EMGS – Vessel update and activity for the third quarter 2019
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Electromagnetic Geoservices ASA (the “Company” or “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 proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate.
Vessel utilisation for the third quarter 2019 was 73% compared with 29% for the third quarter in 2018.
In the third quarter of 2019, the Company’s vessels were allocated 73% to proprietary work and no time was spent on multi-client projects. In the comparable quarter of 2018, the vessels were allocated 29% to multi-client projects and no time was spent on proprietary work.
EMGS had two vessels on charter and recorded 6.0 vessel months in the quarter. In the third quarter 2018, the Company also had two vessels on charter.
The Atlantic Guardian commenced a proprietary survey for Pemex in Mexico on 25 July 2019. This survey is still ongoing. The vessel’s utilisation for the third quarter was 66%.
The BOA Thalassa spent the entire third quarter of 2019 acquiring EM data for Petronas in South-East Asia. The vessel’s utilisation for the third quarter was 79%.
Multi-client revenues in the third quarter
The Company expects to record approximately USD 6 million in multi-client revenues for the third quarter 2019.
EMGS will publish its third quarter 2019 financial results on Thursday 7 November 2019 at 07:30 (local time, Norway). A presentation will be broadcasted live over the Internet, starting at 10:00 (local time, Norway). To access the presentation, please go to the Company’s homepage (www.emgs.com) and follow the link.
Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743
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, Mexico City, Rio de Janeiro and Kuala Lumpur.
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