EMGS Wins $8.5 Million Contract Offshore Mozambique

Electromagnetic Geoservices ASA (EMGS) has today been awarded a contract worth USD 8.5 million by a repeat customer to acquire 3D EM data offshore Mozambique.

The vessel BOA Galatea will be mobilized in early February, following completion of her current work in New Zealand. The Mozambique survey will continue into the early part of the second quarter.

Roar Bekker, EMGS chief executive officer, commented: “This customer regularly uses 3D EM data to help de-risk hydrocarbon prospects and influence those all-important drilling decisions. The fact that the company keeps coming back is, I believe, a compelling demonstration of the value that we add to customers’ operations.”

Update on Red Sea tender process

In August 2010, one of the world’s largest national oil companies invited EMGS to submit a tender for a project in the Red Sea. This tender process is ongoing and EMGS has been informed that it has now reached its final stages.

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.

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Source:EMGS , January 27, 2011;