EMGS : EMGS vessel activity for Q2 2013 Electromagnetic Geoservices ASA (EMGS) releases 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 second quarter of 2013: Vessel utilisation and fleet allocation EMGS defines "vessel utilisation" as the percentage of the vessel charter period spent on contracted or multi-client data acquisition. Vessel utilisation for the second quarter came in at 78% compared with 77% in the second quarter of 2012. In the second quarter of 2013, the company's vessels were allocated 32% to contract and 46% to multi-client programmes. In the second quarter of 2012, EMGS's vessels were allocated 53% to contract and 24% to multi-client programmes. EMGS recorded 11.5 vessel months in the second quarter of 2013 compared with 10.3 in the second quarter of 2012. Vessel activity The BOA Thalassa spent the entire second quarter of 2013 acquiring 3D electromagnetic (EM) data under a USD 35 million contract in Asia, which was extended by USD 15 million in June. The vessel's utilisation for the second quarter was 96%. The BOA Galatea spent the entire second quarter acquiring 3D EM data under a multi-client programme in the Foz do Amazonas area in the equatorial margin of Brazil. The vessel's utilisation came in at 96% for the second quarter. The Atlantic Guardian completed a multi-client survey in Production License 527 in the Norwegian Sea in mid-April. For the remainder of the second quarter, the vessel acquired 3D EM data under a multi-client programme in the Barents Sea. A total of nine days in the second quarter were spent testing the company's new source system, Deep Xpress. The Atlantic Guardian's utilisation for the second quarter was 81%. The EM Leader completed 3D EM data acquisition under a USD 7 million contract for new customer China National Petroleum Corporation (CNPC) in Myanmar on 7 April. The vessel then performed a 3D EM survey worth approximately USD 5 million for new customer JX Nippon Oil & Gas Exploration in Malaysia. This survey was completed on 7 May, after which the vessel was idle until the firm charter period expired on 15 June. The EM Leader's utilisation came in at 31% for the second quarter. EMGS will publish its full second quarter and first half-year financial report on 22 August 2013 at 07:30 CET. The presentation will be held at Hotel Continental in Oslo, Norway, and will be broadcast live over the Internet from 08:30 CET. Contact Roar Bekker, EMGS chief executive officer, +47 22 01 14 00 Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00 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 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 700 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 Reuters clients. 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 the information contained therein. Source: EMGS via Thomson Reuters ONE HUG#1714004
EMGS : EMGS vessel activity for Q2 2013
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