EMGS’ Vessel Utilization for Third Quarter at 69 Pct

Electromagnetic Geoservices ASA (EMGS) announces that its vessel utilization for the third quarter 2014 came in at 69% compared with 77% for the third quarter 2013.

In the third quarter this year, the Company’s vessels were allocated 31% to contract and 38% to multi-client programmes, whereas the allocation was 35% and 42% respectively in the corresponding quarter last year.

EMGS recorded 11.4 vessel months this quarter, compared with 9.9 in the third quarter of 2013.

Vessel activity

The BOA Thalassa worked on different contracts in Norway in July and August, and started its transit to Asia on 9 September. The vessel’s utilisation for the third quarter was 65%.

The BOA Galatea completed its planned yard stay on 9 July and headed towards Canada on 10 July. The announced multi-client campaign offshore Canada started on 24 July and continued throughout the quarter. The vessel’s utilisation came in at 63% for this quarter.

The Atlantic Guardian has acquired data on the Company’s multi-client campaign in the Barents Sea in the quarter, as well as completed contracts for Statoil and OMV. The vessel’s utilisation for the quarter was 91%.

The EM Leader completed the multi-client campaign in the US Gulf of Mexico on 20 August, after which the vessel transited to St Thomas for a short stay, off charter, before further transit to Brazil. The vessel commenced the contract for Petrobras on 25 September. The EM Leader had a utilisation of 55% on 2.4 vessel months in the third quarter.

EMGS expects to record a total of approximately USD 12 million in multi-client revenues for the third quarter 2014. This is net of the contribution to TGS related to the cooperation between the two companies.

Press Release, October 07, 2014