emgs Garners Offshore India SBL Contract

An independent oil company has awarded ElectroMagnetic GeoServices ASA (emgs) a contract for a seabed logging (SBL) project offshore India commencing in late May 2007. The firm scope of work is no less than US$13.9 million. The actual contract value is dependent upon final decisions concerning acquisition geometry.

The program, which consists of a large scanning component, is expected to continue until October 2007. In addition, the contract provides the oil company with an option to extend the scope of work substantially.

The firm program includes a 1,400 kmē scan, followed by 510 kilometers of traditional line acquisition.

Terje Eidesmo, CEO of emgs commented: "We are pleased to confirm that we get repeat business from a satisfied customer, and are pleased that we have succeeded in strengthening this business relationship further. We have strong reasons to believe that the contractual firm scope of work will lay the foundation for extension via the optional program."

emgs is the global market leader for the provision of seabed logging services, a technology that enables the detection of hydrocarbons beneath the seabed prior to drilling. emgs has developed this proprietary and patented technology over the past 10 years. Since its incorporation as a separate company in 2002, emgs has conducted more than 200 commercial surveys for many of the world's leading oil and gas companies and offshore operators.

Related Companies
 Company: Electromagnetic Geoservices ASA (emgs)more info
 - EMGS Secures Contract Extension With Malaysian Oil Company (Nov 17)
 - EMGS Confirms Further Staff Cuts (Oct 17)
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