EMGS Q1 vessel utilisation rises to 66%

Electromagnetic Geoservices ASA has provided the summary of vessel activity and utilisation for the first quarter of 2014.

EMGS defines “vessel utilisation” as the percentage of the vessel charter period spent on contracted or multi-client data acquisition.

Vessel utilisation for the first quarter 2014 came in at 66% compared with 63% for the first quarter 2013.

In the first quarter this year, the Company’s vessels were allocated 56% to contract and 10% to multi-client programmes, whereas the allocation was 29% and 34% respectively in the corresponding quarter last year.

EMGS recorded 10.7 vessel months this quarter, compared with 10.0 in the first quarter of 2013. The vessel EM Leader was chartered from 8 February 2014 and thus contributes with 1.7 vessel months this quarter.

Vessel activity

The BOA Thalassa started the year waiting for environmental permits for a $5 million survey in Australia. The survey started on 25 January and was completed on 2 February. The vessel transited to Morocco and started a new survey worth approximately $8.3 million on 12 March. The survey in Morocco is expected to be completed mid-April, after which the vessel will go to Norway. The vessel’s utilisation for the first quarter was 27%.

The BOA Galatea spent the entire first quarter acquiring 3D EM data on the $99.8 million contract with PEMEX. The vessel’s utilisation came in at 91% for this quarter.

The Atlantic Guardian completed its work on the PEMEX contract on 22 March. The vessel then headed to Norway and is expected to commence on the newly announced contract for North Energy in mid-April. The vessel’s utilisation for the first quarter was 83%.

The EM Leader was chartered from 8 February, when the vessel started its transit from Las Palmas on the Canary Islands to the southern US Gulf of Mexico. The vessel commenced the multi-client campaign, called Daybreak, on 22 February. The campaign, which has a planned duration of approximately 3 months, is the first phase in a planned multiphase program in the Alaminos Canyon and southern US Gulf of Mexico. The EM Leader had a utilization of 63%.

Multi-client revenues in the first quarter

During the first quarter, the Company has announced $12.1 million in multi-client late sales from the agreement with North Energy. Of this, $1.2 million was booked in the fourth quarter. The Company expects to record approximately $15 million in multi-client revenues for the first quarter. This is net of the contribution to TGS related to the cooperation between the two companies in the Barents Sea, the contribution from the multi-client late sales to OMV in December and some pre-funding related to the multi-client campaign in the US Gulf of Mexico.

EMGS will publish its first quarter 2014 financial results on Thursday 8 May 2014 at 07:30 CET. A presentation will be held at Hotel Continental in Oslo, Norway, and will be broadcasted live over the Internet, starting at 08:30 CET.

Press Release, April 07, 2014

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