EMGS Provides Summary of Vessel Activity for Q1 2013

Electromagnetic Geoservices ASA (EMGS) has resolved to release information on vessel activity and utilisation 4-5 working days after the close of each quarter. EMGS provides the following summary of vessel activity and utilisation for the first quarter of 2013:

 Vessel utilisation and fleet allocation

Vessel utilisation1 for the first quarter came in at 63% compared with 72% in the first quarter of 2012.

In the first quarter of 2013, the company’s vessels were allocated 29% to contract and 34% to multi-client programs. In the first quarter of 2012, EMGS’s vessels were allocated 65% to contract and 7% to multi-client programs.

EMGS recorded 10 vessel months in the first quarter of 2013 compared with 12 in the first quarter of 2012.

Vessel activity

The BOA Thalassa spent the first half of the quarter in transit from the Gulf of Mexico to Singapore. Following equipment upgrades and sea trials, the vessel then mobilised for a contract in Brunei worth approximately USD 35 million. Data acquisition under this contract commenced on 8 March and is expected to be completed by mid-August 2013. The vessel’s utilisation for the first quarter was 26%.

 The BOA Galatea acquired 3D electromagnetic (EM) data under a multi-client program in the Ceará area in northern Brazil from the start of the first quarter to 18 March 2013. Following a port call, the vessel on 24 March embarked on a new multi-client program covering approximately 8000 km2 in the Foz do Amazonas area in the equatorial margin of Brazil. Data acquisition is expected to take approximately six months. The BOA Galatea’s vessel utilisation came in at 88% for the first quarter.

 The Atlantic Guardian was standby in Bergen, Norway, at no cost to EMGS during January and February 2013. EMGS has chartered the vessel for a firm six months from 1 March with two optional three-month extensions. In early March, the Atlantic Guardian was equipped with the company’s new source system, Deep Xpress. Following sea trials, it mobilised for a multi-client survey in production license 527 in the Norwegian Sea. The survey started on 9 March and is expected to finish in mid-April. As previously communicated, the vessel will for the remainder of the second quarter and the third quarter perform a mix of multi-client and contract work in Norway. The vessel’s utilisation for the first quarter was 65%.

The EM Leader completed a USD 20 million contract in Brunei on 8 January 2013. The vessel then executed a contract worth approximately USD 7 million in Malaysia before moving to Singapore for a scheduled dry dock from 19 to 28 February. On 6 March, the vessel commenced 3D EM data acquisition under a USD 7 million contract for new customer China National Petroleum Corporation (CNPC) in Myanmar. This survey was completed on 7 April. The vessel will shortly mobilise for a 3D EM survey worth approximately USD 5 million for new customer JX Nippon Oil & Gas Exploration in Malaysia. The EM Leader’s utilisation came in at 74% for the first quarter.

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Press Release, April 9, 2013