EMGS Vessel Activity Drops

Electromagnetic Geoservices (EMGS) has recorded vessel utilization for the first quarter 2019 at 11% compared with 37% for the first quarter in 2018. 

In the first quarter of 2019, the company’s vessels were allocated 11% to proprietary work and no time was spent on multi-client projects. In the comparable quarter of 2018, the vessels were allocated 37% to multi-client projects and no time was spent on proprietary work.

EMGS had two vessels on charter and recorded 6.0 vessel months in the quarter.

The Atlantic Guardian began the first quarter acquiring data on a proprietary contract in South America. This survey was completed in January 2019.

After that, the vessel was idle before it transited to Norway in March. On April 02, 2019, the Atlantic Guardian started mobilisation for a fully pre-funded multi-client acquisition over PL 1031 in the Norwegian Barents Sea.

The vessel’s utilization for the first quarter was 13%.

The BOA Thalassa was idle until it started a proprietary survey in South-East Asia on March 23, 2019.

The vessel’s utilization for the first quarter was 8%.

EMGS expects to record approximately USD 7 million in multi-client revenues for the first quarter 2019.

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