EMGS – Vessel activity and multi-client sales update for the fourth quarter 2022
At the end of the fourth quarter 2022 the Company had one vessel on charter, the Atlantic Guardian. During the quarter, the Atlantic Guardian completed a survey in
The utilization for the fourth quarter was 46% compared with 44% for the fourth quarter 2021.
EMGS had one vessel in operation and recorded 2.9 vessel months in the quarter. In the fourth quarter 2021, the Company recorded 3.0 vessel months.
Multi-client revenues in the fourth quarter
The Company expects to record approximately
EMGS will publish its fourth quarter 2022 financial results on Tuesday
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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.
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