EMGS enters into prefunded multi-client contract in Indonesia

Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA ("EMGS") on 16 November 2017, wherein it was announced that EMGS had received Letters of Intent for two contracts under which EMGS will perform prefunded multi-client acquisitions offshore Indonesia.

EMGS is pleased to announce that a final contract has been entered into under one of the Letters of Intent. The contract has a minimum gross contract value of USD 1.8 million.

The survey will be executed using the vessel BOA Thalassa. EMGS expects to start the surveys in December 2017, with completion in January 2018.

EMGS is still working towards converting the second Letter of Intent into a final contract.  

Contact
Hege Veiseth, CFO, +47 992 16 743

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, Villahermosa, Rio de Janeiro and Kuala Lumpur.

For more information, visit www.emgs.com