EMGS posts latest report on vessel activity, geological surveys in Norwegian and North Seas
Electromagnetic Geoservices ASA (EMGS) has released its latest quarterly report on vessel activity and multi-client sales. EMGS 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.
At the end of the fourth quarter 2024, EMGS had one vessel on charter, the Atlantic Guardian. The Atlantic Guardian completed multi-client surveys in the North Sea and the Norwegian Sea in the quarter and started transit to India for an upcoming proprietary survey.
The utilization for the fourth quarter was 31% compared with 0% for the fourth quarter 2023.
EMGS had one vessel in operation and recorded 3.0 vessel months in the quarter. In the fourth quarter 2023, the company recorded 3.0 vessel months.
Multi-client revenues in the fourth quarter
EMGS expects to record approximately USD 9.4 million in multi-client pre-funding revenue in the fourth quarter of 2024. The pre-funding revenue in the fourth quarter includes the fully prefunded multi-client surveys acquired over the third and fourth quarter, for which final data delivery was made in the fourth quarter.
EMGS will publish its fourth quarter 2024 financial results on Tuesday 11 February 2025 prior to 07:30 local time (Norway). A recorded presentation will also be made available online.
About EMGS
EMGS uses 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.
