EMGS receives LOI for contract extension in Asia
(Thomson Reuters ONE) -
Electromagnetic Geoservices ASA (EMGS) is pleased to announce that it has
received a Letter of Intent (LOI) for an extension to the ongoing USD 35 million
contract in Asia. The value of the contract extension is at least USD 15
million, which brings the total contract value to a minimum of USD 50 million.
It is expected that the vessel BOA Thalassa will complete the entire work
programme, including the contract extension, in October 2013. Final confirmation
and award of the extension is subject to the customer's internal Tender Board
approval.
"This contract extension is an endorsement of our services and shallow water
capabilities. Furthermore, it confirms the value that 3D EM delivers to regional
exploration. This is a new application of EM which we believe has considerable
market potential going forward," said Roar Bekker, CEO of EMGS.
Contact
Roar Bekker, EMGS chief executive officer, +47 73 56 88 10
Svein Knudsen, EMGS chief financial officer, +47 73 56 88 10
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 700 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 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.
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
[HUG#1708459]
Unternehmensinformation / Kurzprofil:
Datum: 11.06.2013 - 08:45 Uhr
Sprache: Deutsch
News-ID 268359
Anzahl Zeichen: 2831
contact information:
Town:
Trondheim
Kategorie:
Business News
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"EMGS receives LOI for contract extension in Asia"
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