Norwegian seismic survey ship operator EMGS has revealed it has $2.1m deposited with a Mexican bank that has been closed down by the country's government.

Banco Accendo, known as the country's "fintech" lender, had its licence revoked earlier this month due to falling capitalisation levels.

The bank has now gone into liquidation.

EMGS said its funds are no longer "immediately available".

The company added that it hopes to recover at least part of the $2.1m as dividends resulting from the winding-up process.

"It is, however, not possible at this point in time to assess either the recovery amount nor when such dividend, if any, will be paid to the company," the operator added.

Banco Accendo is not EMGS' main bank in Mexico, but was used to make day-to-day intra-group transactions.

Impairment to be logged

The shipping company will make a $2m provision in its accounts as a result of the collapse.

Excluding its Banco Accendo deposits, EMGS has cash of $14.8m to hand.

"Management and the board of directors of EMGS are working closely with the company's advisors, including Mexican legal counsel, to safeguard the company's interests," the operator said.

At the end of the third quarter, the company was operating one vessel, the 93-loa Atlantic Guardian (built 2001), chartered in from North Sea Shipping of Norway.

The vessel has completed a survey in South East Asia and is now in Norway to start a fully funded multi-client survey in the North Sea.

The company expects to record $4m in multi-client revenues for the third quarter.