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EMGS - Vessel update and activity for the fourth quarter 2017

Tuesday, January 9, 2018

Electromagnetic Geoservices ASA (the "Company" or "EMGS") releases information on vessel activity and utilisation 4-5 working days after the close of each quarter.

The Company defines vessel utilisation as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate.

Vessel utilisation for the fourth quarter 2017 was 13% compared with 89% for the fourth quarter in 2016. For the full year 2017, the vessel utilisation was 56%, whereas the utilisation for the full year 2016 year was 70%.

In the fourth quarter of 2017, the Company's vessels were allocated 13% to multi-client projects and no time was spent on proprietary work. In the comparable quarter of 2016, the vessels were allocated 35% to proprietary work and 54% to multi-client projects.

EMGS had two vessels in operation and recorded 6.0 vessel months in the quarter. In the fourth quarter 2016, the Company also recorded 6.0 vessel months.

Vessel activity
The Atlantic Guardian began the fourth quarter acquiring data on two multi-client surveys in the Barents Sea. Then, following a yard stay at Fosen shipyard, the vessel commenced a pre-funded multi-client survey west of Newfoundland, Canada. This survey was completed on 21 November 2017, after which the vessel returned to Fosen shipyard.

The vessel's utilisation for the fourth quarter was 27%.

The BOA Thalassa was laid up until 20 November 2017, after which she had a yard stay and conducted equipment sea trials in Singapore. The vessel mobilised for pre-funded multi-client acquisitions offshore Indonesia late December. The surveys started in January 2018 and are expected to be completed before the end of the month.

The yard stay, sea trials and mobilisation conducted in November and December 2017 are not included in the utilisation rate, hence the vessel's utilisation for the fourth quarter was 0%.

Multi-client revenues in the fourth quarter
The Company expects to record approximately USD 10 million in multi-client revenues for the fourth quarter 2017.

EMGS will publish its fourth quarter 2017 financial results on Thursday 8 February 2018 at 07:30 CET. A presentation will be broadcasted live over the Internet, starting at 10:00 CET. To access the presentation, please go to the Company's homepage and follow the link.

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