EMGS Records Drop in Vessel Activity

Electromagnetic Geoservices (EMGS) has recorded vessel utilization for the third quarter 2018 at 29% compared with 77% for the third quarter in 2017. 

In the third quarter of 2018, the company’s vessels were allocated 29% to multi-client projects and no time was spent on proprietary work. In the comparable quarter of 2017, the vessel was allocated 72% to multi-client projects and 5% to a funded research and development project.

EMGS had two vessels in operation and recorded 6.0 vessel months in the quarter, compared to 3.0 vessel months in the corresponding period in 2017.

The Atlantic Guardian acquired data on multi-client surveys in the North Sea in the beginning of the quarter, after which it acquired data on a multi-client survey in the Norwegian Sea until  September 16, 2018.

The Atlantic Guardian’s utilization for the third quarter was 59%.

The BOA Thalassa has been idle this quarter, the company noted.

EMGS said that it expects to record approximately USD 5 million in multi-client revenues for the third quarter 2018.