EMGS’ Vessel Activity Drops in Q4

Electromagnetic Geoservices (EMGS) has recorded a significant drop in vessel activity in fourth quarter 2017 compared to the same period in 2016.

Vessel utilization for the fourth quarter 2017 was 13% compared with 89% in the fourth quarter 2016.

For the full year 2017, the vessel utilization was 56%, whereas the utilization for the full year 2016 year was 70%.

In the fourth quarter 2017, the company’s vessels were allocated 13% to multi-client projects and no time was spent on proprietary work. In the comparable quarter of 2016, the vessels were allocated 35% to proprietary work and 54% to multi-client projects.

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

In the Q4 Atlantic Guardian began data acquisition on two multi-client surveys in the Barents Sea. Then, following a yard stay at Fosen shipyard, the vessel started a pre-funded multi-client survey west of Newfoundland, Canada.

This survey was completed in November 2017, after which the vessel returned to Fosen shipyard.

The vessel’s utilization for the fourth quarter was 27%.

The BOA Thalassa was laid up until November 20, 2017, after which it had a yard stay and conducted equipment sea trials in Singapore.

The vessel mobilized for pre-funded multi-client acquisitions offshore Indonesia late December. The surveys started in January 2018 and are expected to be completed before the end of the month, the company noted.

The yard stay, sea trials and mobilisation conducted in November and December 2017 are not included in the utilization rate, hence the vessel’s utilization for the fourth quarter was 0%.

EMGS expects to record approximately USD 10 million in multi-client revenues for the fourth quarter 2017.

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