EMGS - Vessel update for 1Q 2015

 

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.
 
Vessel activity

The BOA Thalassa has been in Asia for the full quarter positioned for expected contract work in the region. During the period, the vessel has acquired 3D EM data in Indonesia. EMGS has experienced interest from potential buyers of the data, but the project is currently not supported by industry funding. The vessel's utilisation for the first quarter was 23%.
 
The BOA Galatea started acquisition on a new phase of the multi-client project, the Daybreak, in the US Gulf of Mexico on 22 December. The project was completed on 26 January. After that, the vessel started on a new project, called the Radiant, which is located close to the Daybreak. The project has received industry interest, but is currently not pre-funded. The project was completed on 2 April. The vessel's utilisation came in at 88% this quarter.
 
The Atlantic Guardian commenced the announced Barents Sea multi-client campaign on 5 January. The campaign, which was done in cooperation with TGS and supported by industry funding, covered approximately 10 new blocks in the Nordkapp and Tiddly areas. Due to poor weather conditions, the duration of the campaign has been somewhat longer than expected. The vessel's utilisation for the first quarter was 95%.
 
The EM Leader started on the contract for BG Group on 16 December and worked on the project the entire first quarter. The vessel's utilisation was 98% in the first quarter.
 
Multi-client revenues in the first quarter
The Company expects to record a total of approximately USD 10 million in multi-client revenues for the first quarter 2015. This is net of the contribution to partners.
 
EMGS will publish its first quarter 2015 financial results on Thursday7 May 2015 at 07:30 CET. A presentation will be held at the Company's office address, in Dronning Mauds gate 15 in Oslo, and will be broadcasted live over the Internet, starting at 10:00 CET.