Electromagnetic Geoservices ASA (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 fourth quarter 2016 came in at 89% compared with 21% for the fourth quarter in 2015. For the full year 2016, the vessel utilisation was 70%, whereas the utilisation for the full year 2015 year was 59%. In the fourth quarter of 2016, the Company's vessels were allocated 35% to contract work and 54% to multi-client projects. In the comparable quarter of 2015, the vessels were allocated 21% to contract work and no time was spent on multi-client projects. EMGS recorded 6.0 vessel months in the quarter. In the fourth quarter 2015, the Company recorded 9.0 vessel months. Vessel activity The Atlantic Guardian has acquired data on two multi-client surveys in the Barents Sea from the beginning of the fourth quarter to the beginning of November. Following that, the vessel commenced a prefunded multi-client survey, which is, weather permitting, expected to be completed late January. The vessel's utilisation for the fourth quarter was 90%. The BOA Thalassa was laid up at a reduced rate until 1 November. The vessel commenced on a contract in Malaysia on 8 November. The contract work was completed on 1 January. The vessel's utilisation for the fourth quarter was 87%. Multi-client revenues in the fourth quarter The Company expects to record approximately USD 4 million in multi-client revenues for the fourth quarter 2016. EMGS will publish its fourth quarter 2016 financial results on Thursday 9 February 2016 at 07:30 CET. A presentation will be held at the Company's office address, in Dronning Mauds gate 15 in Oslo, and will be broadcasted live over the Internet, starting at 10:00 CET. Contact H ege 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.
