Electromagnetic Geoservices ASA (EMGS) has today signed a multi-year contract worth a minimum of USD 150 million with PEMEX, one of the world's largest national oil companies.
The work program, which is located in the Mexican sector of the Gulf of Mexico, consists of approximately 30 deep water 3D EM surveys. Data acquisition will be performed using the purpose-built 3D EM vessel BOA Thalassa, with mobilization towards the end of August.
As previously communicated, EMGS anticipates that the contract will generate 2010 revenues in the range of USD 20 - 25 million, and that the remaining contract value will be recognised in 2011 and 2012.
Roar Bekker, EMGS chief executive officer, commented:
"As a repeat customer, we are proud that PEMEX has made this commitment to EMGS, and we look forward to working closely with PEMEX to ensure that this customer receives all the value that 3D EM technology can deliver. We are confident that our 3D EM data will create significant value within PEMEX's portfolio and, consequently, will support its efforts to improve the reserves replacement ratio offshore Mexico."