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EMGS - Vessel activity for the third quarter 2013

October 7, 2013 - London

Electromagnetic Geoservices ASA (EMGS) releases information on vessel activity and utilisation 4-5 working days after the close of each quarter. EMGS provides the following summary of vessel activity and utilisation for the third quarter of 2013:

Vessel utilisation and fleet allocation
EMGS defines "vessel utilisation" as the percentage of the vessel charter period spent on contracted or multi-client data acquisition.

Vessel utilisation for the third quarter came in at 77% compared with 69% in the third quarter of 2012.

In the third quarter of 2013, the company's vessels were allocated 35% to contract and 42% to multi-client programmes, whereas the allocation was 53% and 16% respectively in the corresponding quarter last year.

EMGS recorded 9.9 vessel months this quarter, compared with 9.6 in the third quarter of 2012.

Vessel activity
The BOA Thalassa spent the entire third quarter of 2013 acquiring 3D electromagnetic (EM) data under a USD 35 million contract in Asia, which was extended by USD 15 million in June. The vessel's utilisation for the third quarter was 91%.

The BOA Galatea spent the first half of the third quarter acquiring 3D EM data under multi-client programme in the Foz do Amazonas area in the equatorial margin of Brazil. On 15 August, the vessel started mobilising to Mexico and was prepared for the USD 99.8 million contract with PEMEX, which the vessel started operating on from 14 September. The vessel's utilisation came in at 71% for the third quarter.

The Atlantic Guardian has acquired 3D EM data under a multi-client programme in the Barents Sea in the entire third quarter. The Atlantic Guardian's utilisation for the third quarter was 95%.

The EM Leader's firm charter period expired on 15 June. On 3 September, EMGS chartered the vessel for a period of 3 months and the vessel started mobilising towards West-Africa. It is expected that the vessel will start to operate on the Letter of Intent announced on 13 September, as soon as the agreement has been finalised. The EM Leader recorded 0.9 vessel months in this quarter and had a utilization of 0%.

EMGS will publish its third quarter financial report on 14 November 2013 at 07:30 CET. A presentation will be held at Hotel Continental in Oslo, Norway, and will be broadcasted live over the Internet, starting at 08:30 CET.

Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59

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.

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

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: EMGS via Thomson Reuters ONE



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