Fugro and EMGS enter into strategic allianceNews // April 28, 2009
Fugro NV, the well known geotechnical, survey and geoscience company, has announced that it has entered into a global co-operation agreement with Electromagnetic Geoservices (EMGS), a leading provider of marine electromagnetic (EM) imaging. The agreement is in effect through 2011.
Under the terms of the agreement, Fugro will gain full access to EMGS’s marine EM methods for hydrocarbon exploration and production, and EMGS will gain access to Fugro’s worldwide marketing network and marine operating expertise.
The companies have also entered into a non-exclusive worldwide multi-client co-operation agreement, as well as a non-exclusive global technology licensing agreement.
As a part of the agreement, Fugro is providing a NKr 150 million secured convertible loan bearing interest at 7.00 per cent per annnum to EMGS.
The loan can at any time be converted into common shares in EMGS at the conversion price of NKr 5.75 per share until the maturity date on 2 January 2012.