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 fourth quarter 2019 was 80% compared with 32% for the fourth quarter in 2018. For the full year 2019, the vessel utilisation was 59%, whereas the utilisation for the full year 2018 was 33%.
In the fourth quarter of 2019, the Company's vessels were allocated 80% to proprietary work and no time was spent on multi-client projects. In the comparable quarter of 2018, the vessels were allocated 32% to proprietary work and no time was spent on multi-client projects.
EMGS had two vessels in operation and recorded 5.9 vessel months in the quarter. In the fourth quarter 2018, the Company recorded 5.7 vessel months.
Vessel activity
The Atlantic Guardian spent the entire fourth quarter on a proprietary survey for Pemex in Mexico. The vessel’s utilisation for the fourth quarter was 92%.
The Petrel Explorer (formerly Thalassa) completed acquisition of EM data for Petronas in South-East Asia on 6 December 2019. On 12 December 2019 the vessel started transit towards the Atlantic. The vessel’s utilisation for the fourth quarter was 67%.
Multi-client revenues in the fourth quarter
The Company expects to record approximately USD 9 million in multi-client revenues for the fourth quarter 2019.
EMGS will publish its fourth quarter 2019 financial results on Thursday 6 February 2020 at 07:30 CET. A presentation will be broadcasted live over the Internet, starting at 10:00 CET. To access the presentation, please go to the Company’s homepage (www.emgs.com) and follow the link.
Contact
Anders Eimstad, EMGS Interim 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.
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