Gulf Oil and Gas accountACCOUNT

EMGS Receives Letter of Award for a Multi-year Acquisition Contract

Source: www.gulfoilandgas.com 4/23/2019, Location: Europe

Following the stock exchange notification published by Electromagnetic Geoservices (EMGS) on 28 March 2019, wherein the Company announced that it was participating in a sole-sourced tender process for a multi-year acquisition contract.

EMGS has announced that the Company has now received a letter of award for the contract. The multi-year call-off acquisition contract, awarded by one of the world's largest national oil companies, has a minimum value of approx. USD 29.3 million, and a maximum value of approx. USD 73.3 million, over a two-year period. Based on current acquisition estimates, the Company expects that all or a substantial part of the minimum contract value will be recognised in 2019.

The Company expects that final contract execution will take place within approx. three weeks. The Company will mobilise the Atlantic Guardian for the project.

CEO of EMGS, Bj?rn Petter Lindhom, comments: 'This letter of award from a repeat customer, together with the on-going proprietary acquisition in south-east Asia, has secured backlog for both of the Company's vessels, providing a sound basis for two-vessel operation for the Company in 2019.

It also gives us confidence that our strategy of integrating CSEM into oil companies' exploration workflow is on the right track. More and more oil companies' realise that CSEM is an important tool for reducing exploration risk and cost, with an attractive ROI when used correctly.'

FPSO Vessels and Equipment News in Norway >>

Brazil >>  8/7/2020 - Equinor Brazil has extended the contracts for the PSV’s Sea Brasil by 1 year until December 2021 and Far Scotsman by 6 months until May 2022. Both ves...
Gabon >>  8/7/2020 - With reference to stock exchange release dated 2 July 2020. BW Offshore is very pleased that all of the offshore employees have been safely released. ...

Norway >>  8/5/2020 - Total DK has extended the contracts for the PSV vessels Havila Fano and Havila Heroy from end of existing contracts until 01.06.20. Total DK has 3 opt...
Brazil >>  8/4/2020 - OOS Tiradentes, the Semi-Submersible Accommodation Vessel managed by CIMC Raffles Asset Operation and Management Center, received the notice to resum...

Brazil >>  8/3/2020 - Operational The fleet utilisation rate in the second quarter of 2020 was 6.5 per cent (Q2 2019: 71.6 per cent).

Prosafe refers to t...

Gabon >>  7/21/2020 - BW Offshore has received a one-year contract extension for the lease and operation of the FPSO Petróleo Nautipa. The firm period has been extended to ...

Related Categories: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

Related Articles: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.