Electromagnetic Geoservices (EMGS) has ended a charter contract for the EM Leader, as its vessel utilization increased in Q2 2016, compared to last year.
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The EM Leader, from EMGS. |
The company’s vessel utilization for Q2 2016 came in at 76% compared with 68% for Q2 2015.
During the period, the company's vessels were allocated 76% to multi-client projects. No vessel capacity was spent on contract work. In the comparable quarter of 2015, the vessels were allocated 5% to contract work and 63% to multi-client projects.
EMGS had two vessels in operation in Q2 2016, thus the company recorded 6 vessel months in the quarter. In Q2 2015, the company had four vessels in operation and recorded 10.5 vessel months.
The company expects to record US$15 million in multi-client revenues for Q2 2016.
The BOA Thalassa commenced on a multi-client project west of India on 12 March. The project was completed on 16 April and the vessel has been laid up at a reduced rate since 1 May. The vessel's utilization for Q2 2016 was 51%.
The Atlantic Guardian commenced a multi-client project in the Hammerfest Basin on 10 March. The project was completed on 26 April. Following the project in the Hammerfest Basin, the Atlantic Guardian acquired multi-client data in the Norwegian Sea from 29 April to 15 May. The vessel commenced a multi-client project in the North Sea 29 May, this was completed on 24 June. Following this, the vessel started its transit back to the Fosen shipyard for the rigging of the Joint Industry Project (JIP).The vessel's utilization for Q2 was 85%.
The EM Leader has been laid up since 15 May 2015. During Q2, EMGS and the owner of the EM Leader, Euro Trans Skips, agreed to terminate the vessel's charter agreement as of 1 June 2016, to the commercial benefit for both parties.
In April, EMGS announced it plans to cut 15% of its workforce, following a 20% reduction it made in 2015.
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