EMGS Vessel Utilization Drops in Q2 2018

Photo: EMGS

Electromagnetic Geoservices (EMGS) has recorded a drop of 54% in vessel utilization for the second quarter of 2018.

The vessel utilization for the second quarter 2018 was 31% compared with 85% for the second quarter in 2017.

In the second quarter of 2018, the company’s vessels were allocated 31% to multi-client projects and no time was spent on proprietary work. In the comparable quarter of 2017, the vessels were allocated 85% to multi-client projects and no time was spent on proprietary work.

EMGS had two vessels in operation and recorded 6.0 vessel months in the quarter, an increase compared to the second quarter 2017, where the company recorded 3.0 vessel months.

The Atlantic Guardian acquired data on a multi-client survey in the Barents Sea in the beginning of the quarter, after which it acquired data on two multi- client surveys in the North Sea until June 2018. The Atlantic Guardian’s utilization for the second quarter was 63%.

The BOA Thalassa has been idle this quarter with a utilization of 0%, EMGS said.

EMGS expects to record approximately USD 7 million in multi-client revenues for the second quarter 2018.

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