Norwegian seismic survey company EMGS is nearing completion of all acquisition work ordered by Mexican oil company Pemex in mid-2019.
EMGS signed a two-year acquisition contract with Pemex with a total value of approximately $73.3 million and a minimum value of around $29.3 million in June 2019. EMGS won a letter of award for the contract in April 2019.
In an update on Wednesday, the company said that it was in the process of finishing all acquisition work initially ordered by Pemex. Additional acquisition operations will be subject to the issuance of new call-offs.
EMGS added that it had received a call-off for additional acquisition work. The call-off consists of deep-water acquisition work with a total value of around $3.4 million, excluding associated processing.
The company also received a call-off covering modeling work in preparation for other potential acquisition operations.
Bjørn Petter Lindhom, CEO of EMGS, said: “I am very proud of the outstanding operational efficiency and first-class product EMGS is delivering to Pemex under this contract. The additional acquisition work now ordered by Pemex is an important confirmation that we are meeting Pemex’s expectations.”
Based on modeling work already ordered and completed, on-going discussions with Pemex and the new modeling call-off received, EMGS believes that additional acquisition work is likely to be forthcoming.
To remind, EMGS used the Atlantic Guardian and Boa Thalassa vessels during the contract. Both vessels mobilized in the early third quarter of 2019.
The work program under the contract is located in the Gulf of Mexico and consists of both shallow and deep-water surveys.
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