EMGS and Fugro enter into marine EM strategic alliance

Electromagnetic Geoservices ASA (EMGS), the Trondheim based specialist in electromagnetic (EM) imaging, has entered into a global cooperation agreement with Dutch company Fugro N.V.(Fugro), one of the world's leading geotechnical, survey and geoscience company. 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. Both companies have also entered into a non-exclusive worldwide multi-client cooperation agreement, as well as a non-exclusive global technology licensing agreement.
As a part of the agreement, Fugro has provided a NOK 150 million secured convertible loan bearing interest at 7.00% p.a. to EMGS. The loan can at any time be converted into common shares in EMGS at the conversion price of NOK 5.75 until the maturity date on January 2, 2012.

Article Editorial staff Ship&Offshore
Article Editorial staff Ship&Offshore