Q4 2021 Electromagnetic Geoservices ASA Earnings Call Transcript
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Welcome to the presentation of EMGS's fourth-quarter 2021 results. I am, as usual, joined by our CFO, Anders Eimstad. Please take note of our disclaimer.
During the fourth quarter, the Atlantic Guardian completed its high multi-client project and subsequently entered into warm-stack in mid-November. Our vessel utilization for the quarter was 44% compared with 0% in the corresponding quarter in 2020. Our revenues for the quarter came in at $5.1 million. This is up 27% from the fourth quarter in 2020 when we recognized $4 million in revenue.
Pre-funding revenues are recognized upon data delivery. The data from the Utsira multi-client project was delivered to customers in December and hence recognized in the fourth quarter. Processing of EM data is considerably faster than processing of seismic, and we typically deliver final results within two to three months of completion of acquisition. In this case, we delivered in less than two months.
Our EBITDA was $2.7 million in the quarter, which is up 65% from the
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