EMGS starts 2021 with lower vessel activity

Norwegian geophysical services company Electromagnetic Geoservices (EMGS) has recorded lower vessel activity in the first quarter of 2021 as opposed to the year before.

At the end of the first quarter 2021, EMGS had one vessel on charter, the Atlantic Guardian. The Atlantic Guardian started the quarter in cold stack.

Prior to transiting to Mexico, the vessel underwent a 20 years class, according to EMGC.

At the end of the quarter, the Atlantic Guardian had completed the mobilisation in Mexico and started acquiring data.

The utilisation for the first quarter, not including off-hire period, was 6% compared with 26% for the first quarter 2020.

EMGS had one vessel in operation and recorded 2.1 vessel months in the quarter. For comparsion, the company recorded 6.0 vessel months in the first quarter 2020.

When it comes to multi-client revenues in the first quarter, EMGS expects to record approximately $0.1 million. The company said it will publish its full first quarter 2021 financial results in mid-May.