EMGS : EMGS vessel schedule
Electromagnetic Geoservices ASA (EMGS) provides the following update on the
vessel schedule presented during its fourth quarter 2012 presentation on 7
Following transit from the Gulf of Mexico to Singapore and subsequent
equipment upgrades and sea trials, the BOA Thalassa is currently in the final
stages of mobilizing for a confirmed contract in Brunei worth approximately
USD 35 million. Data acquisition will commence within the next few days and is
expected to be completed by mid-August 2013.
The vessel owner has completed the scheduled dry dock in Singapore according
to plan, and the EM leader is currently in transit to Myanmar where it will
undertake a contract worth approximately USD 7 million for new customer CNPC
(China National Petroleum Corporation). The vessel will subsequently perform a
3D EM survey worth approximately USD 5 million for new customer JX Nippon Oil
& Gas Exploration in Malaysia. This survey is expected to be completed in the
first week of May 2013.
The BOA Galatea will complete its ongoing multi-client program in Brazil by
mid-March. Details of its next project will be announced as soon as the
company has received formal commitment from the client.
The Atlantic Guardian has been standby in Bergen at no cost to EMGS during
January and February 2013. EMGS has chartered the vessel for a firm six months
from 1 March with two optional three-month extensions. The Atlantic Guardian
has since 1 March been equipped with the company's new source system Deep
Xpress and will, after sea trials, mobilise for a multi-client survey lasting
approximately 5 weeks in production license 527 in the Norwegian Sea. This is
the third phase of a proof of concept, basalt mapping program; the two first
phases were conducted in the West of Shetland area and Production License 598
in the Norwegian Sea during October and November 2012. The basalt mapping
program has to date generated revenues amounting to USD 8.2 million, of which
USD 3.7 million were recognized in the fourth quarter and USD 4.5 million have
been secured in the first quarter 2013 (the latter amount was included in the
USD 10 million of multi-client sales announced on 28 February). EMGS expects
that the vessel will mobilize for a multi-client campaign in the Barents Sea
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Chris Guldberg, EMGS Head of PR/IR, +47 73 56 88 10 / +47 92 81 07 07
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM)
technology to support oil and gas companies in their search for offshore
hydrocarbons. EMGS supports each stage in the workflow, from survey design and
data acquisition to processing and interpretation. The company's services
enable integration of EM data with seismic and other geophysical and
geological information to give explorationists a clearer and more complete
understanding of the subsurface. This improves exploration efficiency, and
reduces risks and the finding costs per barrel.
EMGS has conducted more than 650 surveys to improve drilling success rates
across the world's mature and frontier offshore basins. The company operates
on a worldwide basis with main offices in Trondheim, Stavanger and Oslo,
Norway; Houston, USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com
for more information.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: EMGS via Thomson Reuters ONE
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