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.
 


Finance

OSV firm Farstad Continues Restructuring Talks

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. 1   Notable disclosures: * CEO says is talking

Banks Halt Support for Hanjin

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said,

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

Energy

Jt Study by MOL, Yokohama University for Improving Ocean Shipping Market Forecast

Mitsui O.S.K. Lines, Ltd. today announced that the company and its subsidiary MOL Information Systems, Ltd. have signed a contract with Yokohama National University

DNV GL Launches New Approach to Manage Uncertainty in Risk Assessment

There is increasing emphasis from regulators on addressing uncertainty in risk assessments to improve safety. DNV GL’s new paper, ‘Enabling confidence – addressing uncertainty in risk assessments’,

Gasum, Wärtsilä Join Forces to develop Gas Value Chain

New joint co-operation between Gasum and Wärtsilä aims to develop the utilization and distribution of natural energy gases in marine and land markets. Gasum,

News

Abu Dhabi Ship Building Commissions First Floating Dock

Abu Dhabi Ship Building PJSC (ADSB) has commissioned its first floating drydock located in Mina Zayed as the company looks to expand its commercial service offering.

NAT Names 2 New Tankers in South Korea

wo new tankers, Nordic Star and Nordic Space, were named August 24 for owner Nordic American Tankers Limited (NAT).   NAT founder and chairman Herbjørn Hansson was present at the naming ceremony,

Wounded Lobsterman Medevaced near Cape Cope

An injured lobsterman was medically evacuated by U.S. Coast Guard helicopter crew Tuesday roughly 130 nautical miles east of Cape Cod.   At about 10:15 a.m.,

Vessels

NAT Names 2 New Tankers in South Korea

wo new tankers, Nordic Star and Nordic Space, were named August 24 for owner Nordic American Tankers Limited (NAT).   NAT founder and chairman Herbjørn Hansson was present at the naming ceremony,

Refit River Cruiser Sets Sail for Crystal

The newly renovated vessel Mozart, which began passenger service in July 2016, marks Crystal Cruises’ first venture into European river cruising.   Before for

Another Tug Launched for Suderman & Young

Eastern Shipbuilding Group, Inc. said it launched on August 15, 2016 the final vessel in a series of four Z-Tech Class Terminal & Escort Tugs being constructed for Suderman & Young Towing Company.

Underwater Engineering

Esvagt Makes Vestdavit MissionEase First Choice for Mission Bay

Norway-based boat system and davit-handling specialist Vestdavit has secured a breakthrough order for its unique MissionEase multi-boat handling solution for mission bays,

Fugro, US Army Corps of Engineers Ink Mapping Deal

Fugro has been awarded a photogrammetric and LIDAR surveying and mapping contract by the U.S. Army Corps of Engineers, St. Louis District, Missouri. The agreement

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1535 sec (7 req/sec)