EMGS, Fugro Ink Global Cooperation Agreement through 2011
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,
and EMGS will gain access to Fugro's worldwide marketing network and marine operating expertise. Both companies have also entered into a non-exclusive worldwide multi-client cooperation agreement, as well as a non-exclusive global technology licensing agreement.
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
loan can at any time be converted into common shares in EMGS at the conversion price of NOK 5.75 until the maturity date on January 2,
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
market a solution that we are confident will enhance industry adoption of our EM technology."
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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Company: Electromagnetic Geoservices ASA (emgs) more info
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