Electromagnetic Geoservices (EMGS) has recorded vessel utilization of 73% for the third quarter 2019 compared with 29% for the third quarter in 2018.
In the third quarter of 2019, the company’s vessels were allocated 73% to proprietary work and no time was spent on multi-client projects. In the comparable quarter of 2018, the vessels were allocated 29% to multi-client projects and no time was spent on proprietary work.
EMGS had two vessels on charter and recorded 6.0 vessel months in the quarter. In the third quarter 2018, the company also had two vessels on charter.
The Atlantic Guardian started a proprietary survey for Pemex in Mexico in July 2019. This survey is still ongoing. The vessel’s utilization for the third quarter was 66%.
The BOA Thalassa spent the entire third quarter of 2019 acquiring EM data for Petronas in South-East Asia. The vessel’s utilization for the third quarter was 79%.
EMGS expects to record approximately USD 6 million in multi-client revenues for the third quarter 2019.