Welcome to the presentation of EMGS's Second Quarter 2024 Results. I'm here with our CFO, Anders Eimstad, and together we will present these results. Please take note of our disclaimer. During the quarter, we completed a fully pre-funded multi-client survey for Petrobras in Brazil. The data was delivered, and we recognized the full revenue from the survey within the quarter. We then started the transit towards Norway and the program in the Barents Sea. The revenue recognized in this quarter was $13.8 million, which include, amongst others, the Petrobras survey, the North Sea survey, which we acquired before the vessel departed for Brazil, and some multi-client late sales. The EBITDA came in at $7.8 million, and the adjusted EBITDA at $7 million.
After the quarter, EMGS has secured several fully pre-funded multi-client surveys in Norway, with a total value of $4.8 million. We also secured $1.5 million in funding for our very first seismic OBN survey that we are currently mobilizing for in the Barents Sea. This survey is undertaken in collaboration with Velocitas GeoSolutions. Moving on to our operations and market section. The Atlantic Guardian arrived in Brazil at the end of April and was successfully imported under the Brazilian temporary importation regime called Repetro. Upon clearing customs, the vessel sailed to Espírito Santo Basin and started the survey on May 1. In Brazil, EM is treated differently than seismic and drilling by IBAMA, the environmental authority. To conduct an EM survey, EMGS does not have to go through the lengthy environmental permit process. We do not need to apply for a permit.
Instead, we have a permit waiver, and we can inform them of our activities after the fact. In contrast, IBAMA permits for seismic acquisition often causes significant delays and headache for seismic companies. The survey took place in the deepwater portion of the Espírito Santo Basin, just northeast of Rio de Janeiro. The survey was completed on schedule on the 22nd of June, and the vessel departed for Norway. During the survey, we deployed about 470 ocean bottom EM nodes, or also called receivers, and we towed 426 km of our source. The survey area under the receivers were 456 sq km. The project has, since the quarter ended, been fully invoiced and paid. After the close of the second quarter, the Atlantic Guardian arrived back in Norway late July.
As of today, we have completed four fully pre-funded EM surveys in the Barents Sea, and we will start the seismic OBN survey shortly. Upon completion of the seismic OBN survey, the vessel will head south and perform some equipment testing before continuing our Norwegian campaign with a survey in the northern North Sea. We are very pleased with securing funding for our very first OBN survey together with Velocitas GeoSolutions. We are looking at smaller seismic OBN jobs as a way to diversify our business and complement our EM offerings. We are not planning to bid for large multi-vessel OBN jobs anytime soon. In the previous quarter presentation, we highlighted three wells in the Barents Sea that were planned to be drilled in the near future. Now, two of these wells have been drilled.
Aker BP drilled Ferdinand Nord and Hassel, both in the Wisting area and both within the PL 1170 license. We predicted both wells to find hydrocarbons, as both wells were drilling on EM resistivity anomalies. The results are now in, and both wells did in fact find gas. We also predicted a third discovery on the Viasat well, but this has not yet been drilled. In this area, EM has had a 100% success rate in predicting the presence or absence of hydrocarbons in the Jurassic. The table shows the wells that have been drilled in the area, with a main or secondary target in the Jurassic, which are associated with resistivity anomalies and which are not, and whether they were successful or not in encountering hydrocarbons in the Jurassic.
We have also included the Wisting alternative well, which did not have a target in the Jurassic, but has been included due to its proximity to Wisting. In this area, EM has proven to be the most accurate predictor of hydrocarbons, as most structures have seismic amplitudes, whereas only the ones with hydrocarbons have resistivity anomalies. EM further indicates that the area still holds potential in the Jurassic, but that the sizes of the remaining accumulations tend to be smaller. As a side note, the Triassic in this area has proven to be enigmatic, with very limited success. However, the Triassic holds some of the most interesting undrilled EM anomalies in the Barents Sea. High risk, definitely, but fortune favors the bold. Maybe one day someone dares to use EM to develop new prospects, not only confirming or condemning seismically derived prospects. We will see.
With that, I will hand it over to Anders, who will go through our numbers in some more details.
The total revenue for the second quarter was $13.8 million. The graph on the upper right shows the quarterly revenue development. From this graph, you can see that revenue has significantly increased for the previous quarters. EMGS recognized the revenue connected to the project in Brazil, which was completed in June, as well as the fully pre-funded multi-client survey in the North Sea, which was acquired in the first quarter but not delivered until the second quarter. We had one vessel on charter in the second quarter. The Atlantic Guardian completed the fully funded multi-client survey in Brazil and started transit towards the multi-client campaign in Norway. The vessel utilization in the quarter was 51%. We recorded an EBITDA of $7.8 million in the second quarter. EBITDA excludes the capitalized multi-client expenses, as well as the vessel and office lease expenses.
If we add these expenses to the EBITDA, we get an adjusted EBITDA. The quarterly development of the adjusted EBITDA is shown on the graph at the bottom right of the slide. The adjusted EBITDA in the second quarter was $7 million. The next slide details the movement in the operational cost base. In the graph to the left, you can see the quarterly development and the components of EMGS's operational cost base. The components are charter hire, fuel, and crew expenses, employee expenses, and other operational expenses. In addition, the capitalized multi-client expenses and vessel and office lease expenses are added to the cost base. The operational cost base for the second quarter was $6.7 million, compared to an operational cost base of $4.1 million in the first quarter.
The higher operational cost base is a result of the Atlantic Guardian being in operation for the entire quarter, as well as the location of the survey. The next slide details the movement of free cash in the second quarter. Free cash decreased in the second quarter by $2.8 million. This is illustrated in the graph to the left. The light blue bar to the left shows a free cash position at the end of the first quarter of $8.7 million. The components increasing the cash position during the second quarter are shown in dark blue, while the components reducing the cash position are colored red. Free cash at the end of the second quarter was $5.9 million. The EBITDA of $7.8 million increased the cash this quarter.
Vessel and office lease expenses decreased cash by $0.7 million. The increase in trade receivables from $0.4 million to $12.1 million decreased the cash this quarter by $11.8 million. The increase in trade payables from the previous quarter in the amount of $0.6 million also increased free cash. Changes in other working capital also increased cash by $0.8 million in the quarter. Interest paid in the second quarter on the convertible bond loan and other interest expenses amounted to $0.6 million in the second quarter. Now back to Bjørn Petter.
Thank you, Anders. That concludes our presentation. As always, please feel free to send questions to emgs@emgs.com. Thank you.