EMGS - Vessel Update and Activity for 2Q 2014

By Joseph R. Fonseca
Sunday, July 06, 2014
Courtesy EMGS - Schematic view of a controlled source electromagnetic (CSEM) survey

 

Electromagnetic Geoservices ASA (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 contracted or multi-client data acquisition.
 
Vessel utilisation for the second quarter 2014 came in at 75% compared with 78% for the second quarter 2013.
 
In the second quarter this year, the Company's vessels were allocated 38% to contract and 37% tomulti-client programmes, whereas the allocation was 32% and 46% respectively in the corresponding quarter last year.
 
EMGS recorded 12.0 vessel months this quarter, compared with 11.5 in the second quarter of 2013.
 
Vessel activity


The BOA Thalassa completed its work in Morocco on 25 April, after which the vessel moved to Norway to commence on a series of smaller contracts in the Barents Sea from 6 May. The vessel's utilisation for the second quarter was 74%.
 
The BOA Galatea acquired 3D EM data on the USD 99.8 million contract with PEMEX until 31 May. The vessel then started the planned yard stay including the 5 year class renewal. The vessel's utilisation came in at 66% for this quarter.
 
After completing its work on the PEMEX contract on 22 March, the Atlantic Guardian headed to Norway and commenced on the contract for North Energy in the Norwegian Sea on 19 April. Thereafter the vessel started on the Company's multi-client campaign in the southeastern part of the Barents Sea, a joint project with TGS. The vessel's utilisation for the quarter was 64%.
 
The EM Leader commenced the multi-client campaign, called Daybreak, late February and spent the full second quarter acquiring data for the campaign in the Alaminos Canyon in southern US Gulf of Mexico. The EM Leader had a utilization of 95% in the second quarter.
 
Planned activity for EM Leader and BOA Galatea going forward

The BOA Galatea is expected to complete its yard stay on 7 July. The vessel will then head towards Canada to start the multi-year, multi-client campaign. As announced on 7 May, EMGS has an agreement with Nalcor Energy, the Provincial Energy Corporation of Newfoundland and Labrador, which includes financial support of the survey. Additional funding is expected, and will determine how much of the multi-year campaign that will be covered in 2014.
 
On 27 June 2013, the Company entered into a USD 100 million contract with PEMEX. The contract has a total duration of 3 years. As of 30 June 2014, USD 18.5 million remains of the contract, in addition to 2x USD 25 million options for extension. The Company expects to start working for PEMEX again during the fourth quarter 2014.
 
The EM Leader will shortly complete the first phase of the Daybreak campaign, which has covered a total of 120 blocks. The campaign has been fully supported by industry funding. Following a short yard stay, the vessel will be heading towards Asia in late July. The Company has developed a portfolio of promising prospects in Asia and expects to retain a vessel in this region throughout 2015. It is expected that the vessel will be ready for projects in Asia from the fourth quarter, after one to two projects on route to Asia.
 
Multi-client revenues in the second quarter

During the second quarter, the Company has announced USD 2.0 million in multi-client late sales, in addition to pre-funding of its projects in the US Gulf of Mexico and the Barents Sea. The Company expects to record a total of approximately USD 7 million in multi-client revenues for the second quarter. This is net of the contribution to TGS related to the cooperation between the two companies in the Barents Sea.
 
EMGS will publish its second quarter 2014 financial results on Thursday 21 August 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.
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

Energy

ABB WinsTunisia's Gas Treatment Plant Bid

ABB, the leading power and automation technology group, has been awarded a $216 million contract to deliver a gas treatment plant to the South Tunisian Gas Project (STGP).

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Schlumberger Releases 2014 Software Platforms

Schlumberger has released the 2014 versions of its industry leading software platforms. The Petrel* E&P software platform, Techlog* wellbore software platform,

News

Nigerian Customer Orders Ninth Damen Dredger

A Nigerian customer has added its ninth Damen dredger to its fleet. The Cutter Suction Dredger type CSD500 was chosen due to the availability of Damen Field Services in Nigeria,

N-Sea Completes Inaugural System Diving Scope

Inspection, maintenance and repair (IMR) specialist N-Sea has recently completed its inaugural diving scope with the TUP Diving System (Transfer Under Pressure).

Steel Cut for Yamal LNG Project’s Lead Tanker

A steel-cutting ceremony was held on September 29 for the lead gas tanker ordered by SCF Group for transportation of liquefied natural gas (LNG) under the Yamal LNG project.

Vessels

Nigerian Customer Orders Ninth Damen Dredger

A Nigerian customer has added its ninth Damen dredger to its fleet. The Cutter Suction Dredger type CSD500 was chosen due to the availability of Damen Field Services in Nigeria,

Steel Cut for Yamal LNG Project’s Lead Tanker

A steel-cutting ceremony was held on September 29 for the lead gas tanker ordered by SCF Group for transportation of liquefied natural gas (LNG) under the Yamal LNG project.

'Flag Zannis' Delivered

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd ("COSCO Dalian"), a subsidiary of the Company's 51% owned COSCO Shipyard Group Co.

Underwater Engineering

N-Sea Completes Inaugural System Diving Scope

Inspection, maintenance and repair (IMR) specialist N-Sea has recently completed its inaugural diving scope with the TUP Diving System (Transfer Under Pressure).

Schlumberger Releases 2014 Software Platforms

Schlumberger has released the 2014 versions of its industry leading software platforms. The Petrel* E&P software platform, Techlog* wellbore software platform,

Ulstein Wins Design, Equipment SRI Contract

Ulstein  has been awarded the design and equipment contract for Van Oord’s new subsea rock installation (SRI) vessel ‘Bravenes’.   Working in close cooperation with Van Oord,

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2375 sec (4 req/sec)