EMGS sells more Barents Sea data. Sees lower vessel activity

Electromagnetic Geoservices (EMGS), a Norwegian provider of geophysical services to the oil and gas industry, has reported a multi-client data sales from its Barents Sea library. 

According to its Oslo Stock Exchange filing on Thursday, the company will record revenues of $2 million related to uplift in the Barents Sea. The revenues will be recognised in the third quarter 2016.

The company added the revenues will be recognized in the third quarter 2016.

Back in September, EMGS also made a deal for the provision of 3D CSEM data from the multi-client data library in the Barents Sea that provided the company with a net revenue of $2.1 million, also recognized in the third quarter of 2016.

Vessel utilization drops

Furthermore, the seismic player reported on Thursday that its vessel utilization during the third quarter of 2016 dropped to 52% compared to 63% in the same period last year.

For the first nine months this year, the vessel utilization was 61%, whereas the utilization for the same period last year was 70%.

In the third quarter of 2016, the company’s vessels were allocated 31% to multi- client projects and 21% to a funded research and development project. No vessel capacity was spent on contract work. In the comparable quarter of 2015, the vessels were allocated 16% to contract work and 48% to multi-client projects.

EMGS recorded 6 vessel months in the quarter, compared to recorded 9 vessel months in the third quarter 2015.