EMGS confirms multi-year survey contract with Mexico’s Pemex

  • Business & Finance

The Norwegian offshore survey company EMGS has confirmed it has been awarded the final contract for a multi-year survey with the Mexican oil company Pemex.

Atlantic Guardian; Image by SteKrueBe, shared from Wikimedia under the CC BY-SA 3.0 license

The contract confirmation follows EMGS’ announcement in April when the company said it had been awarded a letter of award for the contract without disclosing the identity of the client at the time.

“As previously communicated, the two-year contract has a value of approx. USD 73.3 million with a minimum value of approx. USD 29.3 million,” EMGS said on Wednesday.

EMGS previously said the contract would secure backlog for both of the company’s vessels, the two vessels being the Atlantic Guardian and the Boa Thalassa.

Start of mobilization is expected to take place early Q3 2019, EMGS said.

Subject to the actual start-up date, it is expected that close to the full minimum value – $29.3 million, will be recognized in 2019, EMGS said.

The work program is located in the Gulf of Mexico and consists of both shallow and deep-water surveys.

CEO of EMGS, Bjørn Petter Lindhom, said: “We are proud that PEMEX, one of the world’s largest national oil companies, has again chosen to contract with EMGS for a large multi-year acquisition project. This demonstrates that PEMEX values 3D CSEM data as an important and complementary input in their exploration workflow. We are confident that the 3D CSEM data EMGS will now acquire will help PEMEX identify, evaluate and de-risk prospects, thereby significantly contributing to their exploration efforts.

Chairman of the board of directors of EMGS, Eystein Eriksrud, said: “With this landmark contract, the fourth biggest in EMGS’ history, together with the proprietary acquisition contract in south-east Asia, the Company has established a firm platform from which it is well positioned for further development and growth.”

Offshore Energy Today Staff

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