EMGS in Barents Sea survey

Norway’s Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with a repeat customer for 3D EM data to be acquired over the Hoop area in the Barents Sea. The pre-funding amounts to $1 million.

This new acquisition is expected to take place in Q3 2016 and will become part of the EMGS multi-client library.

Christiaan Vermeijden, CEO of EMGS, said he was pleased that such a 3D controlled-source electromagnetic (CSEM) survey continues to add value to the exploration efforts for hydrocarbons in the Barents Sea.

EMGS said this might encourage other customers to take advantage of the vessel being active in the area, however, the company did reveal the name of the vessel.

The vessel in question might be the Atlantic Guardian which acquired data on multi-client projects in the Hammerfest basin, in the Norwegian Sea and in the North Sea in the second quarter 2016. Following this, the vessel started the mobilization of a Joint Industry Project. The Atlantic Guardian’s AIS shows the vessel working in the Barents Sea, having recently left Hammerfest.

The geophysical company  last week posted a second-quarter net loss of $11.2 million, compared to the net loss of $26 million in the prior-year quarter.

Further, EMGS recorded revenues of $15.1 million in the second quarter of 2016, up from $12.1 million recorded in the corresponding quarter of 2015.

Offshore Energy Today Staff

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