EMGS Wins USD 12.5 Million Red Sea Contract

Electromagnetic Geoservices ASA (EMGS) is pleased to announce that it has today signed a contract worth approximately USD 12.5 million with an oil company in the Kingdom of Saudi Arabia. The vessel BOA Galatea will acquire both 3D electromagnetic (EM) and magnetotelluric (MT) data in the Red Sea over a three-month period. Mobilization is expected in the early part of the second quarter, following completion of the previously announced contract offshore Mozambique.

Roar Bekker, EMGS chief executive officer, commented: "We are delighted to have secured this contract which, along with the work offshore Mozambique, provides backlog for the BOA Galatea through to the end of July 2011.

"The Red Sea project is, to our knowledge, the largest combined 3D EM and MT survey ever undertaken. We see this as an endorsement of our technical and operational capabilities, providing further evidence that EM is becoming an established exploration tool."

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