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.
Update from EMGS
Electromagnetic Geoservices ASA ("EMGS" or the "Company") has been advised by the customer that the Company will not, in the near to medium future, receive additional acquisition work under the two-year acquisition contract announced to the market on 4 June 2019.
New chairman of the board of directors
Electromagnetic Geoservices ASA ("EMGS" or the "Company") has been notified by Mr Johan Kr Mikkelsen of his resignation from the position as chairman of the board of directors of the Company. The resignation is effective immediately. Mr Mikkelsen resigns for personal reasons.
EMGS reports fourth quarter 2019 results
Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the fourth quarter of 2019 are attached.