EMGS: EMGS - Vessel activity for the third quarter 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
third 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 third quarter came in at 77% compared with 69% in
the third quarter of 2012.
In the third quarter of 2013, the company's vessels were allocated 35% to
contract and 42% to multi-client programmes, whereas the allocation was 53%
and 16% respectively in the corresponding quarter last year.
EMGS recorded 9.9 vessel months this quarter, compared with 9.6 in the third
quarter of 2012.
The BOA Thalassa spent the entire third 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 third
quarter was 91%.
The BOA Galatea spent the first half of the third quarter acquiring 3D EM data
under multi-client programme in the Foz do Amazonas area in the equatorial
margin of Brazil. On 15 August, the vessel started mobilising to Mexico and
was prepared for the USD 99.8 million contract with PEMEX, which the vessel
started operating on from 14 September. The vessel's utilisation came in at
71% for the third quarter.
The Atlantic Guardian has acquired 3D EM data under a multi-client programme
in the Barents Sea in the entire third quarter. The Atlantic Guardian's
utilisation for the third quarter was 95%.
The EM Leader's firm charter period expired on 15 June. On 3 September, EMGS
chartered the vessel for a period of 3 months and the vessel started
mobilising towards West-Africa. It is expected that the vessel will start to
operate on the Letter of Intent announced on 13 September, as soon as the
agreement has been finalised. The EM Leader recorded 0.9 vessel months in this
quarter and had a utilization of 0%.
EMGS will publish its third quarter financial report on 14 November 2013 at
07:30 CET. A presentation will be held at Hotel Continental in Oslo, Norway,
and will be broadcasted live over the Internet, starting at 08:30 CET.
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59
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.
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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