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PEMEX Decided not to Award Additional Work to EMGS

Source: www.gulfoilandgas.com 2/20/2020, Location: South America

Electromagnetic Geoservices ASA has been advised by the customer that the Company will not, in the near to medium future, receive additional acquisition work under the two-year acquisition contract announced to the market on 4 June 2019.

It is the Company's understanding that the customer's decision is related to its own strategic priorities, and not related to EMGS' performance under the contract.

The Company has previously assumed that substantial new acquisition work under the two-year contract would be forthcoming within the near future. The decision by the customer not to order additional acquisition work, at least for the near to medium future, will have a material detrimental effect on the Company's revenue and profitability going forward.

The board of directors of the Company is evaluating all strategic options available to the Company.

The Company will immediately initiate a comprehensive cost reduction programme to adjust the Company's operational cost base to the new confirmed backlog level.

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