News
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EMGS – Invitation to presentation of first quarter 2020 results
Electromagnetic Geoservices ASA (EMGS) will release its first quarter 2020 results on Thursday 07 May 2020. CEO Bjørn Petter Lindhom and CFO Anders Eimstad will present the results from 10:00 CEST.
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EMGS presents its results for the first quarter of 2020 on Thursday 07 May
Link to webcast
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EMGS reports multi-client revenue
Electromagnetic Geoservices ASA (“EMGS” or the “Company”) has entered into a late-sales multi-client licensing agreement related to its multi-client library in Norway. The net revenue to EMGS under the agreement is approximately USD 1.7 million.
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Vessel update and activity for the first quarter 2020
Electromagnetic Geoservices ASA (the “Company” or “EMGS”) releases information on vessel activity and utilisation 4-5 working days after the close of each quarter. The Company defines vessel utilisation as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate.
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Delayed project
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.
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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.