(MENAFN- GlobeNewsWire - Nasdaq) Electromagnetic Geoservices ASA (the 'Company' or '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 proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate.
As further described below, at the end of the second quarter 2020 the Company had one vessel on charter, the Atlantic Guardian. The Atlantic Guardian is currently cold stacked in Norway. Going forward, the Company intends to continue to publish a trading update shortly after the end of each quarter, inter alia to communicate multi-client sales during the relevant quarter.
Vessel utilisation for the second quarter 2020 was 23% compared with 73% for the second quarter of 2019.
In the second quarter of 2020, the Company's vessels were allocated 0% to proprietary work and 23% to multi-client projects. In the comparable quarter of 2019, the vessels were allocated 45% to proprietary work and 28% to multi-client projects.
EMGS recorded 5.0 vessel months in the quarter. In the second quarter 2019, the Company recorded 6.0 vessel months.
Vessel activity
During the quarter, the Atlantic Guardian transited to Norway and completed the previously announced transit to Norway for cold stacking. The vessel's utilisation for the second quarter was zero.
The Petrel Explorer (formerly Thalassa) completed acquisition of two multi-client surveys on the Norwegian continental shelf, whereof one was prefunded, and one was not. Following completion of these two surveys, the vessel was demobilised and returned to the vessel owner at expiry of the charter period. The vessel's utilisation for the second quarter was 56%.
Multi-client revenues in the second quarter
The Company expects to record approximately USD 5 million in multi-client revenues for the second quarter 2020.
EMGS will publish its second quarter 2020 financial results on Thursday 23 July 2020 at 07:30 local time (Norway). A presentation will be broadcasted live over the Internet, starting at 10:00 local time (Norway). To access the presentation, please go to the Company's homepage ( [To enable links contact MENAFN] ) and follow the link.
Contact
Anders Eimstad, Chief Financial Officer, +47 948 25 836
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company's services enable the integration of EM data with seismic and other geophysical and geological information to give exploration experts a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
For more information, visit [To enable links contact MENAFN]
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
![]( </b>[To enable links contact <a href="https://menafn.com/mf_contact.aspx?src=Contact_Authors" target="Contact">MENAFN</a>]</b> width=)
MENAFN0607202000703653ID1100440725
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.