EMGS charters Atlantic Guardian vessel for North Sea exploration work
(WO) – At the end of Q1 2024, Electromagnetic Geoservices had one vessel on charter, the Atlantic Guardian. The Atlantic Guardian was taken out of warm stack on Feb. 29, 2024, and began mobilization for a fully prefunded multi-client survey in the North Sea.
The utilization for the first quarter was 27% compared with 0% for the first quarter 2023.
EMGS had one vessel in operation and recorded 3 vessel months in the quarter. In the first quarter of 2023, the company recorded 3 vessel months.
According to a company statement, EMGS does not expect to record any multi-client revenue for the first quarter of 2024. The revenue related to the fully prefunded multi-client survey in the North Sea will be recognized in the second quarter of 2024.
EMGS uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. 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 bbl.
