Norwegian geophysical services company Electromagnetic Geoservices (EMGS) has recorded a drop in vessel utilization for the first quarter 2018.
Vessel utilization for the first quarter 2018 was 37% compared with 92% for the first quarter in 2017.
In the first quarter of 2018, the company’s vessels were allocated 37% to multi-client projects and no time was spent on proprietary work. In the comparable quarter of 2017, the vessels were allocated 92% 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.
The Atlantic Guardian was idle until February 20, 2018, after which it conducted a sea trial of the DeepBlue equipment.
Following this, the vessel started a multi-client survey in the Barents Sea at the beginning of March 2018. The multi-client survey will be completed in April 2018.
The vessel’s utilization for the first quarter was 30%.
The BOA Thalassa acquired data on pre-funded multi-client surveys offshore Indonesia from January 01, 2018 to February 11, 2018.
The vessel’s utilisation for the first quarter was 45%.
Based on the current interpretation of the new IFRS 15 standard within the industry, in which multi-client prefunding revenues are recognized at the point in time final data is delivered to the customer and not based on the so called Percentage of Completion (POC) principle, the company expects to record approximately USD 1 million in multi-client revenues for the first quarter 2018.