EMGS’ Vessel Activity Increases

Electromagnetic Geoservices (EMGS) has seen vessel utilization for the second quarter 2019 at 73% compared with 31% for the second quarter in 2018.

In the second quarter of 2019, the company’s vessels were allocated 45% to proprietary work and 28% to multi-client projects. In the comparable quarter of 2018, the vessels were allocated 31% 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. In the second quarter 2018, the company also had two vessels on charter.

The Atlantic Guardian began the second quarter acquiring data on a fully pre- funded multi-client acquisition over PL 1031 in the Norwegian Barents Sea. This survey was completed in May 2019.

After that, the vessel was idle before it started another fully pre-funded multi-client survey in the Barents Sea late May and thereafter acquired data on a non-prefunded multi-client project.

The Atlantic Guardian started the transit to Mexico in June. Prior to the departure from Europe, certain vessel maintenance was undertaken in dry-dock in in Brest, France. The vessel’s utilization for the second quarter was 63%.

The BOA Thalassa began a proprietary survey in South-East Asia in March 2019 and this survey is currently ongoing. The vessel’s utilization for the second quarter was 82%.

EMGS expects to record approximately USD 4 million in multi-client revenues for the second quarter 2019.