EMGS: Vessel activity and multi-client sales update for the first quarter 2024
09 Abril 2024 - 11:30AM
UK Regulatory
EMGS: Vessel activity and multi-client sales update for the first
quarter 2024
Electromagnetic Geoservices ASA (the “Company” or “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 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.
At the end of the first quarter 2024 the Company had one vessel on
charter, the Atlantic Guardian. The Atlantic Guardian was taken out
of warm stack on 19 February 2024 and began mobilization for a
fully prefunded multi-client survey in the North Sea.
The utilization for the first quarter was 27% compared with 0%
for the first quarter 2023.
EMGS had one vessel in operation and recorded 3.0 vessel months
in the quarter. In the first quarter 2023, the Company recorded 3.0
vessel months.
Multi-client revenues in the first quarter
The
Company does not expect to record any multi-client revenue for the
first quarter of 2024. The revenue related to the fully prefunded
multi-client survey in the North Sea will be recognized in the
second quarter of 2024.
EMGS will publish its first quarter 2024 financial results on
Thursday 09 May 2024 prior to 07:30 local time (Norway). A recorded
presentation will also be made available over the Internet. To
access the presentation, please go to the Company’s homepage
(www.emgs.com) and follow the link.
Contact
Anders Eimstad, Chief Financial
Officer, +47 948 25 836
This information is published in accordance with the Norwegian
Securities Trading Act § 5-12.
About EMGS
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. CSEM technology can also be used to detect the
presence of marine mineral deposits (primarily Seabed Massive
Sulphides) and EMGS believes that the technology can also be used
to estimate the mineral content of such deposits. The Company is
undertaking early-stage initiatives to position itself in this
future market.
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