EMGS reports multi-client sales from its Barents Sea library Electromagnetic Geoservices ASA (EMGS) announces that the Company will record revenues of USD 2 million related to uplift in the Barents Sea. The revenues will recognised in the third quarter 2016. EMGS - Vessel update and activity for the third quarter 2016 EMGS releases information on vessel activity and utilisation 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 contracted or multi-client data acquisition. Downtime (technical or maritime) and some standby activities are not included in the utilisation. Vessel utilisation for the third quarter 2016 was 52% compared with 63% for the third quarter in 2015. For the first nine months this year, the vessel utilisation was 61%, whereas the utilisation for the same period last year was 70%. In the third quarter of 2016, the Company's vessels were allocated 31% to multi-client projects and 21% to a funded research and development project. No vessel capacity was spent on contract work. In the comparable quarter of 2015, the vessels were allocated 16% to contract work and 48% to multi-client projects. EMGS recorded 6.0 vessel months in the quarter. In the third quarter 2015, the Company recorded 9.0 vessel months. Vessel activity The Atlantic Guardian mobilised for the Joint Industry Project (JIP) on 27 June and completed the Fjord test of the JIP equipment on 9 July. Following the Fjord test, EMGS performed funded test surveys for the JIP partners till month end. The Atlantic Guardian acquired multi-client data in the Hammerfest Basin from 2 August to 18 August, and the vessel commenced a multi-client project in the Barents Sea 17 September, which will be completed early October. The vessel's utilisation for the third quarter was 52%. The BOA Thalassa has been laid up at a reduced rate since 1May 2016. Multi-client revenues in the third quarter The Company expects to record approximately USD 4 million in multi-client revenues for the third quarter 2016. EMGS will publish its third quarter 2016 financial results on Thursday 3 November 2016 at 07:30 CET. A presentation will be held at the Company's office address, at Dronning Mauds gate 15 in Oslo, and will be broadcasted live over the Internet, starting at 10:00 CET. Contact Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743 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 exploration experts a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Villahermosa, Rio de Janeiro and Kuala Lumpur. For more information, visit www.emgs.com This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
