Electromagnetic Geoservices ASA (EMGS) provides the following update on the vessel schedule presented during its fourth quarter 2012 presentation on 7 February 2013:
BOA Thalassa
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.
EM Leader
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 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.
BOA Galatea
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 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.
Atlantic Guardian
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 in mid-April.
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 in mid-April.
Contact
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
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, 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.