A method for processing marine electromagnetic signal measurements includes acquiring magnetotelluric (MT) measurements from below a bottom of a body of water at a plurality of positions along the water bottom at substantially the same times at each position. Controlled source electromagnetic (CSEM) measurements are acquired from below the water bottom at substantially the same positions at substantially the same time at each position. The MT measurements and the CSEM measurements are jointly processed to obtain a model of conductivity distribution in the formations below the water bottom.