EMGS: Vessel utilisation Q2-17

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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