Trondheim, 8th February
EMGS has been awarded a contract extension by a super major in Libya. The extension is worth over USD 7 million, more than the value of the initial contract.
Terje Eidesmo, chief executive officer of EMGS, commented: "This contract extension with a super major is significant for electromagnetic (EM) technology in general and for EMGS in particular. It reflects how energy companies are increasingly understanding that EM imaging technology can significantly increase their exploration success rates, and it also confirms EMGS' position as the pioneer and world leader in this market.
"Following on from our recent announcements regarding EMGS' contract to carry out the world's largest multiclient scanning survey in India and the new collaboration with StatoilHydro to advance EM technology, the Libyan contract extension is further evidence of the growing momentum for our game-changing technology."
The work is to determine the hydrocarbon content of potential reservoir structures offshore Libya using advanced EM imaging technology. The initial contract value (announced in October 2007) was USD 6 million. The extension announced today is worth over USD 7 million and up to a USD 10-million limit. Work has started and is expected to last until March 2008.
Contacts
EMGS:
Terje Eidesmo, chief executive officer +47 73 56 88 10
Svein Knudsen, chief financial officer +47 73 56 88 10
On behalf of EMGS:
Norway
Jan Petter Stiff, Crux Communications, +47 99 51 38 91
International
Steffan Williams, Capital MS&L +44 207 307 5332 (o) or +44 7767 345 563 (m)
Jennifer Martin, Capital MS&L +44 207 307 5335 (o) or +44 7841 401 304 (m)
James Madsen, Capital MS&L +44 207 255 5199 (o) or +44 7738 324 438 (m)
About EMGS
EMGS is the market leader in deep electromagnetic (EM) imaging. The company launched the EM imaging industry in 2002 with the commercialisation of seabed logging, a proven exploration method that uses EM energy to find offshore hydrocarbons without drilling wells. This proprietary and patented technology has been developed over the past 10 years, and its ability to indicate hydrocarbons directly is enabling EMGS' customers to dramatically improve their exploration performance in frontier and mature provinces.
EMGS employs over 300 people from three main offices in Trondheim, Norway; Houston, USA; and Kuala Lumpur, Malaysia. The company operates the world's largest EM vessel fleet, and has conducted more than 300 surveys for many of the world's leading energy companies.
Please visit www.emgs.com for the latest news and in-depth information about EMGS and EM imaging technology.
For general enquiries please email findinghydrocarbons@emgs.com.