2012-11-08 11:31:16 -
Reference is made to EMGS's vessel schedule as presented during the company's
Capital Markets Day on 19 September.
EMGS's vessel BOA Galatea is currently in the final stages of completing data
acquisition under its current one-year contract in Brazil. The company expects
that the project will be completed within the next 1 - 2 weeks.
EMGS anticipates that the salt mapping proof of concept survey the vessel BOA
Thalassa is conducting in the Gulf of Mexico in collaboration with WesternGeco
will be completed in the first week of December 2012.
The vessel Atlantic Guardian is currently acquiring 3D EM data under a fully
pre-funded multi-client project in the Norwegian Sea. Project completion is
expected in the second half of November.
The vessel EM Leader will for the remainder of the fourth
quarter 2012 acquire
3D EM data under a USD 20 million contract in Brunei.
As previously communicated, EMGS's order book has declined over the last few
quarters as a consequence of the completion of large multi-year contracts. The
company expects that near-term operational activity will be based on short
contracts and limited backlog visibility; however, EMGS expects to maintain
healthy utilization levels going forward. On-going discussions with existing and
new clients indicate that the company's backlog visibility will improve
considerably from the second quarter of 2013.
EMGS will provide an update on EMGS's vessel schedule during the third quarter
presentation on 15 November 2012. The presentation will be held at Hotel
Continental in Oslo and will be broadcasted live over the Internet from 08:30
Chris Guldberg, EMGS Head of PR/IR, +47 73 56 88 10 / +47 92 81 07 07
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM)
technology to support oil and gas companies in their search for offshore
hydrocarbons. EMGS supports each stage in the workflow, from survey design and
data acquisition to processing and interpretation. The company's services enable
integration of EM data with seismic and other geophysical and geological
information to give explorationists a clearer and more complete understanding of
the subsurface. This improves exploration efficiency, and reduces risks and the
finding costs per barrel.
EMGS has conducted more than 650 surveys to improve drilling success rates
across the world's mature and frontier offshore basins. The company operates on
a worldwide basis with main offices in Trondheim, Stavanger and Oslo, Norway;
Houston, USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com for more
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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Source: EMGS via Thomson Reuters ONE