Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 20 February 2019, wherein the Company announced that it had received a letter of award from an undisclosed customer for a proprietary data acquisition survey in south-east Asia.
The Company has now received a purchase order from the customer for the survey. The total value of the purchase order is approximately USD 24 million.
Based on the purchase order and the letter of award, the Company has initiated mobilisation of the BOA Thalassa for the survey.
Contact
Hege Veiseth, CFO, +47 99 21 67 43
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.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Mexico City, Rio de Janeiro and Kuala Lumpur.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act