• 2019 January 6 11:26

    EMGS: vessel update and activity for the fourth quarter 2018

    Electromagnetic Geoservices ASA (the "Company" or "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 proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate.

    Vessel utilisation for the fourth quarter 2018 was 32% compared with 13% for the fourth quarter in 2017. For the full year 2018, the vessel utilisation was 33%, whereas the utilisation for the full year 2017 was 56%.

    In the fourth quarter of 2018, the Company's vessels were allocated 32% to proprietary work and no time was spent on multi-client projects. In the comparable quarter of 2017, the vessels were allocated 13% to multi-client projects and no time was spent on proprietary work.

    EMGS had two vessels in operation and recorded 5.7 vessel months in the quarter. In the fourth quarter 2017, the Company recorded 6.0 vessel months.

    Vessel activity
    The Atlantic Guardian began the fourth quarter acquiring data ona small research survey west of Svalbard. On 21 October, the vessel started mobilising to South America and was prepared for the USD 8 million contract, which the vessel started operation on from 20 November. This survey is expected to be completed in Q1 2019.

    The vessel's utilisation for the fourth quarter was 49%.

    The BOA Thalassa has had a yard stay and been idle this quarter.

    Multi-client revenues in the fourth quarter
    The new revenue recognition standard, IFRS 15, was effective from 1 January 2018. The multi-client prefunding revenues are recognised at the point in time final data is delivered to the customer, and not based on the so-called Percentage of Completion (POC) principle.

    The Company expects to record approximately USD 6 million in multi-client revenues for the fourth quarter 2018.

    If the Company had used the same revenue recognition principles as in 2017 (i.e. the POC principle), the multi-client revenues for the fourth quarter 2018 would have totaled approximately USD 4 million.

    The difference in revenues are timing differences only and do not have an effect on cashflow.

    EMGS will publish its fourth quarter 2018 financial results on Wednesday 30 January 2019 at 07:30 CET. A presentation will be broadcasted live over the Internet, starting at 10:00 CET. To access the presentation, please go to the Company's homepage (www.emgs.com) and follow the link.




2020 February 19

18:37 Eni launches hull for Coral Sul FLNG in offshore Mozambique
18:06 Port of Rotterdam aims to become the most sustainable biorefinery in Europe
17:52 NOVATEK’s 2019 profit grew 5.3 times YoY to RUB 865.5 billion
17:31 Royal IHC launches TSHD GHASHA for National Marine Dredging Company
17:28 Wärtsilä and Carnival achieve real-time data exchange between ship and port
17:06 Jan De Nul finishes deepening works in the Port of Maputo
16:46 Port of Hamburg seaborne cargo throughput up 1.1 percent to 136.6 million tons in 2019
16:42 PM Yury Borisov backs RF Transport Ministry’s proposal to assign cargo to Russian-flagged and Russian-owned vessels
16:13 Boston Ship Repair gets Navy's $14.3M contract
15:37 Russia’s market demand for marine fuel to exceed 10 million tonnes in 2020 – PM Yury Borisov
15:10 Inmarsat launches connectivity services in Saudi Arabia across land, sea and air
14:51 FESCO launches new regular container train from Novosibirsk to Khabarovsk
13:48 Russia’s bunker market fell by over 6% YoY to 11 million tonnes in 2019
13:06 Rosneft’s hydrocarbon production in 2019 remained flat YoY at 5.79 mmboed
12:39 Rosneft reports 29-pct increase of its 2019 net income to RUB 708 bln
12:05 Philippine Ports Authority net income soars 31% in 2019
11:47 Konstantin Anisimov appointed as Deputy Head of Federal Marine and River Transport Agency
11:00 Position of the European Federation of Inland Ports (EFIP) on the European Green Deal
10:52 Golar Power forms partnership with BR Distribuidora
10:41 IMO continues its work to counter maritime crime
10:21 MABUX: Bunker market this morning, Feb 19
10:18 Finland accedes to Cape Town Agreement on fishing vessel safety
09:54 Bunker prices go down at the port of Saint-Petersburg, Russia
09:32 Brent Crude futures price is up 1.07% to $58.37, Light Sweet Crude – up 1.05% to $52.84
09:19 Milaha takes part in the Qatar Maritime and Logistics Summit as its main sponsor
09:15 Baltic Dry Index is up to 450 points

2020 February 18

18:00 Petronas signs 12-year time charter party for two new build LNG vessels
17:36 MARAD announces more than $280 million in grants for US ports
17:27 Jotun Marine: Proactive measures needed to improve hull performance
17:06 CMA CGM announces FAK rates from the Mediterranean to USEC and USGULF
16:43 EIB supports refurbishment of Port of Ystad to accommodate climate-friendly vessels
16:21 Oboronlogistics designated as sole executor of works and services related to delivery of goods by sea to Kaliningrad Region
15:36 CMA CGM announces Emergency Space Surcharge for exports from Russia & Baltic
15:33 Stena Bulk and Admiral Makarov University agree to make company-branded class
15:04 Port of Singapore to give 50% port dues concession to passenger vessels
14:40 Borr Drilling enters into new financing arrangement for a newbuild jack-up drilling rig
14:07 Volga Shipping Company to convert three tankers into dry cargo carriers in 2020
13:24 DP World to delist from Nasdaq Dubai
12:48 Bunker prices go down at the Far East ports of Russia (graph)
12:10 E.ON, Rotterdam Port Authority and DeltaPort Niederrheinhäfen agree to develop an infrastructure for freight and passenger ships
11:04 GTT receives two orders from Hyundai Samho Heavy Industries and Hyundai Heavy Industries
10:52 Average wholesale prices for М-100 HFO grew to RUB 10,253 in RF spot market
10:21 MABUX: Bunker market this morning, Feb 18
10:19 Linkspan connection/disconnection service tariff changed at Ust-Luga ferry terminal
09:54 Divers of RF Navy's Black Sea Fleet started preparing for "Depth-2020" competition
09:33 Brent Crude futures price is down 1.13% to $57.02, Light Sweet Crude – down 0.76% to $51.92
09:15 Baltic Dry Index is up to 434 points

2020 February 17

18:37 CMA CGM announces FAK rates from Middle East Gulf & Pakistan to North Europe, the Mediterranean and Red Sea & Red Sea
18:06 European Shipping Week 2020 opens with the latest figures on European shipping
17:50 Gazprom Neft’s supplies of low-sulphur marine fuel to domestic market to exceed 1.5 million tonnes in 2020
17:36 SCHOTTEL secures contract to provide propulsion units for a newly built harbour tug
17:18 BlueWater Reporting issues ISC-North America trade report
17:05 Saga Subsea receives new contract
16:30 IMO’s Sub-Committee on Pollution Prevention and Response meets this week
16:05 Reach Subsea awarded several contracts and call-offs under frame agreements for 2020 execution
15:54 Wärtsilä to supply customized Hybrid Scrubber solution to two Norwegian Cruise Line ships
15:06 Sea Port of Saint-Petersburg's allocations under its social programme totaled RUB 47 million in 2019
14:42 Container throughput of Hong Kong port (China) fell by 20.4% to 1.35 million TEUs in Jan’2020
14:17 Damen holds keel-laying ceremony for Nigerian Navy landing craft
13:38 WFW advices BPER BANCA on Marittima Emiliana financing