EMGS : EMGS vessel activity for Q1 2013
Electromagnetic Geoservices ASA (EMGS) has resolved to release information on
vessel activity and utilisation 4-5 working days after the close of each
quarter. EMGS provides the following summary of vessel activity and
utilisation for the first quarter of 2013:
Vessel utilisation and fleet allocation
Vessel utilisation^1 for the first quarter came in at 63% compared with 72% in
the first quarter of 2012.
In the first quarter of 2013, the company's vessels were allocated 29% to
contract and 34% to multi-client programs. In the first quarter of 2012,
EMGS's vessels were allocated 65% to contract and 7% to multi-client programs.
EMGS recorded 10 vessel months in the first quarter of 2013 compared with 12
in the first quarter of 2012.
The BOA Thalassa spent the first half of the quarter in transit from the Gulf
of Mexico to Singapore. Following equipment upgrades and sea trials, the
vessel then mobilised for a contract in Brunei worth approximately USD 35
million. Data acquisition under this contract commenced on 8 March and is
expected to be completed by mid-August 2013. The vessel's utilisation for the
first quarter was 26%.
The BOA Galatea acquired 3D electromagnetic (EM) data under a multi-client
program in the Ceará area in northern Brazil from the start of the first
quarter to 18 March 2013. Following a port call, the vessel on 24 March
embarked on a new multi-client program covering approximately 8000 km^2 in the
Foz do Amazonas area in the equatorial margin of Brazil. Data acquisition is
expected to take approximately six months. The BOA Galatea's vessel
utilisation came in at 88% for the first quarter.
The Atlantic Guardian was standby in Bergen, Norway, at no cost to EMGS during
January and February 2013. EMGS has chartered the vessel for a firm six months
from 1 March with two optional three-month extensions. In early March, the
Atlantic Guardian was equipped with the company's new source system, Deep
Xpress. Following sea trials, it mobilised for a multi-client survey in
production license 527 in the Norwegian Sea. The survey started on 9 March and
is expected to finish in mid-April. As previously communicated, the vessel
will for the remainder of the second quarter and the third quarter perform a
mix of multi-client and contract work in Norway. The vessel's utilisation for
the first quarter was 65%.
The EM Leader completed a USD 20 million contract in Brunei on 8 January 2013.
The vessel then executed a contract worth approximately USD 7 million in
Malaysia before moving to Singapore for a scheduled dry dock from 19 to 28
February. On 6 March, the vessel commenced 3D EM data acquisition under a USD
7 million contract for new customer China National Petroleum Corporation
(CNPC) in Myanmar. This survey was completed on 7 April. The vessel will
shortly mobilise for a 3D EM survey worth approximately USD 5 million for new
customer JX Nippon Oil & Gas Exploration in Malaysia. The EM Leader's
utilisation came in at 74% for the first quarter.
EMGS will publish its full first-quarter financial report on 16 May 2013 at
07:30 CET. The presentation will be held at Hotel Continental in Oslo, Norway,
and will be broadcasted live over the Internet from 08:30 CET.
^1Note regarding definition of vessel utilisation
With effect from the first quarter 2013, EMGS defines "vessel utilisation" as
the percentage of the vessel charter period spent on contracted or
multi-client data acquisition. Consequently, paid mobilisation will no longer
be classified as utilised vessel time. This definition aligns better with the
Company's accounting principles, which state that mobilisation revenues shall
be booked as a percentage of acquisition completion, thereby improving
correlation between the utilisation figures and the numbers recorded in the
income statement. The utilisation figures for 2012 have been amended
accordingly. Consequently, minor changes have been made compared with the
utilisation data in the 2012 quarterly reports.
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Chris Guldberg, EMGS head of PR/IR, +47 73 56 88 10/+47 92 81 07 07
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 integration of EM data with seismic and other geophysical and
geological information to give explorationists a clearer and more complete
understanding of the subsurface. This improves exploration efficiency, and
reduces risks and the finding costs per barrel.
EMGS has conducted more than 650 surveys to improve drilling success rates
across the world's mature and frontier offshore basins. The company operates
on a worldwide basis with main offices in Trondheim, Stavanger and Oslo,
Norway; Houston, USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com
for more information.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: EMGS via Thomson Reuters ONE
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