Reference is made to the stock exchange release dated 27 June 2013 and titled "EMGS awarded major 3D EM contract". Electromagnetic Geoservices ASA (EMGS) has today signed a contract worth USD 99.8 million with PEMEX, one of the world's largest national oil companies.
"PEMEX has truly realised and taken full advantage of the game-changing potential of 3D EM, and has become one of the world's most advanced users of our technology," says Roar Bekker, CEO of EMGS.
PEMEX embraced 3D EM technology following an extensive exploration programme in the last several years, which covered an extensive area of 3D EM data over various drilling prospects in the Gulf of Mexico. This campaign confirmed EM's ability to improve prospect evaluation at a portfolio scale.
PEMEX said: "We have over the last few years reinvigorated our exploration organisation and embraced technologies that give us an advantage. This has resulted in a boost in our reserve replacement ratio and 3D EM data has been an important part of our recent exploration success."
As previously communicated, it is expected that 3D electromagnetic (EM) data acquisition will start in early September 2013, following mobilisation of the vessel BOA Galatea in the second half of August.
Contact
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
About EMGS
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 information.