EMGS Secures a Contract for Offshore libyan program

EMGS Secures a Contract for Offshore Libyan Program

10-22-2007

Electromagnetic Geoservices ASA (EMGS) has secured another contract with one of the world's leading energy companies to determine the hydrocarbon content of potential reservoir structures offshore Libya using seabed-logging technology.

This frontier exploration program is expected to start before the year-end. The contract is worth about USD 6 million and includes extension options of up to an additional USD 10 million, if exercised.

Terje Eidesmo, EMGS president and chief executive officer, said: "Offshore Libya is re-emerging as an important frontier for international oil and gas companies, and this contract is the first of its kind in this area. Our client is highly respected in the industry, and we are pleased that EMGS has been chosen once again as a key enabler in the forefront of their strategic exploration activity. These factors reinforce our position as the market leader in the rapidly growing electromagnetics sector and confirm the role of seabed logging is an important exploration technology in the global search for hydrocarbons."