Norwegian firm secures its first seismic node project

Norwegian firm secures its first seismic node project

Norwegian Electromagnetic Geoservices (EMGS) has secured what it says is its first seismic node project, as part of its strategy to diversify its offerings and enhance vessel utilization.

Source: EMGS

EMGS is set to undertake a fully pre-funded ocean bottom node (OBN) seismic survey in the Barents Sea in collaboration with Velocitas Geo Solutions.

The survey, expected to kick off in the third quarter of 2024, will be carried out by the Atlantic Guardian and is expected to take approximately two weeks to complete.

The total contract value, prior to revenue share, is approximately $1 million.

“EMGS aims to leverage this project to gain experience and evaluate the potential of incorporating seismic node services into its portfolio. This move aligns with the Company’s strategy to diversify its offerings and enhance vessel utilization,” said EMGS.

The Norwegian company also recently entered into a pre-funding agreement related to a multi-client acquisition in the North Sea. The revenue will be $1.4 million and will be acquired as part of the current Norwegian Continental Shelf (NCS) campaign.

At the beginning of 2024, EMGS secured its first acquisition project offshore Brazil in almost ten years. Namely, the company was awarded a contract worth approximately $11.7 million to deliver a multi-client survey for Brazilian state-owned oil and gas giant Petrobras in the Espirito Santos Basin.

Last month, EMGS secured contracts with a combined value of approximately $3.4 million with Equinor and partners for fully pre-funded multi-client survey acquisitions in the Barents Sea.

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