Electromagnetic Geoservices ASA (EMGS) has received a Letter of Intent (LOI) for an extension to the ongoing USD 35 million contract in Asia. The value of the contract extension is at least USD 15 million, which brings the total contract value to a minimum of USD 50 million. It is expected that the vessel BOA Thalassa will complete the entire work programme, including the contract extension, in October 2013. Final confirmation and award of the extension is subject to the customer's internal Tender Board approval.

"This contract extension is an endorsement of our services and shallow water capabilities. Furthermore, it confirms the value that 3D EM delivers to regional exploration. This is a new application of EM which we believe has considerable market potential going forward," said Roar Bekker, CEO of EMGS.

Tags: Electromagnetic Geoservices ASA (EMGS)