ELECTROMAGNETIC GEOSERVICES ASA (EMGS) awarded multi-year contract by big player

ELECTROMAGNETIC GEOSERVICES ASA (EMGS) has been awarded a multi-year contract worth a minimum of US$150mn by one of the world's largest oil companies. The 3D EM campaign will employ one of EMGS's purpose-built 3D EM vessels continuously throughout the duration of the contract period, providing substantially improved vessel utilisation levels.

Formal finalisation of contract and contract signature is expected imminently, with vessel mobilisation towards the end of August. EMGS anticipates that the contract will generate 2010 revenues in the range of US$20-25mn, and that the remaining contract value will be recognised in 2011 and 2012.

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