Electromagnetic Geoservices ASA (EMGS) has received a letter of award for a contract from an oil company for 3D electromagnetic data acquisition over its operated area in Malaysia.
EMGS did not disclose the name of the oil company; however, it did reveal that the two parties have entered into a two-year contract worth approximately $4.2 million, 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.
According to EGMS, the survey will be done using the vessel BOA Thalassa, which is expected to start acquisition as soon as possible. The company has added that the duration of the work is expected to be around one month.