EMGS Receives New contract From Tullow Oil

Electromagnetic Geoservices ASA (EMGS) has received a signed contract from Tullow Oil Norge AS worth USD 7.7 million for 3D EM data acquisition in the northern part of the North Sea.

"We are delighted to work with Tullow again, and also, encouraged to see contract coverage in the Norwegian waters continue to develop favorably. Adding a multitude of contracts to our multi-client activities this year should result in the most active year in Norway to date," said Roar Bekker, CEO of EMGS.

The survey is expected to commence in August, using the vessel BOA Thalassa.

This comes within a week of EMGS having received a signed contract from a customer worth USD 2.3 million (NOK 13.5 million) for 3D EM data acquisition in the Norwegian Sea. In addition, EMGS had signed two data licensing agreements with two new customers, amounting to a total of USD 2.0 million. The agreements relate to provision of 3D EM data from EMGS's multi-client data library in the Barents Sea and the Norwegian Sea.