EMGS Lets ‘EM Leader’ Go

Electromagnetic Geoservices (EMGS) and vessel owner Euro Trans Skips have agreed to terminate the charter agreement for the vessel EM Leader.

The survey vessel EM Leader, which has been laid up since May 15, 2015, left EMGS’ fleet in June 1, 2016.

“The termination is to the commercial benefit for both parties,” EMGS said.

The Oslo-listed company now operates two vessels, the BOA Thalassa and the Atlantic Guardian.

EMGS said its Q2 2016 vessel utilisation came in at 76% compared with 68% for the second quarter in 2015.

Furthermore, in its Oslo filing on Tuesday, EMGS said it expects to record $15 million in multi-client revenues for the second quarter 2016. The company recorded net loss of $15.5 million on revenue of $13 million in Q1 2016.

Subsea World News Staff

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