emgs announced today that it has executed an option and signed a contract for chartering a second custom-built vessel to carry out the company's proprietary Seabed Logging operations for oil and gas exploration companies worldwide. The charter is for five years plus options.
The vessel - the sixth to join the emgs fleet - has been ordered from the Norwegian Taubåtkompaniet/BOA group and will be built at the Fosen Mekaniske Verksteder (FMV) shipyard, north of Trondheim, for delivery late 2008.
emgs is the leading global offshore technology company for the provision of Seabed Logging (SBL), which is a technology used to detect hydrocarbons beneath the seabed through the use of electromagnetic energy prior to drilling.
'This is an important milestone for emgs. By adding new capacity emgs strengthens its position as the leading company in the SBL business even further', comments CEO Terje Eidesmo.
emgs has plans to expand its capacity further, as a larger fleet will enable emgs to boost overall fleet utilization.
'emgs expects to have seven vessels fully operational from year end 2008 positioning emgs to be by far the largest company in this area. In addition to fleet capacity emgs also has control over a combination of in-house, proprietary and off-the-shelf equipment constituting a very sound platform for growth going forward', says Eidesmo.
In 2006, emgs' revenues increased by 167 per cent to USD 117.7 million, compared with USD 44.0 million in 2005. For 2006, the EBITDA was USD 20.7 million, an increase of USD 29.7 million from 2005.
For more information, please contact:
President and CEO, Terje Eidesmo, +47 73 56 88 10
This press release includes statements that may constitute forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond emgs management's control. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect our operations, financial performance and other factors.