EMGS gets major contract

EMGS gets major contract

EMGS has received a letter of award for a multi-year acquisition contract. The contract is awarded by one of the world’s largest national oil companies and has a minimum value of approx. USD 29.3 million, and a maximum value of approx. USD 73.3 million, over a two-year period.

Based on current acquisition estimates, the Company expects that all or a substantial part of the minimum contract value will be recognised in 2019.

“This gives us confidence that our strategy of integrating CSEM into oil companies’ exploration workflow is on the right track. More and more oil companies’ realise that CSEM is an important tool for reducing exploration risk and cost, with an attractive ROI when used correctly,” says CEO of EMGS, Bjørn Petter Lindhom.

This letter of award from a repeat customer, together with the on-going proprietary acquisition in south-east Asia, has secured backlog for both of the Company’s vessels, providing a sound basis for two-vessel operation for the Company in 2019.

The Company will mobilise the Atlantic Guardian for the project.

In NCS-Exploration, May 21-22 at Fornebu, Oslo, three talks are concerned with CSEM:

Daniel Baltar, Fox Geo:

The Path to Improved Exploration Predictions through CSEM Adoption: First-hand Experiences from Pemex’s Frontier Deep-water Exploration Programme

Susann Wienecke, EMGS, co-authored with Equinor:

Renewed Ideas on Traps in the Nordkapp Basin by Advanced Multi-geophysical Salt Imaging with Potential to Re-open a Large Under-explored Basin on the NCS

Ståle Johansen, NTNU:

Deep Crustal Imaging of the Atlantic Ridge

NCS-Exploration – Programme