Electromagnetic Geoservices ASA (the "Company" or "EMGS") releases information on vessel activity and utilisation 4-5 working days after the close of each quarter. The Company defines vessel utilisation as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate.
Vessel utilisation for the first quarter 2019 was 11% compared with 37% for the first quarter in 2018.
In the first quarter of 2019, the Company's vessels were allocated 11% to proprietary work and no time was spent on multi-client projects. In the comparable quarter of 2018, the vessels were allocated 37% to multi-client projects and no time was spent on proprietary work.
EMGS had two vessels on charter and recorded 6.0 vessel months in the quarter. In the first quarter 2018, the Company also had two vessels on charter.
The Atlantic Guardian began the first quarter acquiring data on a proprietary contract in South America. This proprietary survey was completed on 14 January 2019. After that, the vessel was idle before she transited to Norway in March. As announced on 2 April 2019, the Atlantic Guardian has started mobilisation for a fully pre-funded multi-client acquisition over PL 1031 in the Norwegian Barents Sea.
The vessel’s utilisation for the first quarter was 13%.
The BOA Thalassa was idle until she commenced a proprietary survey in South-East Asia on 23 March 2019.
The vessel’s utilisation for the first quarter was 8%.
Multi-client revenues in the first quarter
The Company expects to record approximately USD 7 million in multi-client revenues for the first quarter 2019.
EMGS will publish its first quarter 2019 financial results on Thursday 9 May 2019 at 07:30 (local time, Norway). A presentation will be broadcasted live over the Internet, starting at 10:00 (local time, Norway). To access the presentation, please go to the Company's homepage (www.emgs.com) and follow the link.
Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743