Electromagnetic Geoservices ASA (the “Company” or “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 proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate.
Vessel utilisation for the second quarter 2019 was 73% compared with 31% for the second quarter in 2018.
In the second quarter of 2019, the Company’s vessels were allocated 45% to proprietary work and 28% to multi-client projects. In the comparable quarter of 2018, the vessels were allocated 31% to multi-client projects and no time was spent on proprietary work.
EMGS had two vessels on charter and recorded 6.0 vessel months in the quarter. In the second quarter 2018, the Company also had two vessels on charter.
Vessel activityThe Atlantic Guardian began the second quarter acquiring data on a fully pre-funded multi-client acquisition over PL 1031 in the Norwegian Barents Sea. This survey was completed on 5 May 2019. After that, the vessel was idle before she commenced another fully pre-funded multi-client survey in the Barents Sea late May and thereafter acquired data on a non-prefunded multi-client project. The Atlantic Guardian started the transit to Mexico in June. Prior to the departure from Europe, certain vessel maintenance was undertaken in dry-dock in in Brest, France.
The vessel’s utilisation for the second quarter was 63%.
The BOA Thalassa commenced a proprietary survey in South-East Asia on 23 March 2019 and this survey is currently ongoing.
The vessel’s utilisation for the second quarter was 82%.
Multi-client revenues in the second quarterThe Company expects to record approximately USD 4 million in multi-client revenues for the second quarter 2019.
EMGS will publish its second quarter 2019 financial results on Thursday 25 July 2019 at 07:30 (local time, Norway). A presentation will be broadcasted live over the Internet, starting at 10:00 (local time, Norway). To access the presentation, please go to the Company’s homepage (www.emgs.com) and follow the link.
Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743