EMGS terminates vessel deal
Electromagnetic Geoservices (EMGS) is axing its charter of a further survey vessel to leave the Oslo-listed contractor with only two vessels in its fleet.
The company said in a statement it had decided to terminate the deal for EM Leader with owner Euro Trans Skips as of 1 June “to the commercial benefit of both parties”, having had the vessel in lay-up since 15 May.
It follows the redelivery of another vessel, BOA Galatea, to owner BOA Offshore earlier this year.
EMGS’ remaining vessels, BOA Thalassa and Atlantic Guardian, had utilisation of 51% and 85%, respectively during second quarter, although the former unit has been laid up since 1 May.
The electromagnetic survey player has been forced to pare back fleet capacity to cut its costs exposure as a slump in exploration activity has hit utilisation and revenue.
It expects to record multi-client revenue of $15 million for the second quarter.
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