EMGS: Vessel activity and multi-client sales update for the first quarter 2024

Electromagnetic Geoservices ASA (the “Company” or “EMGS”) releases information on vessel activity and multi-client sales during the quarter approximately 4-5 working days after the close of each quarter. The Company defines vessel utilisation as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate.  

At the end of the first quarter 2024 the Company had one vessel on charter, the Atlantic Guardian. The Atlantic Guardian was taken out of warm stack on 19 February 2024 and began mobilization for a fully prefunded multi-client survey in the North Sea.

The utilization for the first quarter was 27% compared with 0% for the first quarter 2023. 

EMGS had one vessel in operation and recorded 3.0 vessel months in the quarter. In the first quarter 2023, the Company recorded 3.0 vessel months.

Multi-client revenues in the first quarter
The Company does not expect to record any multi-client revenue for the first quarter of 2024. The revenue related to the fully prefunded multi-client survey in the North Sea will be recognized in the second quarter of 2024.    

EMGS will publish its first quarter 2024 financial results on Thursday 09 May 2024 prior to 07:30 local time (Norway). A recorded presentation will also be made available over the Internet. To access the presentation, please go to the Company’s homepage (www.emgs.com) and follow the link.

Anders Eimstad, Chief Financial Officer, +47 948 25 836

This information is published in accordance with the Norwegian Securities Trading Act § 5-12.

About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel. CSEM technology can also be used to detect the presence of marine mineral deposits (primarily Seabed Massive Sulphides) and EMGS believes that the technology can also be used to estimate the mineral content of such deposits. The Company is undertaking early-stage initiatives to position itself in this future market.