EMGS Vessel Utilisation Stands at 32% in 4Q

Norwegian geophysical services company Electromagnetic Geoservices ASA (ELRMF) (EMGS) said that its vessel utilisation for the fourth quarter 2018 was 32% compared with 13% for the fourth quarter in 2017.

For the full year 2018, the vessel utilisation was 33%, whereas the utilisation for the full year 2017 was 56%, it said.

In the fourth quarter of 2018, the Company's vessels were allocated 32% to proprietary work and no time was spent on multi-client projects. In the comparable quarter of 2017, the vessels were allocated 13% to multi-client projects and no time was spent on proprietary work.

EMGS had two vessels in operation and recorded 5.7 vessel months in the quarter. In the fourth quarter 2017, the Company recorded 6.0 vessel months.

The Atlantic Guardian began the fourth quarter acquiring data ona small research survey west of Svalbard. On 21 October, the vessel started mobilising to South America and was prepared for the USD 8 million contract, which the vessel started operation on from 20 November. This survey is expected to be completed in Q1 2019.

The vessel's utilisation for the fourth quarter was 49%. The BOA Thalassa has had a yard stay and been idle this quarter.