EMGS: Vessel activity and multi-client sales update for Q1 2024

Source: www.gulfoilandgas.com 4/9/2024, Location: Europe

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 first quarter 2024 the Company had one vessel on charter, the Atlantic Guardian. The Atlantic Guardian was taken out of warm stack on 19 February 2024 and began mobilization for a fully prefunded multi-client survey in the North Sea.

The utilization for the first quarter was 27% compared with 0% for the first quarter 2023.

EMGS had one vessel in operation and recorded 3.0 vessel months in the quarter. In the first quarter 2023, the Company recorded 3.0 vessel months.

Multi-client revenues in the first quarter

The Company does not expect to record any multi-client revenue for the first quarter of 2024. The revenue related to the fully prefunded multi-client survey in the North Sea will be recognized in the second quarter of 2024.

EMGS will publish its first quarter 2024 financial results on Thursday 09 May 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.

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