EMGS – Vessel activity and multi-client sales update for the second quarter 2022
July 07 2022 - 12:30PM
EMGS – Vessel activity and multi-client sales update for the second
quarter 2022
Electromagnetic Geoservices ASA (the “Company” or “EMGS”)
releases information on vessel activity and multi-client sales
during the quarter 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 second quarter 2022 the
Company had one vessel on charter, the Atlantic Guardian. The
Atlantic Guardian completed two fully-prefunded multi-client
surveys in Norway.
The utilization for the second quarter was 18% compared with 32%
for the second quarter 2021.
EMGS had one vessel in operation and recorded 3.0 vessel months
in the quarter. In the second quarter 2021, the Company recorded
2.8 vessel months. Multi-client revenues in the second
quarter The Company expects to record approximately USD
5.4 million in multi-client revenues for the second quarter of 2022
of which USD 2.8 million is related to fully-prefunded multi-client
surveys in Norway. EMGS will publish its second quarter 2022
financial results on Thursday 18 August 2022 at 07:30 local time
(Norway). A recorded presentation will be broadcasted over the
Internet, available from 10:00 local time (Norway). 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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