EMGS: Vessel activity and multi-client sales update for the third quarter 2022
October 12 2022 - 3:00PM
EMGS: Vessel activity and multi-client sales update for the third
quarter 2022
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 third
quarter 2022 the Company had one vessel on charter, the Atlantic
Guardian. During the quarter, the Atlantic Guardian completed a
survey for the NTNU ATLAB consortium in Norway. Subsequently, EMGS
completed acquisition of a fully-prefunded multi-client survey in
East Canada, before starting transit towards the Caribbean. The
revenue connected to the multi-client survey in East Canada will be
recognised in the fourth quarter 2022.
The utilization for the third quarter was 22% compared with 48%
for the third quarter 2021.
EMGS had one vessel in operation and recorded 3.0 vessel months
in the quarter. In the third quarter 2021, the Company recorded 3.0
vessel months. Multi-client revenues in the third
quarter The Company expects to record approximately USD
3.8 million in multi-client revenues for the third quarter of 2022.
EMGS will publish its third quarter 2022 financial results on
Tuesday 8 November 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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