Norway: EMGS Announces 4Q 2010 Results. Expects to Move EM Market Forward in 2011

 

EMGS, the Norwegian based marine EM market leader, announces  fourth quarter results 2010:

Highlights in the fourth quarter 2010:

•Total revenues at USD 27.2 million for the quarter

•Negative EBITDA of USD 2.4 million

•Shetland survey awarded by Total E&P UK and DONG Energy

•Steady stream of contracts in Asia and Australasia

•Joint Industry Project (JIP) launched by Shell and EMGS

Subsequent important events:

•Contract worth USD 8.5 million awarded offshore Mozambique

•Red Sea contract of USD 12.5 million awarded in Saudi Arabia

Roar Bekker, EMGS chief executive officer, commented: “It is safe to say that the substantial progress we made during 2010 represents a turning point for EMGS. Most importantly, our focused efforts have resulted in a record backlog that currently stands at USD 155 million. This, along with strong market fundamentals and the commitment we see from existing customers, puts us in a good position to move the EM market forward in 2011.”

About EMGS

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 500 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 and Stavanger, Norway; Houston, USA; and Kuala Lumpur, Malaysia.

Source:EMGS, February  10, 2011;

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