emgs

EMGS (OSL:EMGS) Electromagnetic Geoservices ASA (EMGS) has been awarded a contract worth more than USD 5 million by a repeat customer in Malaysia. The work has commenced and EMGS is using new technology in water depths of approximately 60 meters.

EMGS EMGS, the market leader in electromagnetic (EM) imaging, has announced a share capital increase, in the form of a rights issue of new ordinary shares, in the amount of NOK 250 million (the 'Rights Issue'). The share capital increase has been fully underwritten by a consortium consisting of existing shareholders led by Warburg Pincus and members of management. The fundraising will strengthen the working capital position of the Company and support its long term growth.

EMGS Preliminary second quarter results for EMGS ASA indicate weaker revenues than current market consensus for the three months ended 30 June 2008. The company expects to report revenues in the range of USD 22 - 24 million.

EMGS Electromagnetic Geoservices (EMGS) announced today that it has received additional industry pre-funding for its extensive multi-client electromagnetic (EM) scanning survey in the Barents Sea, ahead of Norway's 20th exploration licensing round.