Emgs News

Norwegian offshore seismic surveyor PGS has said that the coronavirus pandemic and the disruption in the oil market present unprecedented challenges for the offshore services industry, including the marine seismic industry.PGS expects the low oil price will have a material adverse impact on demand for seismic services and activity levels.Brent crude futures fell 3.2%, or 97 cents, to $28.97 per barrel as of 0636 GMT, after having risen 21% on Thursday.While oil companies have recently canceled several seismic survey contracts…

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) has been awarded a contract by UK oil and gas major BP for work off the coast of Senegal and Mauritania.EMGS said in a in Oslo Exchange filing that the contract is worth around $6 million. The survey work is expected to start in the first quarter of 2020.CEO of EMGS, Bjørn Petter Lindhom, said, “EMGS is delighted to return to Africa and for the opportunity to work for BP and partners on their high-profile acreage in Mauritania and Senegal.""This contract extends our already healthy backlog and puts us in a good position to secure additional work in the prolific MSGBC Basin and in West Africa…

Electromagnetic Geoservices (EMGS) has appointed Bjørn Petter Lindhom as the permanent CEO of the company.Lindhom assumed the position of interim CEO of the company on December 01, 2018, and now the board of directors resolved to make the appointment permanent.Eystein Eriksrud, Chairman of the board of directors said: "The board of directors is very pleased with the strong positive developments in EMGS. As previously announced, the Company has secured a number of important awards, including the LOA for a USD 73 million proprietary acquisition contract for Pemex and the USD 24 million acquisition contract in south-east Asia, which has…

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.

Norwegian seismic acquisition company SeaBird Exploration said  it is in an exclusive process to acquire the seismic vessels BOA Galatea and BOA Thalassa owned by BOA Offshore in a transaction which values the vessels at NOK 185 million ($22 million).The BOA Vessels are well suited for source and 2D operations, as well as EM seabed logging, for which BOA Thalassa is currently contracted with EMGS ASA until September 2019 with options for EMGS ASA to extend for three periods of six months each.In order to finance the acquisition of the BOA Vessels, as well as to finance an upgrade of BOA Galatea to high end 2D / source capability, the Company is contemplating a private placement of new shares  in the Company raising gross proceeds of minimum NOK 225 million and maximum of NOK 250 million.

Marine surveyor SeaBird Exploration said on Monday it has been awarded two new contracts, including one in West Africa and another in the Gulf of Mexico.The company said it received a letter of award for a niche 3D survey in West Africa, with a total value of approximately $6.5 million. The survey is expected to commence in the second quarter of 2019, with a total duration of about 80 days including associated vessel transit.Due to fleet positioning and other contract opportunities, SeaBird will time-charter the Nordic Explorer for this survey and will also bid the vessel for subsequent opportunities in the second half of 2019. In connection with the charter agreement…

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 Board of Directors of  the Norwegian geophysical services company Electromagnetic Geoservices (EMGS)  announces that Christiaan Vermeijden has decided to resign from his position as CEO due to personal reasons.A press release from the marine EM market firm said that  Vermeijden will step down as CEO per 31.12.2018. He has held the position of CEO since February 2016.Eystein Eriksrud, Chairman of the Board of Directors: "We regret that Christiaan Vermeijden has resigned but we respect his decision. On behalf of the Board of Directors, I would like to thank him for his dedication to EMGS and wish him all the best in the future.Christiaan Vermeijden: "I regret that I leave EMGS due to personal reasons.

Cash-strapped Norwegian survey player Electromagnetic Geoservices (EMGS) has launched a refinancing exercise as the geophysical services company seeks to alleviate a liquidity squeeze. An independent board of directors of EMGS in cooperation with the company’s three largest shareholders, developed a comprehensive refinancing proposal. The Comprehensive Refinancing consists of two elements; (i) a rights issue with gross proceeds of up to USD 12.5 million, whereof USD 10.0 million is underwritten; and (ii) issuance of a new, fully underwritten convertible bond loan with a total nominal amount of up to USD 32.5 million. The underwriting will be regulated by way of underwriting agreements, with fully termed underwriting agreements expected to be executed on or about 5 March 2018.

