EMGS ship utilisation crashes back

But Oslo-listed owner has reactivated one of two vessels for multi-client work.

Oslo-listed owner Electromagnetic Geoservices (EMGS) has seen its vessel-use figures plunge in the fourth quarter.

Utilisation to 31 December was just 13%, compared to 89% a year ago.

For the full year 2017, the figure was 56%, down from 70% in 2016.

One of its two operational vessels, the 3,000-dwt BOA Thalassa (built 2008), was laid up until 20 November.

It then went to a yard and later conducted equipment sea trials in Singapore.

The vessel mobilised for pre-funded multi-client acquisitions off Indonesia in late December.

The work started this month and is expected to be completed before the end of January.

EMGS expects to bank $10m in multi-client revenues for the fourth quarter.

The final results are due on 8 February.

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