Electromagnetic Geoservices ASA (EMGS), the market leader in electromagnetic (EM) imaging, has entered into a global cooperation agreement with Fugro N.V.(Fugro), the world's leading geotechnical, survey and geoscience company. The agreement is in effect through 2011.
Under the terms of the agreement, Fugro will gain full access to EMGS's marine EM methods for hydrocarbon exploration and production,
As a part of the agreement, Fugro has provided a NOK 150 million secured convertible loan bearing interest at 7.00% p.a. to EMGS. The
Roar Bekker, EMGS acting chief executive officer, commented, "We are delighted to team up with Fugro's extensive marine geosciences expertise and global presence. The combination of EMGS's industry-leading EM technology and Fugro's position brings to the
Steve Thomson, Fugro's Director General Geophysical Services, commented, "Fugro is very pleased to gain access to EMGS's unique marine EM methods for hydrocarbon exploration and production. This complements Fugro's EM airborne and ground EM offerings. EMGS pioneered the industry and remains the undisputed market leader. Through our cooperation with EMGS we are providing our global client base with a key emerging geophysical technology."
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