Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 19 October 2018, wherein the Company announced that it was in the final stages of a contractual exchange for a proprietary data acquisition survey with an undisclosed customer.
The Company has now received a letter of award for the contract. The total contract value is up to approximately USD 8 million.
The Company has now commenced mobilising the vessel Atlantic Guardian to South America. Subject to amongst other things final contract award, EMGS expects that the survey will commence in the fourth quarter of 2018.
Contact
Hege Veiseth, CFO, +47 99 21 67 43
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Mexico City, Rio de Janeiro and Kuala Lumpur.
The Company has now received a letter of award for the contract. The total contract value is up to approximately USD 8 million.
The Company has now commenced mobilising the vessel Atlantic Guardian to South America. Subject to amongst other things final contract award, EMGS expects that the survey will commence in the fourth quarter of 2018.
Contact
Hege Veiseth, CFO, +47 99 21 67 43
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Mexico City, Rio de Janeiro and Kuala Lumpur.
This information is subject to the disclosure requirements pursuant to section 5-2 of the Norwegian Securities Trading Act.