Electromagnetic Geoservices bags $10M contract for offshore survey in India

Norwegian Electromagnetic Geoservices ASA (EMGS) has secured a contract with an undisclosed client for a controlled-source electromagnetic (CSEM) survey offshore India, valued at approximately $10 million.

According to EMGS, the survey includes a mobilization fee and will be carried out by the company’s multi-purpose offshore vessel, the Atlantic Guardian, which is expected to depart from Norway in the fourth quarter of 2024 to begin operations.

EMGS, a company in the marine electromagnetic market, employs proprietary EM technology to assist oil and gas operators in identifying offshore hydrocarbon reserves. 

The company integrates electromagnetic data with seismic and other geophysical datasets to enhance subsurface understanding during exploration. 

EMGS said that its CSEM technology enhances exploration efficiency, mitigates risks, and lowers finding costs per barrel. Beyond hydrocarbons, the technology holds potential for identifying marine mineral deposits, particularly seabed massive sulfides (SMS). 

The vessel Atlantic Guardian was built in 2001 and is 23 years old. It currently sailing under the flag of Norway.

At the beginning of 2024, EMGS secured its first acquisition project offshore Brazil in almost ten years. In June, the company secured contracts with a combined value of approximately $3.4 million with Equinor and partners for surveys in Norway.

In July, EMGS secured what it says is its first seismic node project, as part of its strategy to diversify its offerings and enhance vessel utilization.