Electromagnetic Geoservices Asa News

Christiaan Vermeijden (Photo: Gardline)

Gardline Names Vermeijden CEO

has appointed Christiaan Vermeijden as Chief Executive Officer, effective immediately. Vermeijden will replace Gardline's current interim CEO, Gerben Eggink.Vermeijden joins the U.K. based Royal Boskalis Westminster N.V. subsidiary after leaving his position as CEO at Norway-based Electromagnetic Geoservices ASA (EMGS). Prior to his role with EMGS, he was part of the Executive Management Team and Global Offshore Geotechnical Director at Fugro N.V.He holds a Master of Science (MSc) degree in Physical Geography from the University of Amsterdam and a Master of Business Administration (MBA) from

EMGS, TGS Expand Cooperation In Barents Sea

Electromagnetic Geoservices ASA (EMGS) and TGS-NOPEC Geophysical Co ASA (TGS) have agreed to expand the companies' cooperation agreement in the Barents Sea. TGS will be investing in a 3D CSEM data acquisition project related to the 24th licensing round in Norway. The contribution from TGS will be booked as a reduction of the carrying value of EMGS' multi-client library. In addition, EMGS reports late sales of multi-client data in Norway. The above agreements total USD 2 million. This will be recognised in the first quarter of 2017.   

EMGS's 3D EM vessels; BOA Galatea, BOA Thalassa, Atlantic Guardian and EM Leader. Photo EMGS

EMGS' Vessel Utilisation Soars

Electromagnetic Geoservices ASA (EMGS) releases information on vessel activity and utilisation 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 contracted or multi-client data acquisition. Downtime (technical or maritime) and some standby activities are not included in the utilisation. Vessel utilisation for the fourth quarter 2016 came in at 89% compared with 21% for the fourth quarter in 2015. For the full year 2016, the vessel utilisation was 70%, whereas the utilisation for the full year 2015 year

Boa Thalassa is a purpose built 3D EM Vessel Photo EMGS

EMGS secures Malaysia Contract

Electromagnetic Geoservices ASA (EMGS) confirmed that a firm contract has been entered into with an oil company in Malaysia. This contract confirms the provisional agreement announced in the stock exchange notice of 1 November 2016. As previously announced, this contract extension is worth approximately USD 8 million. The agreement relates to a 3D EM data acquisition offshore Sabah, East Malaysia. The vessel BOA Thalassa will perform the survey which is estimated to take approximately two months with an expected completion date early January 2017.  

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EMGS Amends Deal for Atlantic Guardian

Electromagnetic Geoservices ASA (EMGS) has signed an extended charter agreement for the vessel Atlantic Guardian with North Sea Commander Shipping AS (owner of the vessel) at new and improved commercial terms. The new terms are valid as of 1 October 2016. EMGS and the owners have agreed to a reduction of the charter hire rate by approximately 27% and a new 5 year term for the charter. "We are pleased to see that our suppliers are contributing to the targeted cost savings in the Company. The new terms provide for a sound commercial basis when the market turns," says Christiaan Vermeijden

EMGS to Cut Global Employee Expenses

Electromagnetic Geoservices ASA (EMGS) announces a reduction in the Company's cost base in line with a reduced level of activity. The Company will seek a global reduction in employee expenses of approximately 20% by using both temporary and permanent layoffs amongst others. The cost reduction measure will yield effects gradually as headcount reductions onshore and offshore are scheduled to follow a different timeline. "The market is expected to continue to be subdued until the oil price recovers and customers increase their E&P budgets. Cost reductions and cost control will therefore

Barents Sea and Norway. To support companies preparing for the 23rd round and APA, EMGS has 50,000 km2 of 3D full azimuth Multi-Client data in the Barents Sea ready for delivery.

EMGS Secures Prefunding for multi-client Acquisition in Norway

Electromagnetic Geoservices ASA (EMGS) announces that the Company has entered into a data licensing agreement with a repeat customer for 3D EM data to be acquired over the Hoop area in the Barents Sea. The pre-funding amounts to USD 1 million. This new acquisition is expected to take place in Q3 2016 and will become part of the EMGS multi-client library. Christiaan Vermeijden, CEO of EMGS, is pleased that see that such a 3D CSEM survey continues to add value to the exploration efforts for hydrocarbons in the Barents Sea and encourages other customers to take advantage of the vessel being

Courtesy EMGS

EMGS Strikes Canada Data Deal

Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with a major international oil company for the provision of 3D electromagnetic (EM) data from the multi-client data library over the Flemish Pass Basin offshore Newfoundland, Canada worth a total of USD 3.9 million.   The EM data will be delivered in May 2016 and thus the multi-client revenue will be recognised in the second quarter of 2016.   "We are very pleased with this agreement, which represents a breakthrough for the application of our technology in this region. The offshore basins of Newfoundlan

