Electromagnetic Geoservices ASA (`EMGS`) has today disposed of 584,000 of its own shares, corresponding to 0.79 per cent of total shares outstanding.
The shares are payment in part to some of the former shareholders of KMS Technologies under the transaction disclosed on 15 November 2007.
Following the transaction EMGS holds no own shares.
Contact
Svein T. Knudsen, chief financial officer EMGS, +47 73 56 88 10
About
EMGS is the market leader in deep electromagnetic (EM) imaging. The company spawned the EM imaging industry in 2002 with the commercialization 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.