Electromagnetic Geoservices ASA announced that the Company has entered into its first acquisition contract related to renewable energy infrastructure. Subject to the issuance by the undisclosed customer of certain notice to proceed orders, the contract has a value of up to approx. USD 2 million.

The contract does not include any minimum scope of work. Under the contract, EMGS will acquire resistivity data based on the magnetotelluric (MT) geophysical method, which utilises the natural variations of the earth?s electromagnetic field without an artificial EM source. The area of operations is in Southeast Asia, and the Company will acquire the data based on a cost-efficient setup utilising a locally chartered vessel.

Subject to the issuance of a notice to proceed order by the customer, the Company expects to undertake the acquisition project in 2024.