EMGS awarded USD 90 million contract by Petrobras
(Thomson Reuters ONE) -
Electromagnetic Geoservices ASA (EMGS) is pleased to announce that it has been
awarded a contract worth USD 90 million by Petrobras to perform a range of
electromagnetic (EM) surveys in frontier and mature basins offshore Brazil. Data
acquisition will be performed using the vessel BOA Galatea and is expected to
take approximately one year. Petrobras has requested start-up as soon as
practically possible.
"This contract, which is the second largest ever for marine EM services,
represents a major milestone for us and underpins the growing demand we are
witnessing for our unique technology. We are delighted that yet another national
oil company has chosen to use EM data as an integral part of its exploration
strategy," said Roar Bekker, EMGS Chief Executive Officer. "This long-term
contract demonstrates our leadership position in the EM market segment and
provides us with a solid foundation for future expansions of our capabilities."
EMGS has recently strengthened its Rio de Janeiro office, which is headed by
Country Manager Ricardo Perrone, with further EM expertise and processing
capabilities to address the Petrobras contract and the growing market
opportunities in South America. Bjørn Petter Lindhom, VP Business Development
Latin America, also recently re-located from Houston to the new office, and he
will be working closely with EMGS's multi-client team to capitalize on the
substantial market potential in Brazil.
Commenting on the significance of this award, Carl Hutchins, EMGS President
multi-client group, said: "Brazil is a strategically important market for us,
and this contract provides us with a strong foothold in one of the world's most
prolific oil regions."
It is the second time EMGS returns to Brazil, and the company looks forward to
working with Petrobras again as they embark on this campaign to de-risk a
portfolio of hydrocarbon prospects across the Brazilian continental shelf.
The net value of the contract after direct taxes is estimated at USD 77 million.
Contact
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Chris Guldberg, EMGS PR/IR manager, +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 500 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 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#1541088]
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2011 - 07:44 Uhr
Sprache: Deutsch
News-ID 59072
Anzahl Zeichen: 4121
contact information:
Town:
Trondheim
Kategorie:
Business News
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