Norway: 21st Licensing Round Awards to Boost EMGS’ Revenues

Electromagnetic Geoservices ASA (EMGS) announces that, on the basis of the new production licences awarded to its customers in the 21st Licensing Round on the Norwegian Continental Shelf, it expects to realise uplift revenues of USD 5.4 million from the Barents Sea multi-client 3D EM campaign in 2010.

These revenues will be recognised in the second quarter of 2011.

“Today’s announcement highlights the success of our multi-client campaign in this exciting frontier region,” said Roar Bekker, EMGS chief executive officer. “Furthermore, the recent Skrugard discovery signifies a step change for exploration in the Barents Sea. This strengthens the value of our extensive Barents Sea data library, which covers more than 16,000 km2 of 3D EM data.”

About EMGS

EMGS, the marine electromagnetic (EM) market leader, uses its proprietary 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 through 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 the 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 , May 16, 2011;