First joint EMGS - Fugro Multi-Client Project initiated
Electromagnetic Geoservices ASA (EMGS) today announced that it has started a joint 3D EM Multi-Client Project in the Norwegian Sea. The project will be completed during first quarter 2010. Prefunding, and subsequent late sales received by end of first quarter, will be recognized in the quarter.
"We find the business prospects for this project attractive, especially towards the upcoming licensing round in Norway this year. In addition we are particularly pleased with the fact that the first of several joint projects under the EMGS - Fugro alliance now has been initiated" says Roar Bekker, EMGS Chief Executive Officer.
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Contact
Roar Bekker,
EMGS chief executive officer, +47 73 56 88 10
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
About EMGS
EMGS uses
its proprietary electromagnetic (EM) technology to support oil and gas
companies in their search for offshore hydrocarbons. The company is the EM
market leader, and provides Clearplay, the world's first fully integrated EM
system.
Three service offerings - Clearplay Find, Test and Evaluate - have been designed to assist operators in the exploration and production phase. Clearplay supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The 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 operates the world's first purpose-built 3D EM vessel fleet and has conducted more than 450 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.