EMGS' Vessel Utilisation Soars
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. In the comparable quarter of 2015, the vessels were allocated 21% to contract work and no time was spent on multi-client projects.
EMGS recorded 6.0 vessel months in the quarter. In the fourth quarter 2015, the Company recorded 9.0 vessel months.
The Atlantic Guardian has acquired data on two multi-client surveys in the Barents Sea from the beginning of the fourth quarter to the beginning of November. Following that, the vessel commenced a prefunded multi-client survey, which is, weather permitting, expected to be completed late January.
The vessel's utilisation for the fourth quarter was 90%.
The BOA Thalassa was laid up at a reduced rate until 1 November. The vessel commenced on a contract in Malaysia on 8 November. The contract work was completed on 1 January.
The vessel's utilisation for the fourth quarter was 87%.
Multi-client revenues in the fourth quarter
The Company expects to record approximately USD 4 million in multi-client revenues for the fourth quarter 2016.