Electromagnetic Geoservices ASA (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 contracted or multi-client data acquisition.
Vessel utilisation for the fourth quarter 2014 came in at 63% compared with 50% for the fourth quarter 2013.
In the fourth quarter of 2014, the Company's vessels were allocated 39% to contract and 24% to multi-client programmes. Included in the time spent on contract is approximately 2% allocated to paid R&D, which is testing of the new equipment set ("the JIP"). For the fourth quarter 2013, the allocation was 46% and 4% respectively.