Reference is made to EMGS's vessel schedule as presented during the company's Capital Markets Day on 19 September.
EMGS's vessel BOA Galatea is currently in the final stages of completing data acquisition under its current one-year contract in Brazil. The company expects that the project will be completed within the next 1 - 2 weeks.
EMGS anticipates that the salt mapping proof of concept survey the vessel BOA Thalassa is conducting in the Gulf of Mexico in collaboration with WesternGeco will be completed in the first week of December 2012.
The vessel Atlantic Guardian is currently acquiring 3D EM data under a fully pre-funded multi-client project in the Norwegian Sea. Project completion is expected in the second half of November.
The vessel EM Leader will for the remainder of the fourth quarter 2012 acquire 3D EM data under a USD 20 million contract in Brunei.
As previously communicated, EMGS's order book has declined over the last few quarters as a consequence of the completion of large multi-year contracts. The company expects that near-term operational activity will be based on short contracts and limited backlog visibility; however, EMGS expects to maintain healthy utilization levels going forward. On-going discussions with existing and new clients indicate that the company's backlog visibility will improve considerably from the second quarter of 2013.
EMGS will provide an update on EMGS's vessel schedule during the third quarter presentation on 15 November 2012. The presentation will be held at Hotel Continental in Oslo and will be broadcasted live over the Internet from 08:30 CET.
Contact
Chris Guldberg, EMGS Head of PR/IR, +47 73 56 88 10 / +47 92 81 07 07
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 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.