EMGS Increases Fleet Utilization

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. The vessel’s utilization for the third quarter was 66%.

The BOA Thalassa spent the entire third quarter of 2019 acquiring EM data for Petronas in South-East Asia. The vessel’s utilization for the third quarter was 79%.

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.