Norwegian geophysical services company Electromagnetic Geoservices ASA (EMGS) has seen an increase in vessel utilization for the fourth quarter 2019 at 80% compared with 32% for the fourth quarter in 2018.
For the full year 2019, the vessel utilization was 59%, whereas the utilization for the full year 2018 was 33%.
In the fourth quarter of 2019, the company's vessels were allocated 80% to proprietary work and no time was spent on multi-client projects. In the comparable quarter of 2018, the vessels were allocated 32% to proprietary work and no time was spent on multi-client projects.
EMGS had two vessels in operation and recorded 5.9 vessel months in the quarter. In the fourth quarter 2018, the company recorded 5.7 vessel months.
The Atlantic Guardian spent the entire fourth quarter on a proprietary survey for Pemex in Mexico. The vessel’s utilization for the fourth quarter was 92%.
The Petrel Explorer (formerly Thalassa) completed acquisition of EM data for Petronas in South-East Asia on 6 December 2019. On 12 December 2019 the vessel started transit towards the Atlantic. The vessel’s utilization for the fourth quarter was 67%.
The company expects to record approximately USD 9 million in multi-client revenues for the fourth quarter 2019.
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