Equinor and partners give $3.4M worth of contracts to local geophysical services firm

Norwegian Electromagnetic Geoservices (EMGS) has secured contracts with a combined value of approximately $3.4 million with Equinor and partners for surveys in Norway.

EMGS reported at the end of May that it had entered into several agreements with Equinor and partners for fully pre-funded multi-client survey acquisitions in the Barents Sea.

The first of the fully pre-funded surveys is expected to commence in the third quarter of 2024, upon the Atlantic Guardian’s return from Brazil.

At the beginning of 2024, EMGS secured its first acquisition project offshore Brazil in almost ten years.

Namely, the Norwegian company was awarded a contract worth approximately $11.7 million to deliver a multi-client survey for Brazilian state-owned oil and gas giant Petrobras in the Espirito Santos Basin. Work was scheduled to start by early April.

In its latest financial results, EMGS stated that its backlog as of March 31, 2024, was $15.6 million compared with a backlog of approximately $0.7 million at the end of the first quarter of 2023.