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EMGS targeting $30 million offshore data acquisition project

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Offshore oil and gas data acquisition company Electromagnetic Geoservices is working to secure a contract worth more than $30 million.
The Oslo-listed company on Thursday evening said it was taking part in a sole-sourced tender process for a multi-year acquisition contract.

 

“Based on the information currently available to EMGS, the Company believes that the contract, if awarded, will have a value in excess of USD 30 million over a two-year period,“ EMGS said.

 

“[EMGS] believes that the tendering process will be completed or, as the case may be, terminated within the second quarter of 2019,“ EMGS added.
The company did not provide any further info on the tender nor on the location of the expected acquisition operation.

 

EMGS recently reported a loss for the fourth quarter of 2018 amounted of $7.1 million, compared to a loss of $6.6 million in the same of 2017. Loss for the full year 2018 was $36.6 million, compared to a loss of $23.2 million in 2017.

 

Announcing its results on January 30, EMGS said the market outlook for oil services remained challenging and characterized by high uncertainty. Despite this, EMGS said it was experiencing increased interest for its services and was targeting potentially substantial proprietary acquisitions outside of Norway.

 

“Sales efforts are ongoing to secure backlog in all regions. The timing of securing any additional backlog as a result of this increased commercial activity, however, remains highly uncertain. Based on the current operational forecast, EMGS expects to operate two vessels globally in 2019. EMGS also plans to continue to invest in its multi-client library in selected areas. Capital investment plans are limited to maintenance of existing equipment,” EMGS said in its outlook for the year, released as part of 4Q 2018 report released on January 30.

 

Earlier this month, EMGS said it had received a $24 million purchase order from an undisclosed customer for a proprietary data acquisition survey in south-east Asia, and has mobilized the BOA Thalassa vessel for the survey.

 

Also, a few days ago EMGS said it had received a letter of intent for a fully pre-funded multi-client survey in the Norwegian Barents Sea. Announcing the letter of intent on Saturday, March 23 EMGS said that the total value of the letter of intent was approximately $2.5 million.


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