EMGS receives multi-client Letter of Intent

Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has today received a letter of intent with an approximate value of USD 8 million from an undisclosed customer.

Update from EMGS

Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has received a letter of award from an undisclosed customer for a proprietary data acquisition survey in south-east Asia. The total contract value of the survey is estimated to be in excess of USD 20 million.

EMGS reports fourth quarter 2018 results

Electromagnetic Geoservices ASA ("EMGS" or the "Company") recorded revenues of USD 13.4 million in the fourth quarter 2018, up from USD 10.8 million in the fourth quarter 2017 and up from USD 6.0 million in the third quarter 2018. Contract and other sales totalled USD 7.0 million, while multi-client sales amounted to USD 6.4 million in the fourth quarter 2018.

EMGS Fourth quarter 2018 presentation – link to webcast

Link to webcast

Multi-client revenues from the APA 2018 awards

On 15 January 2019, the Norwegian Ministry of Petroleum and Energy (the "MPE") announced the awards of new production licenses through the Awards in Pre-defined Areas (APA 2018) licensing round.

EMGS – Vessel update and activity for the fourth quarter 2018

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.