In 4Q19, the company's vessels were allocated 80% to proprietary work and no time was spent on multi-client projects. In the comparable quarter of 2018, the vessels were allocated 32% to proprietary work and no time was spent on multi-client projects.
EMGS had two vessels in operation and recorded 5.9 vessel months in the quarter. In the fourth quarter 2018, the company recorded 5.7 vessel months.
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.
The Atlantic Guardian spent the entire fourth quarter on a proprietary survey for Pemex in Mexico. The vessel’s utilisation for the fourth quarter was 92%.
The Petrel Explorer (formerly Thalassa) completed acquisition of EM data for Petronas in South-East Asia on 6 December 2019. On 12 December 2019 the vessel started transit towards the Atlantic. The vessel’s utilisation for the fourth quarter was 67%.
Multi-client revenues in 4Q19
The company expects to record approximately US$9 million in multi-client revenues for 4Q19.
Read the article online at: https://www.oilfieldtechnology.com/exploration/07012020/electromagnetic-geoservices-achieves-improved-vessel-utilisation-in-4q19/