EMGS Sees Q2 Utilization at 85 Pct

Norwegian geophysical services company EMGS has reported vessel utilization for the second quarter 2017 of 85% compared with 76% for the second quarter in 2016.

In the second quarter of 2017, the company had one vessel in operation. This vessel was allocated 85% to multi-client projects and no time was spent on contract work. In the comparable quarter of 2016, the vessels were allocated 76% to multi-client projects, and no capacity was spent on contract work.

EMGS recorded 3.0 vessel months in the quarter. In the second quarter 2016, the company had two vessels in operation and recorded 6.0 vessel months.

The vessel Atlantic Guardian has acquired data on prefunded multi-client surveys in the Barents Sea from the beginning of the quarter to June 23. Following that, the  vessel steamed to Fosen shipyard for the rigging of the Deep Blue source.

The company’s second vessel, BOA Thalassa, has been off-hire from April 01. The new charter agreement has a firm start on October 01, 2017, and the vessel remains available, as an option to EMGS, on a project by project basis between April 01, and October 01, 2017.

The company expects to record approximately USD 10 million in multi-client revenues for the second quarter 2017.

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