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Major contract with PEMEX now signed

Jul 10 | 2013
EMGS's major contract with PEMEX, the award of which was referred to in the stock exchange release of 27 June 2013, is now signed.
BOA Galatea soon mobilised for major PEMEX contract
Mobilisation of the vessel BOA Galatea is planned for the second half of August, in connection with the 3D EM contract signed today.

EMGS has today signed a contract worth USD 99.8 million with PEMEX, one of the world's largest national oil companies.

"PEMEX has truly realised and taken full advantage of the game-changing potential of 3D EM, and has become one of the world's most advanced users of our technology," says Roar Bekker, CEO of EMGS.

PEMEX embraced 3D EM technology following an extensive exploration programme in the last several years, which covered an extensive area of 3D EM data over various drilling prospects in the Gulf of Mexico. This campaign confirmed EM's ability to improve prospect evaluation at a portfolio scale.

PEMEX said: "We have over the last few years reinvigorated our exploration organisation and embraced technologies that give us an advantage. This has resulted in a boost in our reserve replacement ratio and 3D EM data has been an important part of our recent exploration success."

It is expected that 3D electromagnetic data acquisition will start for the client in early September 2013, following mobilisation of the vessel BOA Galatea.