Electromagnetic Geoservices ASA (EMGS) is pleased to announce that a customer and the Company have reached a provisional agreement worth approximately USD 8 million. EMGS plans to send a new stock exchange notice when the agreement is formalised. This is expected to take place within this month.
Hege Veiseth, CFO, +47 99 21 67 43
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 exploration experts 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, Villahermosa,Rio de Janeiro and Kuala Lumpur.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.