EMGS Vessel Utilisation Stands at 32% in 4Q
Norwegian geophysical services company Electromagnetic Geoservices ASA (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…
EMGS Inks Charter for BOA Thalassa
Electromagnetic Geoservices ASA (EMGS) has signed a new charter agreement for the vessel BOA Thalassa with BOA SBL AS (owner of the vessel) at new and improved commercial terms. The new terms are valid through 1 October 2019 with an option to extend the new agreement through 1 April 2021. EMGS and the owners have agreed to a reduction of the charter hire rate by approximately 20%. EMGS and BOA SBL AS have also agreed to some additional flexibility during 2017.
EMGS, TGS Expand Cooperation In Barents Sea
Electromagnetic Geoservices ASA (EMGS) and TGS-NOPEC Geophysical Co ASA (TGS) have agreed to expand the companies' cooperation agreement in the Barents Sea. TGS will be investing in a 3D CSEM data acquisition project related to the 24th licensing round in Norway. The contribution from TGS will be booked as a reduction of the carrying value of EMGS' multi-client library. In addition, EMGS reports late sales of multi-client data in Norway. The above agreements total USD 2 million. This will be recognised in the first quarter of 2017.
EMGS secures Malaysia Contract
Electromagnetic Geoservices ASA (EMGS) confirmed that a firm contract has been entered into with an oil company in Malaysia. This contract confirms the provisional agreement announced in the stock exchange notice of 1 November 2016. As previously announced, this contract extension is worth approximately USD 8 million. The agreement relates to a 3D EM data acquisition offshore Sabah, East Malaysia. The vessel BOA Thalassa will perform the survey which is estimated to take approximately two months with an expected completion date early January 2017.
EMGS Sells from its multi-client library - Barents Sea, Norway
Electromagnetic Geoservices ASA (EMGS) announces that the Company has entered into a data licensing agreement for the provision of 3D CSEM data from the multi-client data library in the Barents Sea providing net revenue of USD 2.1 million to EMGS. The revenue will be recognized in the third quarter of 2016. EMGS is glad with the oil company's purchase of the 3D CSEM data to evaluate the exploration for hydrocarbons in the Barents Sea, says Christiaan Vermeijden, CEO.
EMGS Secures Prefunding for multi-client Acquisition in Norway
Electromagnetic Geoservices ASA (EMGS) announces that the Company has entered into a data licensing agreement with a repeat customer for 3D EM data to be acquired over the Hoop area in the Barents Sea. The pre-funding amounts to USD 1 million. This new acquisition is expected to take place in Q3 2016 and will become part of the EMGS multi-client library. Christiaan Vermeijden, CEO of EMGS, is pleased that see that such a 3D CSEM survey continues to add…
EMGS Expects Revenues from NCS 23rd Licensing Round
On 18 May 2016, The Ministry of Petroleum and Energy announced the offer of ten new production licenses in the 23rd licensing round on the Norwegian continental shelf to a total of thirteen (13) companies. All ten licenses are in the Barents Sea, of which three licenses are in the new area in the southeastern Barents Sea. Based on these awards, Electromagnetic Geoservices ASA (EMGS) expects to realize uplift revenues, net after adjustment for partner's share of revenues…
EMGS Strikes Canada Data Deal
Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with a major international oil company for the provision of 3D electromagnetic (EM) data from the multi-client data library over the Flemish Pass Basin offshore Newfoundland, Canada worth a total of USD 3.9 million. The EM data will be delivered in May 2016 and thus the multi-client revenue will be recognised in the second quarter of 2016. "We are very pleased with this agreement, which represents a breakthrough for the application of our technology in this region.
EMGS 1Q 2016 Vessels Update
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 standby activities is not included in the utilisation. Vessel utilisation for the first quarter 2016 came in at 55% compared with 76% for the first quarter in 2015.
EMGS' Vessels Utilization Drops
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. Vessel utilisation for the fourth quarter 2015 came in at 21% compared with 63% for the fourth quarter in 2014. For the full year 2015, the vessel utilisation was 59%, whereas the utilisation for the full year 2014 ended at 69%.
Norway: EMGS in 3D EM Data Sale
Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with an oil company for the provision of 3D EM data from the multi-client data library over the Norwegian Sea and the Barents Sea. The company did not reveal the name of the client, however, it stated that the deal is worth a total of USD 4.0 million.
