EMGS to mobilise third crew

Electromagnetic Geoservices ASA (EMGS) has entered into an agreement with North Sea Shipping to charter the vessel Atlantic Guardian for six months from 25 April 2011, with optional extensions of up to six months. EMGS will equip the Atlantic Guardian with its custom-designed acquisition set, which will give the vessel the ability to acquire the same high-quality 3D EM data as is obtained using the company's two purpose-built 3D EM vessels.

EMGS has secured nearly 5 months backlog, at an estimated value of USD 20 million, for its third vessel. The company is currently pursuing further opportunities, which it is confident will result in full contract coverage for the firm charter period. The Atlantic Guardian will start its campaign in the North Sea in early May before heading to the Americas to perform additional projects.

Roar Bekker, EMGS chief executive officer, commented:

"It is exciting to see that recent technology innovations have expanded the application of 3D EM beyond traditional de-risking of drilling decisions and into areas like frontier scanning, shallow water applications, delineation and appraisal, as well as imaging of high resistive geological layers such as salt and basalt. We see these trends as a strong indication of increased industry adoption of our EM technology worldwide.

"The decision to mobilise a third crew is made in response to these developments and to the growing demand we are witnessing for our services. We look forward to building on the momentum we have gained and to further develop the Marine EM market."
Source: EMGS