EMGS Boosts Vessel Operations and Client Sales in Recent Quarter
Electromagnetic Geoservices ASA (the “Company” or “EMGS”) provides an engaging update on its vessel activity and multi-client sales for the recent quarter. This report, issued approximately 4-5 working days after each quarter's close, gives valuable insights into EMGS's operational effectiveness and overall performance.
Vessel Utilization and Operations
In evaluating performance, the Company emphasizes its vessel utilization as the percentage of the charter period dedicated to proprietary or multi-client data acquisition. Notably, downtime due to technical issues, maritime operations, steaming, or standby activities is excluded from this calculation, ensuring an accurate reflection of the vessel’s operational capabilities.
As of the end of the first quarter, EMGS had one vessel on charter, the Atlantic Guardian. Throughout this period, the Atlantic Guardian successfully completed a proprietary survey in a coastal region and began mobilization for a second proprietary survey in the same area. This active engagement demonstrates the Company’s continued commitment to utilizing its resources effectively.
Quarterly Performance Highlights
The utilization for the first quarter was recorded at 35%, a significant increase compared to 27% during the same quarter in the previous year. This upward trend signals the Company’s ability to enhance the performance of its vessel operations.
EMGS operated one vessel throughout the quarter, accounting for 3.0 vessel months, which mirrors the same operational output noted in the first quarter of the previous year. This consistency illustrates the Company’s stable operational framework and solid foundation for growth.
Expectations for Multi-Client Revenues
Regarding sales, EMGS anticipates generating approximately USD 150 thousand from multi-client late sales in the first quarter. This optimistic forecast underlines the continued demand for the Company’s services and their effective utilization in supporting clients.
Upcoming Financial Disclosure
In line with its commitment to transparency, EMGS plans to announce its first quarter financial results, anticipated on a date post the quarter's closure. This announcement will be made available to stakeholders, demonstrating the Company's ongoing efforts to keep investors informed.
Contact Information
For more information, interested parties can reach out to Anders Eimstad, the Chief Financial Officer, at +47 948 25 836.
About EMGS and Its Innovative Technology
EMGS is recognized as a leader in the marine electromagnetic market, leveraging its proprietary electromagnetic (EM) technology to assist oil and gas companies in exploring offshore hydrocarbon resources. The Company provides comprehensive support at every stage of the workflow, including survey design, data acquisition, processing, and interpretation.
EMGS effectively integrates EM data with seismic and other geophysical and geological information, granting explorationists a clearer, more comprehensive understanding of subsurface conditions. This integration not only enhances exploration efficiency but significantly reduces risks and lowers the finding costs associated with oil and gas resources. Furthermore, the Company's CSEM technology is pivotal in identifying marine mineral deposits, particularly Seabed Massive Sulphides, and EMGS is actively exploring opportunities to establish its position in this emerging market.
Frequently Asked Questions
What does EMGS stand for?
EMGS stands for Electromagnetic Geoservices ASA, a company specializing in marine electromagnetic services.
What is the purpose of EMGS's technology?
EMGS's technology supports oil and gas companies in their search for offshore hydrocarbons by enhancing data acquisition and interpretation.
How has EMGS performed compared to last year?
The company reported a vessel utilization increase from 27% to 35% compared to the same quarter last year, showcasing improved operational performance.
What revenue is expected from multi-client sales?
EMGS anticipates approximately USD 150 thousand in revenue from multi-client late sales for the first quarter of 2025.
Who can be contacted for more information?
Anders Eimstad, the Chief Financial Officer of EMGS, is available for inquiries at +47 948 25 836.
