EMGS receives Letter of Intent for large 3D EM survey in Asia
Reference is made to the updated vessel schedule published on 7 January 2013, where EMGS (Electromagnetic Geoservices ASA) stated that the company is in advanced stages of negotiations regarding contracts totalling approximately six months of work in Asia.
EMGS has today received a Letter of Intent for a contract totalling approximately 6 months of 3D EM data acquisition in Asia. Final confirmation and award of the program is dependent on the customer`s internal Tender Board approval.
It is expected that the 3D EM survey program will be performed using the vessel BOA Thalassa with start-up in the first quarter of 2013.
"We expect to deploy both the EM Leader and BOA Thalassa in Asia for most of 2013 based on our substantially improved backlog as well as additional demand from both new and existing customers," said Roar Bekker, CEO of EMGS.
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 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.
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