Month: July 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 second quarter 2017 was 85% compared with 76% for the second quarter in 2016

In the second quarter of 2017, the Company had one vessel in operation. This vessel was allocated 85% to multi-client projects and no time was spent on contract work. In the comparable quarter of 2016, the vessels were allocated 76% to multi-client projects, and no capacity was spent on contract work.

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

Vessel activity

The Atlantic Guardian has acquired data on prefunded multi-client surveys in the Barents Sea from the beginning of the quarter to 23 June. Following that, the vessel steamed to Fosen shipyard for the rigging of the Deep Blue source.

The vessel’s utilisation for the second quarter was 85%.

The BOA Thalassa has been off-hire from 1 April. The new charter agreement has a firm start on 1 October 2017, and the vessel remains available, as an option to EMGS, on a project by project basis between 1 April and 1 October 2017.

Multi-client revenues in the second quarter
The Company expects to record approximately USD 10 million in multi-client revenues for the second quarter 2017.

EMGS will publish its second quarter 2017 financial results on Thursday 27 July 2017 at 07:30 CET. A presentation will be held at Karenslyst Allè 2 in Oslo, and will be broadcasted live over the Internet, starting at 11:00 CET.

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Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces the release of the Company’s Second Quarter 2017 vessel utilization as follows:

Utilization	Q2 – 2017	Q2 – 2016	FY – 2016
Utilization	75%	91%	83%
By category:
Contract Seismic	75%	76%	71%
Multi-Client	0%	15%	12%
Transit	13%	9%	12%
Yard	7%	0%	2%
Standby	5%	0%	3%

Polarcus Nadia is excluded from vessel utilization subsequent to cold-stacking on 01 April 2015

The low utilization of 75% in Q2 2017 was guided during the quarter and was driven by yard stays and vessel relocations.

All vessels are currently in production, with Q3 2017 utilization expected to be at 90% as previously indicated.

The Company will be releasing its Second Quarter 2017 Report on 04 August 2017 at approximately 07:00hrs CEST (09:00hrs UAE). A webcast and conference call will be hosted by Polarcus on the same day commencing at 09:00hrs CEST (11:00hrs UAE).

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Schlumberger and Pemex have signed an agreement to license data from the WesternGeco Campeche wide-azimuth (WAZ) multiclient seismic survey in the Salina del Istmo province of the southern Gulf of Mexico. The agreement also includes collaboration with WesternGeco in the seismic processing phase of the project, as well as for future technology collaborations. This multiclient contract is the first of its kind for Pemex in Mexico and provides access to new 3D WAZ seismic data in the province.

The data license covers shallow- and deepwater areas in the basin close to prolific geological trends with well-established hydrocarbon systems, including the Cantarell and Ku-Maloob-Zaap reservoirs.

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The proposed dates for the 2017 Final Dividend and the Annual General Meeting 2017 are shown in the linked document.

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Following an acquisition of 291,852 shares on 04th July
2017, M&G Investment Management Limited, a wholly owned
subsidiary of the Prudential plc, now holds shares and
voting rights in 17,199,155 NOK 3 shares of Petroleum Geo-
Services ASA, which estimates to a 5.08% indirect holding as
of 04th July 2017.

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The Oil and Gas Authority (OGA) has published all nine Asset Stewardship Implementation Guides. These documents provide further detail to assist operators and licensees in achieving the Asset Stewardship Expectations, published in 2016. Each includes the rationale, expected outcomes and a description of key elements or behaviours required to meet the expectations.

The Asset Stewardship Expectations are one element of the OGA’s Asset Stewardship Strategy, which in turn supports the Maximising Economic Recovery (MER) Strategy for the UK. These expectations are intended to provide further clarity on the MER UK Strategy obligations with the aim of encouraging enhanced stewardship and improved performance across the oil and gas lifecycle.

• Implementation Guide for SE-02 – Exploration and Appraisal Subsurface Work Programme

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Seatrade, an international maritime industry publication, has awarded SCF Group one of its 2017 annual industry awards. SCF’s 2016, USD 750 million 7-year bond offering has been named as ‘Deal of the Year.’

This award recognises a significant business deal within the international maritime industry, supporting its growth and sustainability.

Nikolay Kolesnikov, Executive Vice President and CFO of SCF Group, commented during the award ceremony:

“We are very honoured to have received the Deal of the Year Award from Seatrade, a true authority in the industry. The fact that we raised a large amount of unsecured debt on very competitive terms demonstrates the confidence that investors have in SCF and reflects the strength of our business model and performance. We were especially honoured to receive this award on the eve of the Russian Merchant Seafarers’ Day. This award goes to the whole SCF team, and first and foremost to its seafarers out at sea standing watch on SCF vessels around the globe.”

This is the second time SCF Group has received a Seatrade Award, following the Seatrade Global Performer 2010 award granted in recognition of its pioneering work with Arctic icebreaking tanker operations.

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Fugro has been awarded a further 2-year contract by Petrobras to provide comprehensive inspection, repair and maintenance (IRM) and pipeline inspection services in Brazil.

The new award follows Fugro’s successful completion of an initial 12-month contract for the oil major, after taking delivery of the new-build vessel Fugro Aquarius.

Built specifically for the Brazilian market by Wilson Sons shipyard in São Paulo, with local content of more than 60%, Fugro Aquarius is an 83-metre, DP-2 ROV support vessel. With a deck area of 520 square metres, the vessel is permanently equipped with two Fugro-built 150HP 3,000-metre work class ROVs.

Commenting on the latest award, Andrew Seymour, Fugro’s manager for marine business in Brazil said, “As industry leader in ROV IRM, Fugro provides worldwide subsea inspection services in water depths up to 4,000 metres. This new contract strengthens our position in the Brazilian market, despite the challenging market conditions, and reinforces our ability to provide these services to clients such as Petrobras.”

 

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Royce & Associates LP held its position in Ion Geophysical Corporation (NYSE:IO) during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 71,880 shares of the oil and gas company’s stock at the end of the first quarter. Royce & Associates LP’s holdings in Ion Geophysical Corporation were worth $349,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in IO. California Public Employees Retirement System increased its position in Ion Geophysical Corporation by 203.9% in the first quarter. California Public Employees Retirement System now owns 43,966 shares of the oil and gas company’s stock valued at $213,000 after buying an additional 29,500 shares in the last quarter. Neuberger Berman Group LLC increased its position in Ion Geophysical Corporation by 4.0% in the first quarter. Neuberger Berman Group LLC now owns 186,140 shares of the oil and gas company’s stock valued at $903,000 after buying an additional 7,090 shares in the last quarter.

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