EMGS : EMGS receives LOI for contract extension in Asia
Electromagnetic Geoservices ASA (EMGS) is pleased to announce that it has
received a Letter of Intent (LOI) for an extension to the ongoing USD 35
million contract in Asia. The value of the contract extension is at least USD
15 million, which brings the total contract value to a minimum of USD 50
million. It is expected that the vessel BOA Thalassa will complete the entire
work programme, including the contract extension, in October 2013. Final
confirmation and award of the extension is subject to the customer's internal
Tender Board approval.
"This contract extension is an endorsement of our services and shallow water
capabilities. Furthermore, it confirms the value that 3D EM delivers to
regional exploration. This is a new application of EM which we believe has
considerable market potential going forward," said Roar Bekker, CEO of EMGS.
Roar Bekker, EMGS chief executive officer, +47 73 56 88 10
Svein Knudsen, EMGS chief financial officer, +47 73 56 88 10
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 700 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 and Oslo, Norway; Houston,
USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com for more
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
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(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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