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EMGS Vessel Utilisation Increases in 2nd Quarter (Norway)

July 4, 2013

EMGS Vessel Utilisation Increases in 2nd Quarter (Norway)

Electromagnetic Geoservices ASA (EMGS) has released information on vessel activity and utilisation for the second quarter of 2013.

Vessel utilisation for the second quarter came in at 78% compared with 77% in the second quarter of 2012.

In the second quarter of 2013, the company’s vessels were allocated 32% to contract and 46% to multi-client programmes. In the second quarter of 2012, EMGS’s vessels were allocated 53% to contract and 24% to multi-client programmes.

EMGS recorded 11.5 vessel months in the second quarter of 2013 compared with 10.3 in the second quarter of 2012.

The BOA Thalassa spent the entire second quarter of 2013 acquiring 3D electromagnetic (EM) data under a USD 35 million contract in Asia, which was extended by USD 15 million in June. The vessel’s utilisation for the second quarter was 96%.

The BOA Galatea spent the entire second quarter acquiring 3D EM data under a multi-client programme in the Foz do Amazonas area in the equatorial margin of Brazil. The vessel’s utilisation came in at 96% for the second quarter.

The Atlantic Guardian completed a multi-client survey in Production License 527 in the Norwegian Sea in mid-April. For the remainder of the second quarter, the vessel acquired 3D EM data under a multi-client programme in the Barents Sea. A total of nine days in the second quarter were spent testing the company’s new source system, Deep Xpress. The Atlantic Guardian’s utilisation for the second quarter was 81%.

The EM Leader completed 3D EM data acquisition under a USD 7 million contract for new customer China National Petroleum Corporation (CNPC) in Myanmar on 7 April. The vessel then performed a 3D EM survey worth approximately USD 5 million for new customer JX Nippon Oil & Gas Exploration in Malaysia. This survey was completed on 7 May, after which the vessel was idle until the firm charter period expired on 15 June. The EM Leader’s utilisation came in at 31% for the second quarter.

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Press Release, July 4, 2013