Electromagnetic Geoservices ASA (“EMGS” or the “Company”) has entered into several agreements with Equinor and Partners for fully pre-funded multi-client survey acquisitions in the Barents Sea.
The combined contracts have a total value of approximately USD 3.4 million.
The first of the fully prefunded surveys is expected to commence in the third quarter of 2024, upon the Atlantic Guardian’s return from Brazil.
Contact
Anders Eimstad, CFO, +47 948 25 836
This information is published in accordance with the Norwegian Securities Trading Act § 5-12.
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. CSEM technology can also be used to detect the presence of marine mineral deposits (primarily Seabed Massive Sulphides) and EMGS believes that the technology can also be used to estimate the mineral content of such deposits. The Company is undertaking early-stage initiatives to position itself in this future market.