the first quarter of $6 million. The components increasing the cash position during the second quarter are shown in dark blue, whilst the components reducing cash position in the colored red. Free cash at the end of the second quarter was $3.5 million. The EBITDA of $2.8 million increased the cash this quarter.
Vessel and office leases decreased cash by $0.7 million. The increase in trade receivables from $9 million to $12.2 million decreased the cash this quarter by $3.2 million. The increase in trade payables from the previous quarter in the amount of $0.3 million increased free cash. Changes in other working capital decreased cash by $1.5 million. Interest paid in the second quarter on the convertible bond and other interest expense amounted to $0.5 million in the second quarter. Now back to Bjørn Petter .
Thank you, Anders. That concludes our presentation, and as always, please submit your questions to emgs@emgs.com. Thank you.