EMGS – Vessel activity and multi-client sales update for the third quarter 2024

Electromagnetic Geoservices ASA (the “Company” or “EMGS”) releases information on vessel activity and multi-client sales during the quarter approximately 4-5 working days after the close of each quarter. 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.  

At the end of the third quarter 2024 the Company had one vessel on charter, the Atlantic Guardian. The Atlantic Guardian completed transit from Brazil to Norway and commenced acquisition of previously announced prefunded multi-client projects including the OBN seismic survey.

The utilization for the third quarter was 40% compared with 0% for the third quarter 2023. 

EMGS had one vessel in operation and recorded 3.0 vessel months in the quarter. In the third quarter 2023, the Company recorded 3.0 vessel months.

Multi-client revenues in the third quarter
The Company expects to record approximately USD 0.5 million in late sale multi-client revenue in the third quarter of 2024. The revenue for the fully prefunded multi-client surveys, acquired in the third quarter, is expected to be recognized in the fourth quarter of this year upon final data delivery.   

EMGS will publish its third quarter 2024 financial results on Thursday 7 November 2024 prior to 07:30 local time (Norway). A recorded presentation will also be made available over the Internet. 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

This information is published in accordance with the Norwegian Securities Trading Act § 5-12.

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 explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel. CSEM technology can also be used to detect the presence of marine mineral deposits (primarily Seabed Massive Sulphides) and EMGS believes that the technology can also be used to estimate the mineral content of such deposits. The Company is undertaking early-stage initiatives to position itself in this future market.