EMGS Kicks Off Barents Sea Survey
Electromagnetic Geoservices ASA (EMGS) announced Thursday it has entered into an agreement for a fully prefunded multiclient 3D controlled source electromagnetic (CSEM) survey in the Norwegian Barents Sea.The contract has a value of $1.25 million, EMGS said.The company said it will mobilize the vessel Atlantic Guardian for the survey, which is expected to be executed in the second quarter of 2019.
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' 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
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.
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
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
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
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
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.