Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has entered into its first acquisition contract related to renewable energy infrastructure.
Subject to the issuance by the undisclosed customer of certain notice to proceed orders, the contract has a value of up to approx. USD 2 million. The contract does not include any minimum scope of work.
CEO of EMGS, Bjørn Petter Lindhom, comments:
“We have long held the view that the EM technology has a number of applications also outside of the core E&P industry, including marine minerals exploration, geothermal and site surveys. EMGS is therefore very excited to undertake this first renewable energy infrastructure project. We are confident in our ability to deliver best-in-class data to the customer, and that this project will demonstrate that using EM data represents an attractive value proposition also outside of our core area of oil and gas exploration.”
Under the contract, EMGS will acquire resistivity data based on the magnetotelluric (MT) geophysical method, which utilises the natural variations of the earth’s electromagnetic field without an artificial EM source. The area of operations is in Southeast Asia, and the Company will acquire the data based on a cost-efficient setup utilising a locally chartered vessel.
Subject to the issuance of a notice to proceed order by the customer, the Company expects to undertake the acquisition project in 2024.
