EMGS 1Q 2016 Vessels Update

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. The Atlantic Guardian, was offhire for approximately 1.2 vessel months due to a planned yard stay, thus the Company recorded 4.8 vessel months in the quarter. In the first quarter 2015, the Company had three vessels in operation and recorded 12 vessel months.
 
Vessel activity
The BOA Thalassa started the announced contract work in India on 4 January 2016. The project was completed on 26 February. Following the contract work in India, the vessel commenced on a multi-client project west of India on 12 March. The project is estimated to be completed in April. The vessel's utilisation for the first quarter was 73%.
 
The Atlantic Guardian was idle in January and offhire on a planned yard stay from 31 January until 5 March. The vessel commenced a multi-client project in the Hammerfest Basin on 10 March. The project continued throughout the quarter and is expected to be completed in the first part of May. The vessel's utilisation for the first quarter was 38%.
 
The EM Leader has been laid up since 15 May 2015.
 
Multi-client revenues in the first quarter
The Company expects to record zero multi-client revenues in the first quarter 2016.
 
EMGS will publish its first quarter 2016 financial results on Thursday 12 May 2016 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.