EMGS: Fully prefunded multi-client project in Brazil

January 30, 2024

Electromagnetic Geoservices ASA (“EMGS” or the “Company”) is pleased to announce that the Company has been awarded a contract from Petrobras for a fully prefunded multi-client survey offshore Brazil.

The survey is expected to start late March or early April 2024. The total contract value is approximately USD 11.7 million.

CEO of EMGS, Bjørn Petter Lindhom, comments:

“We are delighted to return to Brazil for EMGS’ first acquisition project offshore Brazil in almost 10 years. As 2023 marked a year with little acquisition activity for EMGS, we are very pleased and encouraged by a notable increase in the number of active and mature customer discussions for acquisition projects in 2024. Based on these early signals, we are optimistic that 2024 will be a good and active year for EMGS. In addition to this project offshore Brazil, we currently expect that there will be several acquisition projects on the Norwegian Continental Shelf this year.”    


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.

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