Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce
that the Company has entered into its first acquisition contract related to
renewable energy infrastructure.
Subject to the issuance by the undisclosed customer of certain notice to proceed
orders, the contract has a value of up to approx. USD 2 million. The contract
does not include any minimum scope of work.
CEO of EMGS, Bjørn Petter Lindhom, comments:
"We have long held the view that the EM technology has a number of applications
also outside of the core E&P industry, including marine minerals exploration,
geothermal and site surveys. EMGS is therefore very excited to undertake this
first renewable energy infrastructure project. We are confident in our ability
to deliver best-in-class data to the customer, and that this project will
demonstrate that using EM data represents an attractive value proposition also
outside of our core area of oil and gas exploration."
Under the contract, EMGS will acquire resistivity data based on the
magnetotelluric (MT) geophysical method, which utilises the natural variations
of the earth's electromagnetic field without an artificial EM source. The area
of operations is in Southeast Asia, and the Company will acquire the data based
on a cost-efficient setup utilising a locally chartered vessel.
Subject to the issuance of a notice to proceed order by the customer, the
Company expects to undertake the acquisition project in 2024.
Contact
Anders Eimstad, Chief Financial Officer, +47 948 25 836
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.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.