Electromagnetic Geoservices ASA (EMGS) has received a letter of award (LOA) for a contract worth approximately USD 4.2 million from an oil company for 3D EM data acquisition over their operated area in Malaysia. The two parties have entered into a two-year contract, of which this LOA constitutes the commitment for the first and initial phase. The parties have also designed a survey for an optional second phase in 2016.

"We are very pleased to announce this letter of award with a repeat customer in Malaysia. It is also important to us that it is a two-year agreement, with expectations for more work next year," says CEO of EMGS, Bjarte Bruheim.

The survey will be done using the vessel BOA Thalassa which is expected to commence acquisition as soon as possible. The duration of the work is expected to be around one month

Tags: Electromagnetic Geoservices ASA (EMGS)