EMGS Reports Lower Vessel Utilisation Rate

January 7, 2016

Norway’s Electromagnetic Geoservices (EMGS) reported vessel utilisation for the fourth quarter 2015 at 21% compared with 63% for the fourth quarter 2014.

For the full year 2015, the vessel utilisation was 59%, whereas the utilisation for the full year 2014 ended at 69%.

In the fourth quarter of 2015, the company’s vessels were allocated 21% to contract and no time was spent on multi-client programmes. In the fourth quarter of 2014, the allocation was 39% on contract work and 24% on multi-client programmes, EMGS wrote.

EMGS recorded 9.0 vessel months this quarter, compared with 9.9 vessel months in the last quarter of 2014.

The BOA Thalassa has worked on two contracts in Malaysia in the fourth quarter. The first contract was completed on October 08, while the second contract started on October 23, and was completed on December 06. Between the two contracts, the vessel had a yard stay for five days.

The vessel started work on a new contract in India on January 04, 2016. The utilisation of BOA Thalassa for the fourth quarter was 55%, EMGS said.

The BOA Galatea completed its work for Pemex in Mexico on October 06. From October 12 to December 11 the vessel worked on a Proof of Concept (PoC) study in the Mexican sector of the Gulf of Mexico. This is not included in the utilisation.

Following the PoC study, the BOA Galatea started its transit back to the Fosen shipyard in Norway, were it will be delivered back to its owner mid-January. The vessel’s utilisation came in at 6% for the fourth quarter.

The Atlantic Guardian acquired data on a small survey in the Norwegian Sea on October 1st and 2nd. Following this, the vessel was laid up in Bergen for the rest of the quarter.

The utilisation of Atlantic Guardian for the fourth quarter was 3%.

EMGS also informed that the EM Leader has been off-hire since May 15.

The company expects to record a total of approximately USD 11 million in multi-client revenues for the fourth quarter 2015.

In connection with its announced cost reduction measures, EMGS expects to book restructuring charges of USD 1.3 million in the fourth quarter.