Electromagnetic Geoservices ASA ("EMGS") is pleased to announce that it has entered into an agreement for a fully pre-funded Ocean Bottom Node (OBN) seismic survey in the Barents Sea. This survey, which will be undertaken in collaboration with Velocitas Geo Solutions, marks EMGS' first venture into seismic node projects.
The survey, set to commence in the third quarter of 2024, will be conducted using the Atlantic Guardian and is expected to take approximately two weeks to complete. The total contract value, prior to revenue share, is approximately USD 1.0 million.
EMGS aims to leverage this project to gain experience and evaluate the potential of incorporating seismic node services into its portfolio. This move aligns with the Company's strategy to diversify its offerings and enhance vessel utilization.