EMGS – Vessel activity and multi-client sales update for the second quarter 2024
10 7월 2024 - 12:30AM
UK Regulatory
EMGS – Vessel activity and multi-client sales update for the second
quarter 2024
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 second quarter 2024 the Company had one vessel on
charter, the Atlantic Guardian. The Atlantic Guardian completed the
fully prefunded multi-client project in Brazil on 24 June 2024 and
has subsequently started transit towards Norway for previously
announced prefunded multi-client projects.
The utilization for the second quarter was 51% compared with 0%
for the second quarter 2023.
EMGS had one vessel in operation and recorded 3.0 vessel months
in the quarter. In the second quarter 2023, the Company recorded
3.0 vessel months.
Multi-client revenues in the second quarter
The Company expects to record approximately USD 13.3 million in
multi-client revenues for the second quarter of 2024. This includes
USD 2.7 million related to the fully prefunded multi-client survey
in the North Sea, which was acquired in the first quarter of 2024,
the fully prefunded multi-client survey in Brazil as well as
various late sales.
EMGS will publish its second quarter 2024 financial results on
Thursday 22 August 2024 prior to 07:30 local time (Norway). A
recorded presentation will also be made available over the
Internet. 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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