Electromagnetic Geoservices in process to buy OSCV Siem Day

August 13th, 2025

Electromagnetic Geoservices’ (EMGS) vessel Atlantic Guardian has completed the second of two proprietary surveys in India and started its journey toward Norway where it will perform a multi-client campaign.

The Norwegian company received a letter of award (LoA) for a controlled-source electromagnetic (CSEM) survey in India in January, followed by the signature of the final contract worth $10 million in March. Atlantic Guardian got to work once it had concluded another survey in India.

Furthermore, in its latest financial results, EMGS revealed that it had in May entered into a set of agreements for a transaction whereby a newly formed subsidiary of the company will acquire the offshore subsea construction vessel (OSCV) Siem Day.

Siem Day. Source: DeepOcean

However, the company noted it had not been in a position to meet the conditions for closing of the bareboat chartering agreement for the vessel, and the parties are working to find ways for the transaction to be completed.

To remind, Norwegian vessel management services provider Aurora Offshore, part of the Borealis Group, took delivery of Siem Day from compatriot operator Sea1 Offshore, ex-Siem Offshore, in March.

The OSCV, designed and equipped for subsea operation duties such as construction and installation work, inspection and maintenance, was built in 2013. It has a 250t AHC crane, 1,300 m2 deck area and accommodation for 110 people. It is on term contract with DeepOcean.

Financial report

In the second quarter of 2025, EMGS recorded revenues of $9.6 million, compared to $13.8 million reported for the corresponding quarter of 2024. Revenues for the first half of the year amounted to $19.6 million, compared to $14 million for the first half of 2024.

Vessel utilization for the second quarter was 44%, compared to 51% in the second quarter of 2024, while for the first half of this year, vessel utilization was 40%, up from 39% for the same period last year.

In Q2 2025, the company’s vessel was allocated 44% to proprietary projects and no time was spent on multi-client projects.

As of June 30, EMGS’ backlog was $3 million, compared to a backlog of approximately $9.2 million at the end of the second quarter 2024.

The Norwegian company said it was currently undergoing a review of its operational model, including the need for a permanently rigged vessel, as part of its strategic initiative to optimize operational efficiency by reducing costs during idle periods and aligning expenditure more closely with market demand.