EMGS Records Increase in Vessel Activity in Q4

Electromagnetic Geoservices (EMGS) has seen an increase in the vessel utilization for the fourth quarter 2018 to 32% compared with 13% for the fourth quarter in 2017.

For the full year 2018, the vessel utilization dropped to 33%, whereas the utilization for the full year 2017 was 56%.

In the fourth quarter of 2018, EMGS’ vessels were allocated 32% to proprietary work and no time was spent on multi-client projects. In the comparable quarter of 2017, the vessels were allocated 13% to multi-client projects and no time was spent on proprietary work.

EMGS had two vessels in operation and recorded 5.7 vessel months in the quarter. In the fourth quarter 2017, the company recorded 6.0 vessel months.

The Atlantic Guardian began the fourth quarter acquiring data on a small research survey west of Svalbard. On October 21, the vessel started mobilizing to South America and was prepared for the USD 8 million contract, which the vessel started operation on from November 20, 2018. This survey is expected to be completed in Q1 2019.

The vessel’s utilization for the fourth quarter was 49%.

The BOA Thalassa has had a yard stay and been idle this quarter.

EMGS expects to record approximately USD 6 million in multi-client revenues for the fourth quarter 2018.