EMGS Gets Prefunding for a Multi-client Survey Offshore East Canada

Norwegian geophysical services company Electromagnetic Geoservices ASA (EMGS) on Monday announced it secured $2 million in prefunding for a multi-client survey offshore Newfoundland and Labrador.

The acquisition is expected to take place in late third quarter 2022, EMGS said, noting the contract is conditional upon securing the required permits in Canada prior to September 2022.

The said it expects to recognize the revenue in the fourth quarter of this year.