EMGS – Vessel update and activity for the third quarter 2017

EMGS – Vessel update and activity for the third quarter 2017

Electromagnetic Geoservices ASA (EMGS) releases information on vessel activity and utilisation 4-5 working days after the close of each quarter. The Company defines vessel utilisation as the percentage of the vessel charter period spent on contracted or multi-client data acquisition. Downtime (technical or maritime) and some standby activities are not included in the utilisation.

Vessel utilisation for the third quarter 2017 was 77% compared with 52% for the third quarter in 2016. For the first nine months this year, the vessel utilisation was 85%, whereas the utilisation for the same period last year was 61%.

In the third quarter of 2017, the Company had one vessel in operation. This vessel was allocated 72% to multi-client projects and 5% to a funded research and development project. In the comparable quarter of 2016, the vessels were allocated 31% to multi-client projects and 21% to a funded research and development project.

EMGS recorded 3.0 vessel months in the quarter. In the third quarter 2016, the Company had two vessels in operation and recorded 6.0 vessel months.

Vessel activity
The Atlantic Guardian started the quarter with rigging of the Deep Blue source and completed the Fjord test on 17 July, prior to the first commercial project with the new source. Following that, the vessel acquired data on prefunded multi-client surveys in the Norwegian Sea and in the Barents Sea.

The vessel’s utilisation for the third quarter was 77%.

The BOA Thalassa has been off-hire since 1 April 2017. The new charter agreement has a firm start on 1 October 2017.

Multi-client revenues in the third quarter
The Company expects to record approximately USD 9 million in multi-client revenues for the third quarter 2017.

EMGS will publish its third quarter 2017 financial results on Thursday 2 November 2017 at 07:30 CET. A presentation will be held at Felix Konferansesenter, Bryggetorget 3, Oslo, and will be broadcast live over the Internet, starting at 10:00 CET.

Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743