Electromagnetic Geoservices ASA (EMGS) has signed a new charter agreement for the vessel BOA Thalassa with BOA SBL AS (owner of the vessel) at new and improved commercial terms. The new terms are valid through 1 October 2019 with an option to extend the new agreement through 1 April 2021. EMGS and the owners have agreed to a reduction of the charter hire rate by approximately 20%. EMGS and BOA SBL AS have also agreed to some additional flexibility during 2017. The new contract will have a firm start on 1 October 2017, but the vessel remains available, as an option to EMGS, on a project by project basis between 1 April (expiry date of current contract) and 1 October 2017. The new terms are valid in this period.

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) announces a reduction in the Company's cost base in line with a reduced level of activity. The Company will seek a global reduction in employee expenses of approximately 20% by using both temporary and permanent layoffs amongst others. The cost reduction measure will yield effects gradually as headcount reductions onshore and offshore are scheduled to follow a different timeline. "The market is expected to continue to be subdued until the oil price recovers and customers increase their E&P budgets. Cost reductions and cost control will therefore continue to be important focus areas in the Company.

Petroleum Geo-Services ASA reported revenue fall in their recently released Second Quarter and First Half 2016 Results. It logged a healthy MultiClient Sales and continues to undertake cost reductions. "With the gradual recovery of the oil price from its lows in early Q1, we are starting to see early signs of a stabilizing market and improving sentiment," observed Jon Erik Reinhardsen, President and Chief Executive Officer. "We believe that this has started to impact our MultiClient performance positively. The marine contract market is still characterized by very low pricing, but here too we see indications of more predictable patterns in customer survey planning and contracting processes.

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) has entered into a data licensing agreement with an oil company for the provision of 3D EM data from the multi-client data library over the Norwegian Sea and the Barents Sea. The company did not reveal the name of the client, however, it stated that the deal is worth a total of USD 4.0 million.

Electromagnetic Geoservices ASA (EMGS) has appointed Hege A. Veiseth (38) as acting CFO of the company effective from 1 January 2016, following the resignation of Svein Knudsen.   Hege has worked for EMGS since 2007 and is currently the Group Finance Manager of the company. Prior to joining EMGS, she worked as an auditor for EY for 7 years, including as auditor for EMGS. Hege has a MSc in Economics and Business Administration from the Norwegian School of Economics (NHH) and a MSc in Accounting and Auditing from the Norwegian Business School (BI).

Electromagnetic Geoservices ASA (EMGS) announces that the Company has entered into a data licensing agreement with an international oil company for the provision of 3D EM data from the multi-client data library over the Daybreak project located in the western US Gulf of Mexico worth a total of USD 1.5 million. The Daybreak data set is bordering Mexico's Perdido offshore oil province, and we find it encouraging that sales also are emerging from cross boarder exploration strategies in this region, say's Juan M. Santana, EMGS President - NSA.  This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Bjarte Bruheim has decided to step down as Chief Executive Officer of Electromagnetic Geoservices ASA with immediate effect. He has held this position since 7 January 2015, and before that, he held the position as the company's executive chairman since 2004. The board of directors wishes to express its gratitude to Bjarte Bruheim for his valuable contribution to the company through many years. EMGS has initiated a search for a new CEO. Until a permanent CEO is in place, Stig Eide Sivertsen has been appointed new CEO. As the CEO cannot be a member of the board of directors, according to the Norwegian Public Limited Liability Companies Act, Sivertsen has voluntarily resigned as board member with immediate effect. Sivertsen has served on the Board and chaired the Company's audit committee.

Electromagnetic Geoservices (EMGS) reported multi-client sales from Barents Sea and Norwegian Sea   Marine controlled-source electromagnetic (CSEM) data provider EMGS informs it has entered into two new data licensing agreements with two oil companies for the provision of 3D EM data from EMGS's multi-client data library over the Barents Sea and the Norwegian Sea worth $1.6 million.   The multi-client revenues, which are a combination of prefunding and late sales, will be booked in the third quarter of 2015.