EMGS Sells Daybreak Data in Gulf of Mexico
Electromagnetic Geoservices ASA (EMGS) announces that the Company has entered into a data licensing agreement with an international oil company for the provision of 3D EM data from the multi-client data library over the Daybreak project located in the western US Gulf of Mexico worth a total of USD 1.5 million. The Daybreak data set is bordering Mexico's Perdido offshore oil province, and we find it encouraging that sales also are emerging from cross boarder exploration strategies in this region, say's Juan M. Santana, EMGS President - NSA.
EMGS 3Q Performance Sturdy
Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 16.3 million in the second quarter 2015, up from 12.1 million in the previous quarter and down from USD 41.7 million in the corresponding quarter in 2014. Contract sales ended at USD 9.1 million, while sales from the multi-client library ended at USD 7.2 million. The results were negatively affected by extraordinary costs related to the Company's cost reduction program. EBITDA ended with a negative USD 10.0 million after multi-client investments of USD 8.4 million in the quarter.
Knudsen Quits Electromagnetic Geoservices
Norwegian geophysical services company Electromagnetic Geoservices ASA (EMGS) announced that its Chief Financial Officer (CFO), Svein Knudsen, has tendered his resignation. Knudsen has held the position as CFO of EMGS since January 2005. Stig Eide Sivertsen, CEO of EMGS, said, "Svein and I go way back, and he has been an instrumental part of the EMGS history since 2005. Prior to joining EMGS in January 2005, Knudsen served as vice president of finance and treasury with Petroleum Geo-Services ASA (PGS) from March 1994.
EMGS Agrees New Vessel Terms
Electromagnetic Geoservices ASA (EMGS) has signed an extended charter agreement for the vessel BOA Thalassa with BOA SBL AS (owner of the vessel) at new and improved commercial terms. The new terms are valid as of 1 October 2015. "We are very pleased with this new agreement. It lowers our cost commitment and gives us operational flexibility," says Stig Eide Sivertsen, CEO of EMGS. Following the agreement, EMGS will re-deliver the BOA Galatea on 15 December, which originally was the expiry date for BOA Thalassa.
EMGS Makes further Cuts
Electromagnetic Geoservices ASA (EMGS) announces that the Company implements additional cost reduction measures reflecting the challenging market conditions in the oil service industry. The Company has identified and implemented comprehensive cost reductions on terms and conditions for sub-contractors and in staff levels. The key elements of the program are a reduction of the vessel capacity by one vessel, from three to two vessels, and a corresponding reduction in the global employee expenses.
EMGS 2Q Revenue Falls
Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 12.1 million in the second quarter 2015, down from 32.3 million in the previous quarter and from USD 42.5 million in the second quarter 2014. Contract sales ended at USD 4.8 million, while sales from the multi-client library ended at USD 7.3 million. The results were negatively affected by extraordinary costs related to the Company's cost reduction program. EBITDA ended with a negative USD 6.0 million after a multi-client investment of USD 14.0 million.
EMGS Bags Malaysian Award for BOA Thalassa
Electromagnetic Geoservices ASA (EMGS) has received a letter of award (LOA) for a contract worth approximately USD 4.2 million from an oil company for 3D EM data acquisition over their operated area in Malaysia. The two parties have entered into a two-year contract, of which this LOA constitutes the commitment for the first and initial phase. The parties have also designed a survey for an optional second phase in 2016. "We are very pleased to announce this letter of award with a repeat customer in Malaysia.
EMGS Implements Further Cost Reductions
Electromagnetic Geoservices ASA (EMGS) announce that the Company implements further cost reductions reflecting the challenging market conditions in the oil service industry. As communicated in the first quarter report, the Company initiated cost reduction measures in the beginning of the first quarter. These measures have proven successful. However, due to further delays in contract negotiations and lower than expected demand for EM data, EMGS Management has decided to implement an additional cost reduction program.
EMGS - Vessel update for 1Q 2015
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. Vessel utilisation for the first quarter 2015 came in at 76% compared with 66% for the first quarter 2014. In the first quarter of 2015, the Company's vessels were allocated 24% to contract and 52% to multi-client programmes.
