Electromagnetic Geoservices ASA (EMGS) releases information on vessel activity and utilisation 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 contracted or multi-client data acquisition. Downtime (technical or maritime) and standby activities are not included in the utilisation.
Vessel utilisation for the second quarter 2016 came in at 76% compared with 68% for the second quarter in 2015.
In the second quarter of 2016, the Company's vessels were allocated 76% to multi-client projects. No vessel capacity was spent on contract work. In the comparable quarter of 2015, the vessels were allocated 5% to contract work and 63% to multi-client projects.
EMGS had two vessels in operation in the second quarter 2016, thus the Company recorded 6.0 vessel months in the quarter. In the second quarter 2015, the Company had four vessels in operation and recorded 10.5 vessel months.
Vessel activity
The BOA Thalassa commenced on a multi-client project west of India on 12 March. The project was completed on 16 April and the vessel has been laid up at a reduced rate since 1 May.
The vessel's utilisation for the second quarter was 51%.
The Atlantic Guardian commenced a multi-client project in the Hammerfest Basin on 10 March. The project was completed on 26 April. Following the project in the Hammerfest Basin, the Atlantic Guardian acquired multi-client data in the Norwegian Sea from 29 April to 15 May. The vessel commenced a multi-client project in the North Sea 29 May, this was completed on 24 June. Following this, the vessel started its transit back to the Fosen shipyard for the rigging of the Joint Industry Project (JIP).
The vessel's utilisation for the second quarter was 85%.
The EM Leader has been laid up since 15 May 2015. During the second quarter, EMGS and the owner of the EM Leader, Euro Trans Skips AS, agreed to terminate the vessel's charter agreement as of 1 June 2016, to the commercial benefit for both parties.
Multi-client revenues in the second quarter
The Company expects to record USD 15 million in multi-client revenues for the second quarter 2016.
EMGS will publish its second quarter 2016 financial results on Thursday 18 August 2016 at 07:30 CET. A presentation will be held at the Company's office address, at Dronning Mauds gate 15 in Oslo, and will be broadcasted live over the Internet, starting at 10:00 CET.
Contact
Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743
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.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Villahermosa, Rio de Janeiro and Kuala Lumpur.
For more information, visit www.emgs.com