emgs Wins Industry Award

Bodo, Norway, August 29, 2006, Terje Eidesmo, Svein Ellingsrud and Stale Johansen, the founders of emgs, accepted the NHO industry award at the business forum organized by the Confederation of Norwegian Enterprise (NHO).

emgs has received this prestigious award for its rapidly expanding business of seabed logging an innovative survey technology, which has brought the oil and gas industry a completely new way of finding hydrocarbons.

The technology can find offshore oil and gas reservoirs by sending electromagnetic energy into the rocks beneath the seabed. Unlike conventional seismic technology, the electromagnetic waves can differentiate between hydrocarbons (oil and gas) and water. The technology is reducing oil companies' risks and offers significant savings in the cost of exploration.

"Norway has a strong heritage of incubating and developing high-tech, successful start-ups especially in the oil and gas, and marine sector. To be recognized as the top company in 2006 means a lot to us", says Eidesmo. "It shows that the industry values and accepts our technology. Already there has been a huge demand from oil companies worldwide. Our company has experienced a phenomenal growth since its foundation four years ago. As well as our head office in Trondheim, where we have more than 100 employees, we also have offices in Oslo, Houston, Texas and Kuala Lumpur. And as the future of seabed logging looks very promising, we will continue to recruit new staff globally."

The Confederation of Norwegian Enterprise judges a new company on its dynamics, future-orientated approach and market potential. The winning company must also be a good ambassador for the concept of innovation.

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 Company: Electromagnetic Geoservices ASA (emgs)more info
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