EMGS – Vessel activity and multi-client sales update for the first quarter 2021

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.   

At the end of the first quarter 2021 the Company had one vessel on charter, the Atlantic Guardian. The Atlantic Guardian started the quarter in cold stack. Prior to transiting to Mexico, the vessel underwent a 20 years class. At the end of the quarter, the Atlantic Guardian had completed the mobilisation in Mexico and started acquiring data. 

The utilisation for the first quarter, not including off-hire period, was 6% compared with 26% for the first quarter 2020. 

EMGS had one vessel in operation and recorded 2.1 vessel months in the quarter. In the first quarter 2020, the Company recorded 6.0 vessel months.

Multi-client revenues in the first quarter
The Company expects to record approximately USD 0.1 million in multi-client revenues for the first quarter 2021.

EMGS will publish its first quarter 2021 financial results on Thursday 13 May 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.

Contact
Anders Eimstad, Chief Financial Officer, +47 948 25 836

About EMGS
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 exploration experts a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.

For more information, visit www.emgs.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act