EMGS - Successful completion of bond offering
(Thomson Reuters ONE) -
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO
THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN
Oslo, 20 July 2010: Electromagnetic Geoservices ASA ("EMGS" or the "Company" -
OSE: EMGS)
EMGS is pleased to announce that it has signed a bond agreement for a USD 20
million senior
secured bond with Norsk Tillitsmann ASA on behalf of Fugro as sole bondholder.
The bonds
will yield quarterly coupons of LIBOR + 8.0 percentage points, and will, unless
previously redeemed or
purchased, mature 3.5 years after the settlement date. The proceeds from the
bonds will be used in
relation to the issuance of a performance guarantee, required according to the
contract with PEMEX
announced on 6 July 2010, and for general corporate purpose. The bonds will not
be listed. Funding is
expected on or around 21 July 2010.
The bonds offer an attractive and flexible financing for EMGS, and will together
with the long term
economic benefits from the PEMEX contract, further increase the financial
strength of the Company.
ABG Sundal Collier Norge ASA and First Securities AS are acting as joint lead
managers in relation to
the bond offering.
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.
[HUG#1432663]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: EMGS via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 20.07.2010 - 08:22 Uhr
Sprache: Deutsch
News-ID 24142
Anzahl Zeichen: 0
contact information:
Town:
Trondheim
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 255 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"EMGS - Successful completion of bond offering"
steht unter der journalistisch-redaktionellen Verantwortung von
EMGS (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
