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EMGS Enters into Second Prefunded Multi-Client Contract in Indonesia

Source: www.gulfoilandgas.com 12/27/2017, Location: Asia

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Reference is made to the stock exchange notification published by Electromagnetic Geoservices (EMGS) on 16 November 2017, wherein it was announced that EMGS had received Letters of Intent for two contracts under which EMGS will perform prefunded multi-client acquisitions offshore Indonesia.

Reference is further made to the stock exchange notification published by the Company on 19 December 2017 wherein it was announced that a final contract with a minimum gross contract value of USD 1.8 million had been entered into under one of the Letters of Intent while the second Letter of Intent remained outstanding.

EMGS announced Dec 20 that a final contract has been entered into under the second Letter of Intent. The contract has a minimum gross contract value of USD 1.0 million, giving a combined minimum gross value for the two contracts of USD 2.8 million.

Both surveys will be executed using the vessel BOA Thalassa, with expected start-up in December 2017 and completion in January 2018.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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