EMGS Records Increase in Vessel Activity

Electromagnetic Geoservices ASA (EMGS) has recorded an increase in the vessel activity in the first quarter of 2017, compared to the corresponding period in 2016.

Vessel utilization for the first quarter 2017 was 92% compared with 55% for the first quarter in 2016.

In the first quarter of 2017, EMGS’ vessels were allocated 92% to multi-client projects and no time was spent on contract work. In the comparable quarter of 2016, the vessels were allocated 29% to contract work and 26% to multi-client projects.

EMGS recorded 6.0 vessel months in the quarter, this includes three months when Thalassa was laid up. In the first quarter 2016, the company recorded 4.8 vessel months.

The Atlantic Guardian has acquired data on a prefunded multi-client survey in the Barents Sea from the beginning of November to the beginning of March. Following that, the vessel started another multi-client survey in the Barents Sea which is expected to be completed late April.

The vessel’s utilization for the first quarter was 92%.

The BOA Thalassa completed a contract in Malaysia on January 01, 2017. The vessel has been idle at a reduced rate after the contract work in Malaysia, and its utilization for the first quarter was 0%.

EMGS expects to record approximately USD 3 million in multi-client revenues for the first quarter 2017.

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