Norway: EMGS Reports Improvement In Financial Results

Highlights in the third quarter 2010:

* Total revenues at USD 22.8 million

* EBITDA gain of USD 6.5 million

* USD 150 million PEMEX-contract signed

* Several contracts awarded in Asia

* Barents Sea multi-client sales of USD 4.6 million

* Launch of EDDA, a joint industry 3D EM project

* Completed USD 20 million bond offering

* EMGS won patent dispute launched by Schlumberger

Subsequent important events:

* Shetland-survey awarded by TOTAL and DONG

* Shallow water survey awarded in Malaysia

* Surveys offshore Brunei and Philippines awarded by Shell

Roar Bekker, EMGS chief executive officer, commented: “We are pleased to report an improvement in our financial results for the fourth consecutive quarter. EMGS has put a lot of energy into developing the EM market and it is rewarding to see that this has resulted in record-high vessel utilisation and contract backlog. We have now established a solid platform from which EMGS can further develop the EM market.”

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.

[mappress]

Source: EMGS, November  18, 2010;