Electromagnetic Geoservices ASA (the “Company” or “EMGS”) releases information on vessel activity and multi-client sales during the quarter 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 second quarter 2021 the Company had one vessel on charter, the Atlantic Guardian. The Atlantic Guardian started the quarter acquiring multi-client data in Mexico and upon completion started transit towards Southeast Asia. At the end of the quarter, the Atlantic Guardian was on location in the survey area and had commenced acquisition.
The utilization for the second quarter, not including off-hire period, was 32% compared with 23% for the second quarter 2020.
EMGS had one vessel in operation and recorded 2.8 vessel months in the quarter. In the second quarter 2020, the Company recorded 5.0 vessel months.
Multi-client revenues in the second quarter
The Company expects to record approximately USD 8 million in multi-client revenues for the second quarter of 2021, a significant portion of which is associated with the fully prefunded multi-client project in Mexico.
EMGS will publish its second quarter 2021 financial results on Thursday 19 August 2021 at 07:30 local time (Norway). A recorded presentation will be broadcasted over the Internet, available from 10:00 local time (Norway). To access the presentation, please go to the Company’s homepage (www.emgs.com) and follow the link.
Contact
Anders Eimstad, Chief Financial Officer, +47 948 25 836
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 exploration experts a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
For more information, visit www.emgs.com
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act