EMGS Awarded USD 10 Million Contract By PEMEX

Source: ABN Newswire

Trondheim, Norway, - (Hugin via ABN Newswire) - EMGS has been awarded a contract by the major national oil company PEMEX to determine the hydrocarbon content of deep water drilling locations located in Mexican side of the Gulf of Mexico. The contract is worth about USD 10 million.

Preacquisition services will complete in 2007 and the survey is expected to start in first quarter 2008 with follow on processing and interpretation services carried out in close cooperation with the client by EMGS in Houston.

PEMEX is one of the world's largest national oil companies, and the Company is putting a lot of effort in deep water exploration.

'PEMEX is a new client for EMGS and we are enthusiastic about the market growth potential in this region', comments CEO Terje Eidesmo.

'EMGS considers this as an important acceptance of our seabed logging technology. Being one of the largest national oil companies in the world and controlling one of the most substantial exploration areas in the world, PEMEX will be an important client going forward. Moreover, PEMEX recognizes that our patent position in Mexico gives us a unique advantage in that market. We are excited by this development and look forward to future opportunities with PEMEX.', he continues.

Contact Terje Eidesmo, chief executive officer Svein Knudsen, chief financial officer EMGS, +47 73 56 88 10

About EMGS EMGS is the market leader in deep electromagnetic (EM) imaging. The company spawned the EM imaging industry in 2002 with the commercialisation of seabed logging, a proven exploration method that uses EM energy to find offshore hydrocarbons without drilling wells. This proprietary and patented technology has been developed over the past 10 years, and its ability to indicate hydrocarbons directly is enabling EMGS' customers to dramatically improve their exploration performance in frontier and mature provinces. EMGS employs over 250 people from three main offices in Trondheim, Norway; Houston, USA; and Kuala Lumpur, Malaysia. The company operates the world's largest seabed-logging vessel fleet, and has, since its incorporation in 2002, conducted more than 300 surveys for many of the world's leading energy companies.