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EMGS awarded contract extension by super major

EMGS has been awarded a contract extension by a super major in Libya. The extension is worth over USD 7 million, more than the value of the initial contract.

EMGS has been awarded a contract extension by a super major in Libya. The extension is worth over USD 7 million, more than the value of the initial contract.
 
Terje Eidesmo, chief executive officer of EMGS, commented: "This contract extension with a super major is significant for electromagnetic (EM) technology in general and for EMGS in particular. It reflects how energy companies are increasingly understanding that EM imaging technology can significantly increase their exploration success rates, and it also confirms EMGS' position as the pioneer and world leader in this market.
 
"Following on from our recent announcements regarding EMGS' contract to carry out the world's largest multiclient scanning survey in India and the new collaboration with StatoilHydro to advance EM technology, the Libyan contract extension is further evidence of the growing momentum for our game-changing technology."
 
The work is to determine the hydrocarbon content of potential reservoir structures offshore Libya using advanced EM imaging technology. The initial contract value (announced in October 2007) was USD 6 million. The extension announced today is worth over USD 7 million and up to a USD 10-million limit. Work has started and is expected to last until March 2008.

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