EMGS’ Q2 Vessel Utilisation at 68 Pct

Electromagnetic Geoservices ASA (EMGS) announces vessel utilisation for the second quarter 2015 at 68% compared with 75% for the corresponding quarter in 2014.

EMGS recorded 10.5 vessel months this quarter, compared with 12 vessel months in the second quarter of 2014, the company informed.

The BOA Thalassa has been in Asia for the full second quarter positioned for expected contract work in the region. The vessel completed the first phase of a 3D EM multi-client project in Indonesia on April 14 and started on the second phase of the project on April 15. This phase was completed on May 26, after which the vessel has been idle.
The vessel’s utilisation for the second quarter was 46%.

The BOA Galatea acquired 3D EM data on the multi-client project called the Radiant from January 27 to April 2. The vessel then started on the Lightning Bolt (phase 1-3) project on April 3. This project is expected to be completed
around mid-July. The vessel’s utilisation came in at 86% this quarter.

The Atlantic Guardian completed the Barents Sea multi-client campaign, which was done in cooperation with TGS, on April 14. The vessel then started a new campaign in the Hammerfest basin on April 15. The survey covers approximately 12 blocks in the Barents Sea and the Norwegian Sea, all which are among the predefined areas (APA) announced by the Norwegian Petroleum Directorate on April 21. The campaign was completed July 2. The vessel’s utilisation for the second quarter was 87%.

The EM Leader completed the contract for BG Group on April 17. The vessel then transited to Canada, where it has been off-hire since May 15. As announced on June 16, EMGS reduce its vessel capacity from four to three vessels for the rest of 2015 by taking out the EM Leader. The Company will therefore book a provision in the second quarter related to loss on the EM Leader charter agreement for the rest of 2015 of USD 1.5 million, EMGS said. The vessel’s utilisation was 33% in the second quarter.