EMGS sees sharp increase in 1Q vessel utilization

Norwegian geophysical services player Electromagnetic Geoservices (EMGS) experienced a sharp increase in vessel utilization during the first quarter of 2017 compared to the prior-year period. 

EMGS informed on Wednesday that its vessel utilization for the first quarter 2017 was 92% compared with 55% for the first quarter in 2016.

Specifically, in the first quarter of 2017, the company’s vessels were allocated 92% to multi-client projects while 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 six vessel months in the first quarter of 2017, this includes three months when Thalassa was laid up. In the first quarter 2016, the company recorded 4.8 vessel months.

 

Vessel activity 

 

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 in late April.

The BOA Thalassa completed a contract in Malaysia on January 1. The vessel has been idle at a reduced rate after the contract work in Malaysia. To remind, EMGS in January agreed with the owner of the vessel to a reduction of the charter hire rate by approximately 20%.

The days where the vessel is laid up are not included in the utilization number. The vessel’s utilization for the first quarter was 0%.

For the first quarter 2017, the company expects to record approximately $3 million in multi-client revenues.

Share this article

Follow Offshore Energy Today

Posted on April 5, 2017 with tags .

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply