Welcome to the presentation of EMJS' 3rd Quarter 2022 Results. I'm joined with Anders I'm star, our CFO, and together, we will be presenting these results. Please take note of our disclaimer. Let's start with the operational highlights for the quarter. We successfully completed a seabed mineral survey in the Mid Atlantic Ridge for the ATLAL consortium led by the NTNU.
I will talk more about this survey in the coming slides, but I'd just like to mention that amongst other measurements, we acquired data with our newly developed deep towed EM streamer. Upon completion of the ATLAS survey, we transited to St. John's, Newfoundland in Canada, and we embarked on a fully pre funded multi client survey in the Orphan Basin. The survey was completed during the Q3, but the revenue, which was SEK2 1,000,000 will be recognized in the Q4 upon data delivery to the clients. We then started the transit towards Trindon to Bega for a proprietary Surrey for Woodside.
The revenues for the quarter ended up at SEK6.6 million with an EBITDA of SEK3.8 million and an adjusted EBITDA of SEK1.4 million. And finally, the net income was positive SEK0.8 million. Our available cash at the end of the 3rd quarter was SEK11.4 million, but in addition, we had restricted cash of SEK4.1 million, of which approximately SEK4 1,000,000 is related to a guarantee that is needed to be able to operate offshore Canada. We expect this guarantee to be released imminently. After the end of the Q3, we started the acquisition on the proprietary Surfer Woods site of Trina and Tobago, and we expect this acquisition to be completed towards the end of Q4.
Then moving on to our operations, market and outlook section. We are excited to see that the Norwegian Petroleum Directorate has initiated and impact assessment for seabed mineral activity on the Norwegian continental shelf with an aim to hold license rounds in 2023 or 2024. EMGESS is well positioned to be a leading service provider in the seabed mineral exploration industry, both in Norway and globally. During the quarter, we acquired a range of geophysical data at the Mid Atlantic Ridge in the Lopis Castle and Moelstrasseur area for the AtLab consortium led by NTNU. This was our 3rd survey for AtLab and by far the most comprehensive.
On this figure, you can see a sketch of the setup. In addition to acquiring conventional CSEM and MT or magneto Telerik, which is the recording of electric and magnetic fields without an active CSM source using the variations in the earth's magnetic fields caused by the interaction with the solar wind as a source. We also acquired data using our newly developed deep towed EMStreamer. This system, which is designed for imaging the shallow surface, is a fully towed system and does not need to have receivers on the seabed. We also acquired towed 2 d streamer seismic from our vessel, the Atlantic Guardian.
This was operated by PGS. And we equipped a few ORs Seabed EM receiver nodes with seismic nodes from in April. These were deployed as free fall nodes from the vessel in approximately 3,000 meters of water and successfully recovered without the use of an ROV. On our Throwing platform or TOFISH as we call it, we had a series of environmental and oceanographic sensors as well as a multibeam echo sounder. This setup with a few operational improvements will form the basis for our service offerings towards the seabed mineral industry in the future.
Our MultiClient project in the Orphan Basin Offshore Newfoundland, Canada, you can see the two crossing lines in the northeast corner of the map, was acquired en route to Trinlant. It was fully prefunded with a revenue of CHF2 1,000,000. The revenue will be recognized in the Q4 upon delivery of the data to the client, in line with the accounting principles for multi client revenues. As you can also see from the map, EMGS has, over the years, acquired many service offshore Canada, some of which were proprietary and some that were MultiClient. It is our goal to continue investing in additional MultiClient projects offshore Canada in the years to come.
We are very excited and proud of the survey we are doing for Woodside. It is the 1st EM survey offshore Trinidad and Tobago, And the geology offshore at Trinidad and Tobago is particularly well suited for CSEM with its relatively young sediments of mostly clastic origin or sand shale, if you will. In such an environment, one of the main challenges is that low saturation noncommercial gas and high saturation gas looks identical in seismic. On CSEM, these cases are very distinct. The high saturation case will have A high resistivity and the low saturation case will have the same resistivity as the background and thus not be visible on CSM.
