EMGS reports vessel activity and multi-client sales for Q4 2022

(WO) — Electromagnetic Geoservices ASA (EMGS) released information on vessel activity and multi-client sales during the fourth quarter of 2022.

At the end of the fourth quarter of 2022, EMGS had one vessel on charter, the Atlantic Guardian. During the quarter, the Atlantic Guardian completed a survey in Trinidad and Tobago. The revenue connected to the proprietary survey will be fully recognized in the fourth quarter of 2022.

The Atlantic Guardian subsequently completed transit to Norway and will be in warm-stack until backlog is secured. The utilization for the fourth quarter was 46% compared with 44% for the fourth quarter of 2021.

EMGS had one vessel in operation and recorded 2.9 vessel months in the quarter. In the fourth quarter of 2021, EMGS recorded 3.0 vessel months.

EMGS expects to record approximately $2.5 million in multi-client revenues for the fourth quarter of 2022. $2 million is related to the fully pre-funded multi-client survey in East Canada.