Em Technology News

Norwegian geophysical services company Electromagnetic Geoservices ASA (EMGS) has been awarded a contract by UK oil and gas major BP for work off the coast of Senegal and Mauritania.EMGS said in a in Oslo Exchange filing that the contract is worth around $6 million. The survey work is expected to start in the first quarter of 2020.CEO of EMGS, Bjørn Petter Lindhom, said, “EMGS is delighted to return to Africa and for the opportunity to work for BP and partners on their high-profile acreage in Mauritania and Senegal.""This contract extends our already healthy backlog and puts us in a good position to secure additional work in the prolific MSGBC Basin and in West Africa…

Electromagnetic Geoservices (EMGS) has appointed Bjørn Petter Lindhom as the permanent CEO of the company.Lindhom assumed the position of interim CEO of the company on December 01, 2018, and now the board of directors resolved to make the appointment permanent.Eystein Eriksrud, Chairman of the board of directors said: "The board of directors is very pleased with the strong positive developments in EMGS. As previously announced, the Company has secured a number of important awards, including the LOA for a USD 73 million proprietary acquisition contract for Pemex and the USD 24 million acquisition contract in south-east Asia, which has…

Norway’s Electromagnetic Geoservices (EMGS) has received a letter of intent for a fully pre-funded multi-client survey in the Norwegian Barents Sea.According to a press release, the total value of the letter of intent is approximately USD 2.5 million.The company will mobilize the vessel Atlantic Guardian to carry out the survey. The Atlantic Guardian is a specialized vessel for cable laying, seabed mapping, and ROV survey. It was built in 2001 and received a major upgrade in 2014.The acquisition work is expected to be completed within the second quarter of 2019, EMGS said.EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons.

The Board of Directors of  the Norwegian geophysical services company Electromagnetic Geoservices (EMGS)  announces that Christiaan Vermeijden has decided to resign from his position as CEO due to personal reasons.A press release from the marine EM market firm said that  Vermeijden will step down as CEO per 31.12.2018. He has held the position of CEO since February 2016.Eystein Eriksrud, Chairman of the Board of Directors: "We regret that Christiaan Vermeijden has resigned but we respect his decision. On behalf of the Board of Directors, I would like to thank him for his dedication to EMGS and wish him all the best in the future.Christiaan Vermeijden: "I regret that I leave EMGS due to personal reasons.

Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 12.1 million in the second quarter 2015, down from 32.3 million in the previous quarter and from USD 42.5 million in the second quarter 2014. Contract sales ended at USD 4.8 million, while sales from the multi-client library ended at USD 7.3 million. The results were negatively affected by extraordinary costs related to the Company's cost reduction program. EBITDA ended with a negative USD 6.0 million after a multi-client investment of USD 14.0 million. An impairment of goodwill related to the OHM acquisition in 2011 of USD 14.4 million resulted in a net loss for the second quarter 2015 of USD 26.0 million.

Oslo, Norway, Petroleum Geo-Services ASA informed today that Oslo District Court in its judgment of 13 February 2015 ruled in favor of PGS in the lawsuit filed by ElectroMagnetic GeoServices ASA ('EMGS') against PGS for patent infringement relating to PGS' Towed Streamer EM technology. The court found that EMGS' patent NO 324 454 (the 'EMGS Patent') is invalid and that PGS' Towed Streamer EM system therefore does not infringe the EMGS Patent. PGS was also awarded legal fees of NOK 15,292,917. Oslo District Court found that all the elements of the EMGS Patent were sufficiently described (anticipated) by four independent written articles (prior art). The judgment was thorough and well written, and its conclusion as expected by PGS.

Petroleum Geo-Services ASA ('PGS' or the 'Company') today announces that Oslo District Court in its judgment of 13 February 2015 ruled in favor of PGS in the lawsuit filed by ElectroMagnetic GeoServices ASA ('EMGS') against PGS for patent infringement relating to PGS' Towed Streamer EM technology. The court found that EMGS' patent NO 324 454 (the 'EMGS Patent') is invalid and that PGS' Towed Streamer EM system therefore does not infringe the EMGS Patent. PGS was also awarded legal fees of NOK 15,292,917. Oslo District Court found that all the elements of the EMGS Patent were sufficiently described (anticipated) by four independent written articles (prior art). The judgment was thorough and well written, and its conclusion as expected by PGS.

Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with an international oil company worth USD 1.8 million for the provision of 3D EM data from a portion of the EMGS' multi-client data library in Foz do Amazonas in Brazil.   "This sale is an indication of the sales potential of our multi-client data in this basin. We see the equatorial margin as an exciting and large region for the EM technology going forward," says Roar Bekker, CEO of EMGS.   The data will be delivered in December 2014 and EMGS will therefore book the sales in the fourth quarter 2014.

Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with an international oil company worth USD 8 million for the provision of 3D EM data from EMGS's multi-client data library in the Barents Sea. "This sale confirms the increased recognition of the value of EMGS' EM technology as an important exploration tool. The addition of a new supermajor to our expanding customer base proves the breakthrough our technology has had in Norway this year," says Roar Bekker, CEO of EMGS. Of the total sale, data worth USD 4.8 million will be delivered in Q4 2014, of which EMGS will book USD 4.5 million in the quarter after partner's share of the revenues. Data for the remaining USD 3.2 million of the agreement will be booked in 1H 2015.

Electromagnetic Geoservices ASA (EMGS) has received a letter of intent worth USD 7.0 million from an oil company for 3D EM data acquisition in Thailand and Myanmar.   "This is the first time we operate for this customer and also the first time we operate in Thailand and we are of course pleased to demonstrate the value of our EM technology to this company," says Giles Denby, President Eastern Hemisphere of EMGS.   The marine EM market leader who uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons informed that the survey will be done using the vessel BOA Thalassa and is expected to commence directly after the ongoing survey in Malaysia is completed.

Electromagnetic Geoservices ASA's (EMGS) reported revenues of USD 42.5 million in the second quarter 2014, down from USD 61.3 million in the first quarter this year and from USD 44.4 million in the corresponding quarter last year. Contract sales totaled USD 35.5 million, while multi-client sales were at USD 7.0 million this quarter. The Company had an EBITDA of USD 10.9 million and a net loss of USD 2.5 million. Revenues for the first half year 2014 came in at USD 103.8 million, compared with USD 76.1 million for the corresponding period last year. The increase in revenues is related to more contract work this year. The Company had two vessels operating in Norway in the quarter…

Electromagnetic Geoservices ASA (EMGS)  the marine EM market leader, who uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbonshas, received a contract worth USD 2.7 million from OMV (Norge) AS and its partners in PL537 for 3D EM data acquisition in the Barents Sea.   The survey will commence in July using the vessel Atlantic Guardian. The company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.

Electromagnetic Geoservices ASA (EMGS), the marine EM market leader, has received a signed contract from a customer worth USD 2.3 million (NOK 13.5 million) for 3D EM data acquisition in the Norwegian Sea. The survey is expected to commence in June, using the vessel BOA Thalassa. According to Svein Knudsen, EMGS chief financial officer: EMGS, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface.

Electromagnetic Geoservices ASA (EMGS), electromagnetic (EM) technology market leader, has received a Letter of Award from Statoil Petroleum AS worth USD 5.3 million for 3D EM data acquisition in the Norwegian Sea. EMGS, uses its proprietary EM technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface.This improves exploration efficiency and reduces risks and the finding costs per barrel.

PetroMarker recently carried out an EM campaign in the Barents Sea. In the course of July-August 2012, PetroMarker performed a number of EM surveys in the Norwegian sector of the Barents Sea. More and more oil companies see the advantage of PetroMarker’s unique EM technology to evaluate prospective acreage, particularly in the Barents Sea. PetroMarker made a presentation at the EAGE conference in Vienna about the results of an EM survey performed on the Snøhvit (Snow-White) field, highlighting the penetration and resolution displayed by of vertical EM.