EMGS’ Vessel Utilization Increases

Electromagnetic Geoservices ASA (EMGS) has seen vessel utilization for the third quarter 2017 at 77% compared with 52% for the third quarter 2016.

In the third quarter of 2017, the company had one vessel in operation. This vessel was allocated 72% to multi-client projects and 5% to a funded research and development project.

In the comparable quarter of 2016, the vessels were allocated 31% to multi-client projects and 21% to a funded research and development project.

EMGS recorded 3.0 vessel months in the quarter, compared to third quarter 2016, when the company had two vessels in operation and recorded 6.0 vessel months.

The Atlantic Guardian started the quarter with rigging of the Deep Blue source and completed the Fjord test in July, prior to the first commercial project with the new source. After that, the vessel acquired data on prefunded multi-client surveys in the Norwegian Sea and in the Barents Sea.

The vessel’s utilization for the third quarter was 77%.

The BOA Thalassa has been off-hire since April 01, 2017. The new charter agreement has a firm start on October 01, 2017, EMGS noted.

Furthermore, EMGS expects to record approximately USD 9 million in multi-client revenues for the third quarter 2017.