Norwegian offshore survey firm EMGS has signed a final contract with Spirit Energy for a survey in the Barents Sea offshore Norway. Spirit signed the contract on behalf of the PL1031 production license group.
The contract is related to a letter of intent signed in March when EMGS said the approximate value might be $2.5 million. However, the value has now increased to $3.4 million, as the scope of work has been extended under the firm contract.
According to EMGS, the vessel Atlantic Guardian has started mobilization for the survey, and the acquisition is expected to begin in early April. The survey is slated for completion within the second quarter of the year.
While the increased contract value is certainly a piece of positive news for EMGS, the company is currently hunting for a much larger deal.
Namely, EMGS last week 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 last Thursday.”
EMGS expects to have information on the outcome within the second quarter of the year.
Offshore Energy Today Staff
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