EMGS awarded largest ever marine 3D EM contract
(Thomson Reuters ONE) -
Electromagnetic Geoservices ASA (EMGS) is pleased to announce that it has been
awarded a multi-year contract worth a minimum of USD 150 million by one of the
world's largest oil companies. The 3D EM campaign will employ one of EMGS's
purpose-built 3D EM vessels continuously throughout the duration of the contract
period, providing substantially improved vessel utilisation levels.
Formal finalisation of contract and contract signature is expected in
approximately two weeks, with vessel mobilization towards the end of August.
EMGS anticipates that the contract will generate 2010 revenues in the range of
USD 20 - 25 million, and that the remaining contract value will be recognised in
2011 and 2012.
Roar Bekker, EMGS chief executive officer, commented:
"This award, by far the largest ever within marine EM, is a giant step forward
for EMGS. A long-term project such as this provides us with a solid platform for
future growth and allows us to manage our vessel utilisation far more
efficiently.
"EMGS has previously provided services for this customer, and this significant
award is a major statement of confidence in our advanced 3D products and
high-capacity vessels. More importantly, it is a sign that EM technology is
entering the mainstream of exploration and production workflows. We are
confident that our 3D EM data will continue to reduce this customer's
exploration risk and finding costs, and we look forward to building on this
relationship over the period of the project."
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 uses its proprietary electromagnetic (EM) technology to support oil and gas
companies in their search for offshore hydrocarbons. The company is the EM
market leader, and provides Clearplay, the world's first fully integrated EM
system.
Three service offerings - Clearplay Find, Test and Evaluate - have been designed
to assist operators in the exploration and production phase. Clearplay supports
each stage in the workflow, from survey design and data acquisition to
processing and interpretation. The 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 operates the world's first purpose-built 3D EM vessel fleet and has
conducted more than 450 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 Stavanger, Norway; Houston, USA; and
Kuala Lumpur, Malaysia. Please visit www.emgs.com for more information.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
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Source: EMGS via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 19.06.2010 - 11:02 Uhr
Sprache: Deutsch
News-ID 22700
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contact information:
Town:
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Kategorie:
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