Hotel Continental News

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.

Seismic vessel operator Dolphin Group AS reported its financial results for the third quarter 2013. Atle Jacobsen, Dolphin Group CEO commented, "Dolphin delivered solid operating margins for third quarter with EBIT of 25%, driven by improved contract prices and high vessel efficiency. As for the entire seismic industry, Dolphin also experienced low Multi-Client late sales and a competitive market for new projects in the quarter. The seismic market has recently been challenging and will impact our Q4 2013 and Q1 2014.

• Encouraging organic growth in Dolphin processing, external contract revenues of $1.9 million for Q1 confirming market acceptance. Atle Jacobsen, Dolphin Group CEO, commented, “Dolphin continues to deliver solid earnings from a fleet, which is soon to be doubled in size. We experience improved market conditions ahead and Dolphin becomes an even more attractive service provider as major clients experience our efficient operations with modern high capacity vessels. Further Atle Jacobsen (CEO) and Erik Hokholt (CFO) will give a presentation of the quarterly results at Hotel Continental, Stortingsgaten 24-26, and Oslo at 9:30 a.m. (CET). The presentation is open to the public. The company’s full results and presentation can be viewed online here.