Electromagnetic Geoservices ASA (EMGS) has announced that the Company has entered into prefunding agreements related to 3D CSEM data surveys in the Barents Sea and Norwegian Sea in Norway using the conventional technology and the new Deep Blue source.

The agreements represent revenues of approximately USD 3 million. The data will be acquired during the 2017 summer season.

The Company is also pleased to announce that the original JIP agreement has been amended wherein the Deep Blue source is now available to the industry. The Deep Blue source provides a significantly higher output when compared to the conventional system.

"After the successful JIP test surveys during the summer of 2016, we are very pleased to see the first commercial uptake of the new equipment. Providing the industry with a much stronger source output is a breakthrough for EMGS and our EM technology as we will be more sensitive to deeper targets and smaller targets close to infrastructure", says Christiaan Vermeijden, CEO.