EMGS has been awarded a contract extension by a super major in Libya. The extension is worth over U.S. $7 million, more than the value of the initial contract.
The work is to determine the hydrocarbon content of potential reservoir structures offshore Libya using advanced EM imaging technology. The initial contract value (announced in October 2007) was $6 million. The extension announced Feb. 8, 2008 is worth more than $7 million and up to a $10-million limit. Work has started and is expected to last until March 2008.
Terje Eidesmo, chief executive officer of EMGS, commented: "This contract extension with a super major is significant for electromagnetic (EM) technology in general and for EMGS in particular. It reflects how energy companies are increasingly understanding that EM imaging technology can significantly increase their exploration success rates, and it also confirms EMGS' position as the pioneer and world leader in this market."
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