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EMGS Vessel Utilisation at 69 Pct

7/01/2015 by Sharon Shahzad

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Oslo-listed Electromagnetic Geoservices ASA (EMGS) has informed that its vessel utilisation for the fourth quarter 2014 came in at 63% compared with 50% for the fourth quarter 2013.

The Company defines “vessel utilisation” as the percentage of the vessel charter period spent on contracted or multi-client data acquisition.

In the fourth quarter of 2014, the Company’s vessels were allocated 39% to contract and 24% to multi-client programmes. Included in the time spent on contract is approximately 2% allocated to paid R&D, which is testing of the new equipment set (“the JIP”). For the fourth quarter 2013, the allocation was 46% and 4% respectively.

EMGS recorded 9.9 vessel months this quarter, compared with 11.1 in the fourth quarter of 2013.

For the full year 2014, the vessel utilisation ended at 69%, while the utilisation was at 67% for the full year 2013.

Vessel activity
The BOA Thalassa had its transit to Asia in the beginning of the quarter and started working on the announced contract in Malaysia on 23 October. After completion of this contract on 12 November, the vessel spent six days testing for the new equipment set (“the JIP”), before transit to Thailand. The vessel worked on the project for PTTEP International in Thailand from 2 to 11 December, transited to Myanmar and completed the project for the same customer here from 13 to 24 December. The vessel’s utilisation for the fourth quarter was 43%.

The BOA Galatea worked on the multi-client campaign offshore Canada from 24 July to 4 December. The start-up of the campaign was delayed due to a yard stay, which resulted in tougher weather conditions and reduced efficiency in the acquisition, explaining the extension of the campaign. The vessel had a short yard stay in Charleston, before it started acquisition on a new phase of the multi-client project, the Daybreak, in the US Gulf of Mexico on 22 December. The vessel’s utilisation came in at 73% this quarter.

The Atlantic Guardian acquired data on projects for Statoil and North Energy in September and October, after which the vessel had its planned yard stay from 13 October to 19 December. In this period, the vessel was off-hire (EMGS does not pay charter) and thus the vessel only had 0.9 vessel months this quarter. The vessel’s utilisation for the fourth quarter was 57%.

This article has been extracted from http://subseaworldnews.com, please click on this link to read the article in full http://subseaworldnews.com/2015/01/07/emgs-vessel-utilisation-at-69-pct/

Montash is a multi-award winning global technology recruitment business. Specialising in permanent and contract positions across mid-senior appointments across a wide range of industry sectors and IT functions, including:

ERP, BI & Data, Information Security, IT Architecture & Strategy, Energy Technology, Demand IT and Business Engagement, Digital and E-commerce, Leadership Talent, Infrastructure and Service Delivery, Project and Programme Delivery.

Montash is headquartered in Old Street, London, in the heart of the technology hub. Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid management in permanent and contract roles.

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