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
EMGS recorded 11.5 vessel months in the second quarter of 2013 compared with
10.3 in the second quarter of 2012.
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
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
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
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
Press spacebar to pause and continue. Press esc to stop.