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 February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Shipping Industry Faces Shake Up

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate

Gulf of Mexico Oil Production on the Rise

Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016.

Vessel Sales: February 2015

Vessel sales for February 2015  - (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built -  - (Age)

Energy

Oil Storage at Sea Stalls as Profit Play Fades

Traders are cutting plans to use tankers to store oil at sea as the price incentive recedes, the global head of oil at mining and commodities group Glencore's said on Tuesday.

Ferguson Appoints Partner OPS-OES

Ferguson Group Singapore, a specialist in the provision of DNV 2.7-1 / EN12079 offshore containers, reefers, tanks, waste skips, baskets, accommodation and engineering

Former BP Boss Browne is DEA Chairman

Lord John Browne heads DEA's supervisory board * LetterOne co-owners Fridman, Khan also join * Unit changes name to DEA Deutsche Erdoel AG FRANKFURT, March 3 (Reuters) - DEA,

News

Winter in US Northeast Takes a Toll on Ferries

With its black hull rumbling against a field of broken ice, the Warren Jr. slowly eased away from a dock in the Boston suburb of Hingham on Tuesday, aiming to clear

Shipping Industry Faces Shake Up

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate

Gulf of Mexico Oil Production on the Rise

Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016.

Vessels

Vessel Sales: February 2015

Vessel sales for February 2015  - (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built -  - (Age)

Gas Turbine Alternator Installed into Aircraft Carrier

The Aircraft Carrier Alliance has completed the installation of the first MT30 Gas Turbine Alternator (GTA) package into the Royal Navy’s latest aircraft carrier HMS Prince of Wales,

Hospital Ship Brought up to Speed with AMOS

SpecTec will work with long term partner Mercy Ships to migrate its current system Business Suite to AMOS Enterprise Management Suite (EMS).   Mercy Ships’ Africa Mercy,

Underwater Engineering

ThyssenKrupp Says Submarines Part of Growth Story

Germany's Thyssenkrupp sees its submarine business as making an important contribution to its growth targets, the head of its Industrial Solutions business area said on Tuesday.

Ice Coverage on Great Lakes 89 pct: NOAA

Ice coverage on the Great Lakes is nearing 90 percent, reveals high resolution satellites images from National Oceanic and Atmospheric Administration (NOAA).   The entire Great Lakes is at 88.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
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: 0.3653 sec (3 req/sec)