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EMGS

Other News

EMGS, PGS end patent dispute

Petroleum Geo-Services (PGS) and Electromagnetic Geoservices (EMGS) has reached a settlement agreement over a number of patent disagreements,

Markets

EMGS to implement further reductions

EMGS said it will be implementing further reductions in a bid to streamline its costs. The company revealed last month it had reduced its headcount by 20% as well as reducing its fleet down to three vessels. EMGS said it already identified and implemented “comprehensive” cost reductions on terms and conditions for sub-contractors and in its staffing levels.

Oil & Gas

EMGS wins India seismic work

Electromagnetic Geoservices (EMGS) has signed a multi-client acquisition agreement with the Directorate General of Hydrocarbons (DGH) in India. The agreement grants EMGS a two year permit to acquire 3D EM data within a 325,000 square km area off the west coast of India. It will cross eight different tectonic provinces from Kutch-Saurashtra in the North to Ratnagiri in the South.

Markets

EMGS profits dip as it reduces headcount and vessel fleet

Electromagnetic Geoservices (EMGS) said it has reduced its headcount by 20% as well as reducing its fleet down to three vessels as it looks to make cost savings. The company said its revenues were down to $12.1million from $42.5million the same time a year earlier. Contract sales ended at $4.8million while sales from the multi-client library ended at $7.3million.

Oil & Gas

EMGS wins Malaysia contract worth $4.2million

Norwegian offshore survey vessel operator Electromagnetic Geoservices (EMGS) has been awarded a contract from an oil company in Malaysia worth $4.2million. The company said the deal is with a repeat customer and is for a two-year period with an additional option for a second phase survey in 2016.

Oil & Gas

EMGS wins permit for Mexico survey

EMGS (Electrogmagnetic Geoservices)has been given approval to acquire more than 80,000sq km of 3D electromagnetic data in Mexico. Regulator CNH (Comisión Nacional de Hidrocarburos) gave the nod for the deal, which will last over a five year period. The work will be conducted in the Salina de Itsmo basin which is thought to have attractive reservoir opportunities.

Americas

EMGS scoop two new contracts worth $4 million

Electromagnetic Geoservices ASA (EMGS) has entered into two new contracts with two oil companies to provide data from their library in the Barents Sea. The two new licensing agreements will provide 3D electromagnetic data from EMGS's multi-client data library in the Barents see, and together the agreements are worth an estimated $4 millio

Oil & Gas

EMGS asked to provide data to Norwegian Petroleum Directorate

EMGS (Electromagnetic Geoservices) has been requested by the NPD (Norwegian Petroleum Directorate) to provide all of its CSEM inversion data acquired in the country’s waters from 2008 to 2014. The NPD has also requested all CSEM data acquired in the Tiddly and Nordkapp basins in 2015 with reference to the petroleum regulation of June 2001. A spokesman said the NPD would treat all data as confidential from when it was inverted by EMGS.

Americas

EMGS strikes $1.8million Brazil deal

EMGS (Electromagnetic Geoservices) has struck a licensing agreement worth $1.8million in Foz do Amazona in Brazil. The company will assist an international oil company in the provision of 3D EM data. It will be delivered in December 2014 and EMGS will book the sales in the fourth quarter of 2014.