We are working on the CALYPSO project in the deep waters, and we are using our deep blue source with our RX Fiber Series. The survey is also attracting interest from the government of Trinidad and Tobago, and we were excited and proud to host the Minister of Energy and Energy Industries, Mr. Stuart Young, for a vessel tour onboard the Atlantic Guardian. We have included a quote from the formal press release and his Twitter post following this visit to our vessel. The Q3 of 2022 was our 6th consecutive Profitable quarter, and we had a modest net income of SEK0.8 million.
Our equity continues to improve and is now positive SEK1.7 million. Our free cash at the end of the quarter was SEK11.4 million, but again, this does not include the SEK4.1 million in restricted cash, of which the majority, SEK4 1,000,000, is from the operational guarantee offshore Canada. Our convertible bond loan stands at approximately SEK24.4 million. We have extended our charter on Atlantic Guardian for another year until October 2023 with a flexible rate arrangement, where we have significantly reduced rates during warm snack versus in operation. And finally, at the end of the Q3, our backlog was at DKK14.5 million.
All in all, we are in a strong financial position.
Thank you, Bir Pedder. The total revenue for the Q3 was $6,600,000 The graph on the upper right shows the quarterly revenue development. From this graph, you can see that revenue has been relatively consistent over the last four quarters, supported by strong multi client revenues. Out of the $6,600,000 in the revenue in the 3rd quarter, dollars 3,800,000 were related to multi client sales, $1,600,000 were contract sales and $1,200,000 were other revenue. All of the $1,200,000 in other revenue is related to revenue recognition of the Deep Blue partner contribution, which has no cash effect.
We had 1 vessel on charter in the 3rd quarter. During the quarter, the Atlantic Guardian completed a proprietary marine mineral survey for the ATLAB consortium, completed a multi client survey in East Canada And started transit towards a proprietary survey in Trinidad and Tobago. EMJS had a vessel utilization of 22% for the quarter. We recorded an EBITDA of $3,800,000 this quarter. EBITDA excludes the capitalized multi plant 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. EBITDA has decreased as compared to the previous two quarters. However, It is a 6th consecutive quarter with a positive adjusted EBITDA. The adjusted EBITDA in the 3rd quarter was $1,400,000 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' operational cost base. The components are charter hire fuel and crew expenses, employee expenses and other operational expenses. In addition, the capitalized multiclient expenses and vessel and office lease expenses are added to the cost base. The operational cost base for the 3rd quarter was $5,200,000 compared to an operational cost base of $4,100,000 in the 2nd quarter. The $1,100,000 increase in operating cost base is primarily a result of increased activity.
Employee expenses and other operational expenses remained consistent with the previous quarter. The next slide details the movement in free cash in the quarter. Free cash decreased in the 3rd quarter by $200,000 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 second quarter of $11,600,000 The components increasing the cash position during the Q3 are shown in dark blue, while the components reducing the cash position are colored red. Free cash at the end of the 3rd quarter was $11,400,000 The adjusted EBITDA of $1,400,000 increased the cash this quarter, while vessel and office leases were $2,000,000 A significant portion of the increase in restricted cash Of $3,500,000 was largely offset by increases in deferred revenue related to MultiClient project in East Canada and the proprietary survey in Trinidad and Tobago.
The decrease in trade receivables from $3,500,000 to $3,000,000 increased the cash this quarter by $500,000 EMGS also invested $400,000 in the MultiClient library. This investment will be fully amortized when the associated MultiClient revenue is recognized in the Q4. The decrease in trade payables from the previous quarter in the amount of $400,000 decreased free cash. Interest paid in the quarter on the convertible bond and other interest expenses amounted to $500,000 in the 3rd quarter. Now Bjorn Petter will give a brief summary of the presentation.
Thank you, Anders. That concludes our presentation for today. Please e mail us your questions at emgessemgs.com. Thank you very much.