Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 28 June 2019 wherein the Company announced it had been awarded a contract for a proprietary CSEM survey offshore Senegal and Mauritania.
EMGS initiates transition to low cost set-up
Following the end of acquisition work under the two-year contract in the Americas, as announced to the market on 20 February 2020, the recent sharp oil price decline and the uncertainty created by the global Covid-19 pandemic, with associated impact on the global economy and, in particular, on oil company investment decisions, Electromagnetic Geoservices ASA ("EMGS" or the "Company") has experienced a rapid deterioration in the Company’s backlog for 2020.
EMGS receives Letter of Intent for multi-client pre-funding in Namibia
Electromagnetic Geoservices ASA (“EMGS” or the “Company”) is pleased to announce that the Company has received a letter of intent with a minimum value of USD 3.6 million from an undisclosed customer on behalf of a JV block consortium, offshore Namibia. Under the terms of the pending data licensing agreement, a final survey option type and license fee is expected to be determined by the customer within end of Q1 2020.