The vessel--the sixth to join the emgs fleet--has been ordered from the Norwegian Taubatkompaniet/BOA group and will be built at the Fosen Mekaniske Verksteder (FMV) shipyard, north of Trondheim, for delivery late 2008.
emgs is the leading global offshore technology company for the provision of Seabed Logging (SBL), which is a technology used to detect hydrocarbons beneath the seabed through the use of electromagnetic energy prior to drilling.
"This is an important milestone for emgs," said CEO Terje Eidesmo. "By adding new capacity emgs strengthens its position as the leading company in the SBL business even further."
emgs has plans to expand its capacity further, as a larger fleet will enable emgs to boost overall fleet utilization.
"emgs expects to have seven vessels fully operational from year end 2008 positioning emgs to be by far the largest company in this area. In addition to fleet capacity emgs also has control over a combination of in-house, proprietary and off-the-shelf equipment constituting a very sound platform for growth going forward," said Eidesmo.
In 2006, emgs' revenues increased by 167 percent to US$117.7 million, compared with US$44.0 million in 2005. For 2006, the EBITDA was US$20.7 million, an increase of US$29.7 million from 2005.
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