Electromagnetic Geoservices (EMGS) snapped a run of red ink to return an operating profit in the final three months of 2018.
While the figure was down on a year-on-year basis, the company has recorded three successive operating losses in the interim.
Oslo-listed EMGS posted an an operating profit of $600,000 for the final quarter 2018, compared to $1.2m 12 months earlier.
The shift has been driven by a doubling of revenue from the third to the fourth quarter this year.
EMGS’ survey vessel Atlantic Guardian (built 2001) commenced an $8.0m proprietary contract in South America late last year, which will have an estimated duration of one to two months.
The name of the client has not been disclosed, but AIS voyage data shows the vessel was surveying waters in offshore Suriname during December.
EMGS’ other survey vessel BOA Thalassa (built 2008), which is on timecharter from BOA Offshore, has been in dry dock and has been idle since the first quarter 2018.
This has caused EMGS’ vessel utilisation to fall to 33% for the full year 2018, compared to 56% in 2017.
That being said, vessel utilisation during the final quarter 2018 was 32%, an improvement compared to just 13% for the same period 12 months earlier and 29% in the preceding quarter.
