EMGS sees increase in vessel utilization

Norwegian geophysical services company Electromagnetic Geoservices (EMGS) recorded an increase in vessel utilization for the second quarter 2017 when compared to the same period last year. 

Namely, according to the company’s statement on Wednesday, its vessel utilization in this year’s second quarter amounted to 85 percent, compared with 76 percent in the corresponding period last year.

Further in the statement, the company said it had one vessel in operation for the second quarter of 2017. This vessel was allocated 85% to multi-client projects and no time was spent on contract work. In the comparable quarter of 2016, the vessels were allocated 76% to multi-client projects, and no capacity was spent on contract work.

EMGS recorded three vessel months in the quarter. In the second quarter 2016, the company had two vessels in operation and recorded six vessel months.

Vessel activity

The Atlantic Guardian vessel has acquired data on prefunded multi-client surveys in the Barents Sea from the beginning of the quarter to June 23. Following that, the vessel steamed to Fosen shipyard for the rigging of the Deep Blue source. The vessel’s utilization for the second quarter was 85%.

The vessel BOA Thalassa has been off-hire from April 1. The new charter agreement has a firm start on October 1, 2017, and the vessel remains available, as an option to EMGS, on a project by project basis between April 1 and October 1, 2017.

When it comes to its multi-client revenues, the company expects to record approximately $10 million for the second quarter 2017.