EMGS in letter of award worth up to $73 million

Norwegian offshore survey firm EMGS has received a letter of award for a contract worth up to $73.3 million, following the previously announced participation in a sole-sourced tender a multi-year acquisition contract.

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

“EMGS is pleased to announce that the Company has now received a letter of award for the contract. The multi-year call-off acquisition contract, awarded by one of the world’s largest national oil companies, has a minimum value of approximately USD 29.3 million, and a maximum value of approximately USD 73.3 million, over a two-year period,” EMGS said.

Based on current acquisition estimates, EMGS expects that all or a substantial part of the minimum contract value will be recognized in 2019.

“The company expects that final contract execution will take place within approx. three weeks,” EMGS said.

EMGS will mobilize the Atlantic Guardian for the project.

Bjørn Petter Lindhom, CEO of EMGS, said: “This letter of award from a repeat customer, together with the on-going proprietary acquisition in south-east Asia, has secured backlog for both of the company’s vessels, providing a sound basis for two-vessel operation for the company in 2019.

“It also gives us confidence that our strategy of integrating CSEM [controlled-source electromagnetic] into oil companies’ exploration workflow is on the right track. More and more oil companies’ realize that CSEM is an important tool for reducing exploration risk and cost, with an attractive ROI when used correctly.”

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