Atlantic Guardian News

Norwegian geophysical services company Electromagnetic Geoservices ASA (EMGS) said in its fleet update for the third quarter 2019 showed a fleet utilization of 73 percent,  compared with 29% for the third quarter in 2018. The marine EM market player said that its  vessels were allocated 73% to proprietary work and no time was spent on multi-client projects, in the third quarter of 2019.In the comparable quarter of 2018, the vessels were allocated 29% to multi-client projects and no time was spent on proprietary work.EMGS had two vessels on charter and recorded 6.0 vessel months in the quarter. In the third quarter 2018, the Company also had two vessels on charter.The Atlantic Guardian commenced a proprietary survey for Pemex in Mexico on 25 July 2019. This survey is still ongoing.

Norwegian geophysical services company Electromagnetic Geoservices ASA (EMGS) is participating in a sole-sourced tender process for a multi-year acquisition contract.EMGS has now received a letter of award for the contract. The multi-year call-off acquisition contract, awarded by one of the world’s largest national oil companies, has a minimum value of approx. USD 29.3 million, and a maximum value of approx. USD 73.3 million, over a two-year period.Based on current acquisition estimates, the marine EM market leader expects that all or a substantial part of the minimum contract value will be recognised in 2019.EMGS expects that final contract execution will take place within approx. three weeks.

Norway’s Electromagnetic Geoservices (EMGS) has received a letter of intent for a fully pre-funded multi-client survey in the Norwegian Barents Sea.According to a press release, the total value of the letter of intent is approximately USD 2.5 million.The company will mobilize the vessel Atlantic Guardian to carry out the survey. The Atlantic Guardian is a specialized vessel for cable laying, seabed mapping, and ROV survey. It was built in 2001 and received a major upgrade in 2014.The acquisition work is expected to be completed within the second quarter of 2019, EMGS said.EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons.

Norwegian geophysical services company Electromagnetic Geoservices ASA (EMGS) said that its vessel utilisation for the fourth quarter 2018 was 32% compared with 13% for the fourth quarter in 2017.For the full year 2018, the vessel utilisation was 33%, whereas the utilisation for the full year 2017 was 56%, it said.In the fourth quarter of 2018, the Company's 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.

The technology group Wärtsilä has agreed to retrofit the world’s first energy storage solution on board a large offshore supply vessel. The North Sea Giant, one of the world’s largest and most advanced subsea construction vessels, will be fitted with an energy storage system that reduces the vessel’s energy consumption, operating costs and exhaust emissions. The retrofit energy storage system improves the operational efficiency and environmental footprint of the North Sea Giant, responding to key requirements of Norwegian North Sea Shipping AS, the owner of the vessel.

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. Downtime (technical or maritime) and some standby activities are not included in the utilisation. Vessel utilisation for the fourth quarter 2016 came in at 89% compared with 21% for the fourth quarter in 2015. For the full year 2016, the vessel utilisation was 70%, whereas the utilisation for the full year 2015 year was 59%. In the fourth quarter of 2016, the Company's vessels were allocated 35% to contract work and 54% to multi-client projects.

Electromagnetic Geoservices ASA (EMGS) has signed an extended charter agreement for the vessel Atlantic Guardian with North Sea Commander Shipping AS (owner of the vessel) at new and improved commercial terms. The new terms are valid as of 1 October 2016. EMGS and the owners have agreed to a reduction of the charter hire rate by approximately 27% and a new 5 year term for the charter. "We are pleased to see that our suppliers are contributing to the targeted cost savings in the Company. The new terms provide for a sound commercial basis when the market turns," says Christiaan Vermeijden, CEO of EMGS.

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. Downtime (technical or maritime) and standby activities is not included in the utilisation. Vessel utilisation for the first quarter 2016 came in at 55% compared with 76% for the first quarter in 2015. In the first quarter of 2016, the Company's vessels were allocated 29% to contract and 26% to multi-client projects. In the comparable quarter of 2015, the vessels were allocated 24% to contract work and 52% to multi-client projects. EMGS had two vessels in operation in the first quarter 2016.

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 fourth quarter 2015 came in at 21% compared with 63% for the fourth quarter in 2014. For the full year 2015, the vessel utilisation was 59%, whereas the utilisation for the full year 2014 ended at 69%. In the fourth quarter of 2015, the Company's vessels were allocated 21% to contract and no time were spent on multi-client programmes. In the fourth quarter of 2014, the allocation was 39% on contract work and 24% on multi-client programmes.

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 first quarter 2015 came in at 76% compared with 66% for the first quarter 2014. In the first quarter of 2015, the Company's vessels were allocated 24% to contract and 52% to multi-client programmes. For the corresponding quarter in 2014, the allocation was 56% and 10% respectively. EMGS recorded 12 vessel months this quarter, compared with 10.7 in the first quarter of 2014. The BOA Thalassa has been in Asia for the full quarter positioned for expected contract work in the region.

Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 52.5 million in the fourth quarter 2014, up from USD 41.7 million in the third quarter and from USD 44.9 million in the corresponding quarter in 2013. Contract sales totaled USD 25.5 million, while multi-client sales were at USD 27.0 million this quarter. The Company had an EBITDA of USD 18.6 million and a net income of USD 15.1 million. The Company had record-high multi-client sales in the quarter, mostly from the library in the Barents Sea. In addition, the Company signed contracts for its vessel BOA Thalassa in Asia and a 3.5 months contract for the EM Leader in Uruguay. The Atlantic Guardian spent most of the quarter at yard and contributed with only 0.9 vessel month this quarter. “2014 was a successful year for EMGS.

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 third quarter 2014 came in at 69% compared with 77% for the third quarter 2013. In the third quarter this year, the Company's vessels were allocated 31% to contract and 38% to multi-client programmes, whereas the allocation was 35% and 42% respectively in the corresponding quarter last year. EMGS recorded 11.4 vessel months this quarter, compared with 9.9 in the third quarter of 2013.

Electromagnetic Geoservices ASA (EMGS) announced an agreement from Statoil Petroleum AS for the Norwegian Sea. EMGS has now received a new contract from another oil and gas company worth USD 1.0 million for acquisition of 3D EM data in the nearby area.   The Company will be using the vessel Atlantic Guardian. Acquisition is scheduled to be completed early in October, after which the vessel is scheduled to go directly into a 6 week yard stay. EMGS considered the marine EM market leader has not divulged the name of the company. www.emgs.com

Electromagnetic Geoservices ASA (EMGS) has received a supplement agreement from Statoil Petroleum AS worth approximately USD 1.0 million for multi-client 3D EM data acquisition in the Norwegian Sea.   The Company expects to commence the survey shortly, after completing the survey for Statoil announced on 2 June 2014 in the same area, using the vessel Atlantic Guardian.

Electromagnetic Geoservices ASA (EMGS)  the marine EM market leader, who uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbonshas, received a contract worth USD 2.7 million from OMV (Norge) AS and its partners in PL537 for 3D EM data acquisition in the Barents Sea.   The survey will commence in July using the vessel Atlantic Guardian. The company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.

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.

Electromagnetic Geoservices ASA (EMGS), electromagnetic (EM) technology market leader, has received a Letter of Award from Statoil Petroleum AS worth USD 5.3 million for 3D EM data acquisition in the Norwegian Sea. EMGS, uses its proprietary EM technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface.This improves exploration efficiency and reduces risks and the finding costs per barrel.

EMGS and TGS have agreed to further expand their companies' agreement of cooperation in the Barents Sea. Currently, TGS has a 30% ownership in the multi-client EM data over 17 blocks in the Hoop area. The agreement will be expanded with four new blocks in the Hoop area and 14 blocks in the southeastern area of the Barents Sea. TGS will take a 50% ownership in the EM data over all the new 18 blocks. The expansion of this agreement further confirms the value of integrating 3D EM data with seismic data to reduce risk and discover more in the Barents Sea. The joint sales and marketing efforts will result in broad market exposure of our EM data," said Roar Bekker, CEO of EMGS.

The 3D EM data is being acquired by the M/V 'Atlantic Guardian': data will be available to clients through both EMGS and TGS. The survey is supported by industry funding. TGS in partnership with Electromagnetic Geoservices ASA (EMGS) signed an agreement to jointly invest in a 3D electromagnetic (EM) multi-client survey covering 11 blocks, or approximately 3300 km2, in the Hoop area of the Barents Sea. Under the terms of the previously announced agreement, EMGS will be given access to TGS' 2D seismic data for survey planning and integration purposes, while TGS will obtain access to 3D EM data to evaluate and plan subsequent multi-client work over the area. "TGS and EMGS are pleased to now join forces in the Barents Sea," commented Stein Ove Isaksen, Senior VP Eastern Hemisphere for TGS.

Electromagnetic Geoservices ASA (EMGS) has commenced a fully pre-funded multi-client survey in the West of Shetland area, north of Scotland. The vessel Atlantic Guardian will acquire controlled-source electromagnetic (CSEM) and magnetotelluric (MT) data for a minimum of three weeks in an area where basalt layers make the interpretation of seismic data challenging. "We are excited by the market potential we see in combining seismic and CSEM/MT data to improve subsurface imaging in areas of complex geology.

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Winners of the Lloyd’s List-SMM 2002 Awards for innovation in shipbuilding and marine technology were announced in the Hamburg Congress Centre last night (September 24) at a gala ceremony which brought day one of the world’s biggest maritime fair to a glittering conclusion. Several hundred leading industry figures gathered for the final stage of an initiative launched in March by Lloyd’s List and SMM organisers Hamburg Messe to recognise the technical advances which enable maritime commerce and defence. With 13 awards in three merchant and naval categories, the inaugural scheme attracted a massive wave of nominations for ships and support systems reflecting the cutting edge of ingenuity in improving performance, reducing costs and protecting the environment.