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Electromagnetic Geoservices ASA (the “Company” or “EMGS”) releases information on vessel activity and multi-client sales during the quarter 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 third quarter 2021 the Company had one vessel on charter, the Atlantic Guardian. During the quarter, the Atlantic Guardian completed the proprietary survey in Southeast Asia and transited to Norway to commence a fully funded multi-client survey in the North Sea, arriving late September.
The utilization for the third quarter was 48% compared with 32% for the third quarter 2020.
EMGS had one vessel in operation and recorded 3.0 vessel months in the quarter. In the third quarter 2020, the Company recorded 2.8 vessel months.
Multi-client revenues in the third quarter
The Company expects to record approximately USD 4 million in multi-client revenues for the third quarter of 2021, a significant portion of which is associated with the previously announced sale from the Company’s international multi-client library.
EMGS will publish its third quarter 2021 financial results on Thursday 11 November 2021 at 07:30 local time (Norway). A recorded presentation will be broadcasted over the Internet, available from 10:00 local time (Norway). To access the presentation, please go to the Company’s homepage (www.emgs.com) and follow the link.
Anders Eimstad, Chief Financial Officer, +47 948 25 836
This information is published in accordance with the Norwegian Securities Trading Act § 5-12.
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel. CSEM technology can also be used to detect the presence of marine mineral deposits (primarily Seabed Massive Sulphides) and EMGS believes that the technology can also be used to estimate the mineral content of such deposits. The Company is undertaking early-stage initiatives to position itself in this future market.