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EMGS: EMGS - Vessel activity for the first quarter 2014

Electromagnetic Geoservices ASA (EMGS) releases information on vessel activity
and utilisation 4-5 working days after the close of each quarter. The Company
provides the following summary of vessel activity and utilisation for the
first quarter of 2014:
EMGS defines "vessel utilisation" as the percentage of the vessel charter
period spent on contracted or multi-client data acquisition.
Vessel utilisation for the first quarter 2014 came in at 66% compared with 63%
for the first quarter 2013.
In the first quarter this year, the Company's vessels were allocated 56% to
contract and 10% to multi-client programmes, whereas the allocation was 29%
and 34% respectively in the corresponding quarter last year.
EMGS recorded 10.7 vessel months this quarter, compared with 10.0 in the first
quarter of 2013. The vesselEM Leader
was chartered from 8 February 2014 and thus contributes with 1.7 vessel months
this quarter.
Vessel activity

TheBOA Thalassa
started the year waiting for environmental permits for a USD 5 million survey
in Australia. The survey started on 25 January and was completed on 2
February. The vessel transited to Morocco and started a new survey worth
approximately USD 8.3 million on 12 March. The survey in Morocco is expected
to be completed mid-April, after which the vessel will go to Norway. The
vessel's utilisation for the first quarter was 27%.
TheBOA Galatea
spent the entire first quarter acquiring 3D EM data on the USD 99.8 million
contract with PEMEX. The vessel's utilisation came in at 91% for this
TheAtlantic Guardian
completed its work on the PEMEX contract on 22 March. The vessel then headed
to Norway and is expected to commence on the newly announced contract for
North Energy in mid-April. The vessel's utilisation for the first quarter was
TheEM Leader
was chartered from 8 February, when the vessel started its transit from Las
Palmas on the Canary Islands to the southern US Gulf of Mexico. The vessel
commenced the multi-client campaign, called Daybreak, on 22 February. The
campaign, which has a planned duration of approximately 3 months, is the
first phase in a planned multiphase program in the Alaminos Canyon and
southern US Gulf of Mexico. The EM Leader had a utilization of 63%.
Multi-client revenues in the first quarter

During the first quarter, the Company has announced USD 12.1 million in
multi-client late sales from the agreement with North Energy. Of this, USD
1.2 million was booked in the fourth quarter. The Company expects to record
approximately USD 15 million in multi-client revenues for the first quarter.
This is net of the contribution to TGS related to the cooperation between the
two companies in the Barents Sea, the contribution from the multi-client late
sales to OMV in December and some pre-funding related to the multi-client
campaign in the US Gulf of Mexico.
EMGS will publish its first quarter 2014 financial results on Thursday 8 May
2014 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

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.
EMGS operates on a worldwide basis with main offices in Trondheim and Oslo,
Norway; Houston, USA; and Kuala Lumpur, Malaysia.
For more information,
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: EMGS via Globenewswire


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