EMGS awarded Marine Mineral survey offshore Norway

Electromagnetic Geoservices ASA ("EMGS" or the "Company") is excited to be selected as the acquisition provider for the NTNU ATLAB consortium. The consortium was formed to study geophysical imaging of geological processes and has received funding from the Norwegian Petroleum Directorate, Aker, CGG, Equinor and NTNU’s Centre for Geophysical Forecasting.

The objective of the ATLAB consortium is to collect a broad range of scientific data at the Mohn’s ridge, including CSEM, MT, streamer seismic, node seismic, and both chemical and biological data for environmental purposes. All data will be acquired using the Atlantic Guardian.

EMGS has developed a deep-towed EM streamer system that has been designed for marine mineral exploration. In addition to EM, the new system serves as a platform for the collection of numerous other data types close to the seabed.

The acquisition, which is currently ongoing, has a contract value of approximately USD 1 million.

CEO of EMGS Bjørn Petter Lindhom comments

“We are excited to be chosen as the acquisition provider by the consortium. The deep-towed EM system represents an important step towards a more diversified product offering and positioning EMGS as the provider of choice for the emerging marine mineral exploration market. We believe the new system allows for the simultaneous acquisition of seismic and EM data for the purpose of shallow subsurface imaging, which could have applications in site surveying for offshore wind installations.”    

Contact

Anders Eimstad, CFO,

This information is published in accordance with the Norwegian Securities Trading Act § 5-12.

About EMGS

EMGS, the marine EM market leader, 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. This improves exploration efficiency and reduces risks and the finding costs per barrel. CSEM technology can also be used to detect the presence of marine mineral deposits (primarily Seabed Massive Sulphides) and EMGS believes that the technology can also be used to estimate the mineral content of such deposits. The Company is undertaking early-stage initiatives to position itself in this future market.