Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 8 July 2024 wherein EMGS announced that the Company had entered into an agreement for a fully-prefunded Ocean Bottom Node (OBN) seismic survey in the Barents Sea.
EMGS is pleased to announce that it has secured an additional USD 0.5 million of prefunding related to the OBN survey. Following this additional prefunding, the total contract value, prior to revenue share, is approx. USD 1.5 million. The survey is to be undertaken in collaboration with Velocitas Geo Solutions.
Additionally, reference is also made to the stock exchange notification published by the Company on 1 July 2024 wherein EMGS announced that the Company had received multi-client prefunding for an EM acquisition project in Norway with a minimum contract value of approximately USD 2.0 million.
The scope of the survey has now been finalised. The final scope of the survey adds USD 1.2 million in addition to the USD 2.0 million previously reported, giving a total prefunding of USD 3.2 million for the project.
