EM-data solgt i BarentshavetAtlantic Guardian Foto: EMGS

EM-data solgt i Barentshavet

EMGS rapportere salg av multiklient-data i Barentshavet

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.