EMGS anticipates $4.8 million in revenue for Q1 2023

Electromagnetic Geoservices ASA (“EMGS”) had one vessel in operation and recorded 3.0 vessel months in the quarter. In the first quarter 2022, the company recorded 3.0 vessel months.

At the end of the first quarter 2023, the company had one vessel on charter, the Atlantic Guardian. The Atlantic Guardian was warm stacked for the entire quarter.   

The utilization for the first quarter was 0% compared with 0% for the first quarter 2022.

EMGS releases information on vessel activity and multi-client sales during the quarter approximately 4-5 working days after the close of each quarter. The company defines vessel utilization as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilization, steaming, and some standby activities are not included in the utilization rate. 

Multi-client revenues in the first quarter

The company expects to record approximately $4.8 million in multi-client revenues for the first quarter of 2023. 

EMGS will publish its first quarter 2023 financial results on Friday May 26, 2023 prior to 07:30 local time (Norway). A recorded presentation will also be made available over the Internet.