BOA Thalassa

EMGS' Vessels Utilization Drops

Electromagnetic Geoservices ASA (EMGS) releases information on vessel activity and utilisation 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 contracted or multi-client data acquisition. Vessel utilisation for the fourth quarter 2015 came in at 21% compared with 63% for the fourth quarter in 2014. For the full year 2015, the vessel utilisation was 59%, whereas the utilisation for the full year 2014 ended at 69%. In the fourth quarter of 2015, the Company's vessels were allocated 21% to

Barents Sea and Norway Courtesy EMGS

Norway: EMGS in 3D EM Data Sale

  Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with an oil company for the provision of 3D EM data from the multi-client data library over the Norwegian Sea and the Barents Sea. The company did not reveal the name of the client, however, it stated that the deal is worth a total of USD 4.0 million.  

Courtesy EMGS

Veiseth appointed CFO of EMG

  Electromagnetic Geoservices ASA (EMGS) has appointed Hege A. Veiseth (38) as acting CFO of the company effective from 1 January 2016, following the resignation of Svein Knudsen.   Hege has worked for EMGS since 2007 and is currently the Group Finance Manager of the company. Prior to joining EMGS, she worked as an auditor for EY for 7 years, including as auditor for EMGS. Hege has a MSc in Economics and Business Administration from the Norwegian School of Economics (NHH) and a MSc in Accounting and Auditing from the Norwegian Business School (BI).

BOA Galatea Photo EMGS

EMGS Sells Daybreak Data in Gulf of Mexico

  Electromagnetic Geoservices ASA (EMGS) announces that the Company has entered into a data licensing agreement with an international oil company for the provision of 3D EM data from the multi-client data library over the Daybreak project located in the western US Gulf of Mexico worth a total of USD 1.5 million. The Daybreak data set is bordering Mexico's Perdido offshore oil province, and we find it encouraging that sales also are emerging from cross boarder exploration strategies in this region, say's Juan M. Santana, EMGS President - NSA.  This information is subject of the

Courtesy Electromagnetic Geoservices ASA

EMGS 3Q Performance Sturdy

  Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 16.3 million in the second quarter 2015, up from 12.1 million in the previous quarter and down from USD 41.7 million in the corresponding quarter in 2014. Contract sales ended at USD 9.1 million, while sales from the multi-client library ended at USD 7.2 million. The results were negatively affected by extraordinary costs related to the Company's cost reduction program. EBITDA ended with a negative USD 10.0 million after multi-client investments of USD 8.4 million in the quarter. The Company has done impairments of USD 3.9 million

Svein Knudsen, Chief Financial Officer

Knudsen Quits Electromagnetic Geoservices

Norwegian geophysical services company Electromagnetic Geoservices ASA (EMGS) announced that its Chief Financial Officer (CFO), Svein Knudsen, has tendered his resignation. Knudsen has held the position as CFO of EMGS since January 2005. Stig Eide Sivertsen, CEO of EMGS, said, "Svein and I go way back, and he has been an instrumental part of the EMGS history since 2005. I regret that he has chosen to pursue other endeavors outside EMGS." Prior to joining EMGS in January 2005, Knudsen served as vice president of finance and treasury with Petroleum Geo-Services

EMGS will now keep hold of the BOA Thalassa until 2017

EMGS Agrees New Vessel Terms

  Electromagnetic Geoservices ASA (EMGS) has signed an extended charter agreement for the vessel BOA Thalassa with BOA SBL AS (owner of the vessel) at new and improved commercial terms. The new terms are valid as of 1 October 2015.   "We are very pleased with this new agreement. It lowers our cost commitment and gives us operational flexibility," says Stig Eide Sivertsen, CEO of EMGS.   Following the agreement, EMGS will re-deliver the BOA Galatea on 15 December, which originally was the expiry date for BOA Thalassa. The charter agreement for BOA Thalassa will be extended

EMGS makes further cuts

EMGS Makes further Cuts

  Electromagnetic Geoservices ASA (EMGS) announces that the Company implements additional cost reduction measures reflecting the challenging market conditions in the oil service industry.   The Company has identified and implemented comprehensive cost reductions on terms and conditions for sub-contractors and in staff levels. The key elements of the program are a reduction of the vessel capacity by one vessel, from three to two vessels, and a corresponding reduction in the global employee expenses.   EMGS initiated cost reduction measures in the beginning of the first quarter this

EMGS reports second quarter 2015 results

EMGS 2Q Revenue Falls

  Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 12.1 million in the second quarter 2015, down from 32.3 million in the previous quarter and from USD 42.5 million in the second quarter 2014. Contract sales ended at USD 4.8 million, while sales from the multi-client library ended at USD 7.3 million. The results were negatively affected by extraordinary costs related to the Company's cost reduction program. EBITDA ended with a negative USD 6.0 million after a multi-client investment of USD 14.0 million. An impairment of goodwill related to the OHM acquisition in 2011 of USD 14.

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