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EMGS awarded seabed logging contract worth USD 10 million

Electromagnetic Geoservices (EMGS) has been awarded a contract by a major energy company to determine the hydrocarbon content of potential reservoirs offshore eastern Canada using seabed-logging technology.

Electromagnetic Geoservices (EMGS) has been awarded a contract by a major energy company to determine the hydrocarbon content of potential reservoirs offshore eastern Canada using seabed-logging technology.
 
The contract starts in July 2007 and is worth more than $10 million. The seabed-logging surveys are expected to last until mid-September and will be performed from the M/V Stad Angler.
 
Terje Eidesmo, EMGS president and chief executive officer, said: "This contract continues the momentum of recent awards and represents yet another example of repeat business with an oil major. So far this year, we have received contracts from a broad spectrum of oil companies around the world. This confirms that seabed logging is an accepted exploration technology that is increasingly the tool of choice in the global search for hydrocarbons."
 
Press contact:
Svein Knudsen, CFO, +47 73 56 88 10
 
 
About EMGS
EMGS is the market leader in the rapidly expanding seabed-logging industry. Seabed logging is a proven exploration technology that uses electromagnetic energy to find offshore hydrocarbons without drilling wells. Its ability to indicate hydrocarbons directly is enabling EMGS customers to dramatically improve their exploration performance in frontier and mature provinces. The company was formed in 2002 and today employs over 200 people from its three main offices in Trondheim, Norway; Houston, USA; and Kuala Lumpur, Malaysia. EMGS operates the world's largest seabed-logging fleet and has conducted more than 250 surveys for most of the worlds leading energy companies.
 
For more information please visit www.emgs.com.

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