EMGS Records Lower Vessel Utilization in Q1 2016
Norway’s Electromagnetic Geoservices (EMGS) reported vessel utilization for the first quarter 2016 at 55% compared with 76% for the first quarter 2015.
In the first quarter of 2016, the vessels were allocated 29% to contract and 26% to multi-client projects.
EMGS had two vessels in operation in the first quarter 2016.
The BOA Thalassa started contract work in India in January 2016. The project was completed a month later. Following the contract work in India, the vessel began a multi-client project west of India in March, and the completion of the project is planned for April. The vessel’s utilization for the first quarter was 73%.
EMGS’s second vessel, the Atlantic Guardian was idle in January and off hire on a planned yard stay from January 31 until March 05.
In addition, the vessel started a multi-client project in the Hammerfest Basin on March 10. The project is expected to be completed in the first part of May. The vessel’s utilization for the first quarter was 38%.
The EM Leader has been laid up since May 15, 2015.
EMGS stated that it expects to record zero multi-client revenues in the first quarter 2016.