EMGS Reports Multi-client Sales
Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with an oil company for the provision of 3D EM data related to the 23rd licensing round in the Barents Sea. The agreement is worth USD 2.5 million, before potential adjustment for partner's share of revenues. "It satisfying to note that our multi-client library continues to provide value for new and existing clients in the Barents Sea. An increased acceptance of EM as a value-adding exploration tool in the region…
Bjarte Bruheim Appointed CEO of EMGS
The new Board of Directors of Electromagnetic Geoservices ASA (EMGS) has reviewed the Company's organization, and has resolved to appoint Bjarte H. Bruheim as Chief Executive Officer of the Company effective from 7 January 2015. Bjarte Bruheim has been the Executive Chairman of EMGS since July 2004, and he has extensive experience from the oil service sector over the past 30 years. Consequently, the Company and Roar Bekker have agreed that Roar Bekker resigns from the Company.
Charter for EM Leader Extended
Electromagnetic Geoservices ASA (EMGS) has signed an extended charter agreement for the vessel EM Leader with Seatrans (owner of the vessel) at new and improved commercial terms. The previous agreement was up for renewal. "We are very pleased with this new agreement. It maintains our flexibility to reduce our vessel costs by approximately 25% if needed, and at the same time, it secures our revenue capacity for four vessels. This is in line with our strategy to retain a flexible business model," says Roar Bekker, CEO of EMGS.
EMGS Wins 3D EM Contract with BG Group
Electromagnetic Geoservices ASA (EMGS) is pleased to announce that it has been awarded a contract from BG Group worth approximately USD 27 million for 3D EM data acquisition in Uruguay. "We are delighted to start working for BG in Uruguay on this survey. This contract provides us with a substantially improved backlog and we look forward to further developing our relationship with this customer," says Roar Bekker, CEO of EMGS. It is expected that the data acquisition will start around 15 December 2014 by the vessel EM Leader.
3D Survey off Malaysia for EMGS
Electromagnetic Geoservices ASA (EMGS) has received a letter of intent worth USD 6.8 million from an International Oil Company for 3D EM data acquisition in Malaysia. EMGS did not disclose the name of the contractor. "We are pleased to announce the first of several new projects in Asia. Due to increased demand for our EM services among new and existing customers we anticipate to keep one vessel operating in this region for most of or all of 2015," says CEO of EMGS, Roar Bekker.
EMGS Reports Multi-client Sales
Electromagnetic Geoservices ASA (EMGS) has signed a data licensing agreement with a customer worth USD 3.5 million for the provision of 3D EM data from EMGS's multi-client data library in the Barents Sea. "It satisfying to note that our multi-client library continue to provide value for new and existing clients in the Barents Sea. An increased acceptance of EM as a value adding exploration tool in the region, and our vast coverage coupled with customer's success, bode well for the future" says CEO Roar Bekker.
EMGS Reports 2Q and 1H 2014 Results
Electromagnetic Geoservices ASA's (EMGS) reported revenues of USD 42.5 million in the second quarter 2014, down from USD 61.3 million in the first quarter this year and from USD 44.4 million in the corresponding quarter last year. Contract sales totaled USD 35.5 million, while multi-client sales were at USD 7.0 million this quarter. The Company had an EBITDA of USD 10.9 million and a net loss of USD 2.5 million. Revenues for the first half year 2014 came in at USD 103.8 million, compared with USD 76.1 million for the corresponding period last year.
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.
EMGS - agreement with Nalcor Energy for 3D multi-client EM survey
EMGS has signed a multi-client license agreement with Nalcor Energy, the Provincial Energy Corporation of Newfoundland and Labrador, for the acquisition of up to 13,500 square kilometers, in a multi-season campaign. The CSEM survey is expected to begin in June of this year and will target the Flemish Pass Basin, where recent major oil discoveries have been made. The survey will collect 4,000 km2 of 3D EM data calibrated to these discoveries and will image key prospects in nearby areas. Integrated data delivery will be available in early 2015.
EMGS expands cooperation with TGS in Barents Sea
EMGS and TGS have agreed to further expand their companies' agreement of cooperation in the Barents Sea. Currently, TGS has a 30% ownership in the multi-client EM data over 17 blocks in the Hoop area. The agreement will be expanded with four new blocks in the Hoop area and 14 blocks in the southeastern area of the Barents Sea. TGS will take a 50% ownership in the EM data over all the new 18 blocks. The expansion of this agreement further confirms…
