Electromagnetic Geoservices goes to Canada

Norway’s Electromagnetic Geoservices (EMGS) has secured $2 million in prefunding for a multi-client survey offshore Newfoundland and Labrador.

The contract is conditional upon securing the required permits in Canada before September.

The acquisition is expected to take place late in the third quarter of 2022.

EMGS stated that the revenue is set to be recognized in the fourth quarter of 2022.

No further details about the contract or the client have been revealed.

EMGS announced at the beginning of the month that it had secured a contract with an “international oil company” to deliver a survey in the Caribbean.

Under the contract, the Norwegian company is in charge of delivering a Controlled Source Electromagnetic (CSEM) survey.

The plan is to start the survey late in the third quarter or the beginning of the fourth quarter of this year.