EMGS awarded contract extensionNews // February 12, 2008
EMGS has been awarded a contract extension by a super major in Libya. The extension is worth in excess of US$7 million, more than the value of the initial contract.
Terje Eidesmo, chief executive officer of EMGS, commented: "This contract extension... is significant for electromagnetic (EM) technology in general and for EMGS in particular. It reflects how energy companies are increasingly understanding that EM imaging technology can significantly increase their exploration success rates."
"Following on from our recent announcements regarding EMGS' contract to carry out the world's largest multi-client scanning survey in India and the new collaboration with StatoilHydro to advance EM technology, the Libyan contract extension is further evidence of the growing momentum for our game-changing technology."
The work is to determine the hydrocarbon content of potential reservoir structures offshore Libya using advanced EM imaging technology. The initial contract (announced in October 2007) was valued at US$6 million. The extension is worth more than US$7 million and up to a US$10 million limit.
Work has started and is expected to last until March 2008.