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.

Vessel activity
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.