Electromagnetic Geoservices ASA (EMGS) has entered into an agreement with North Sea Shipping to extend the charter hire period for the vessel Atlantic Guardian from September 1 2013 to March 1 2014. Furthermore, EMGS has agreed to charter the vessel for an additional period of at least two years, with three optional one-year extensions.
Under the agreement, the vessel owner will conduct upgrades which will provide significantly improved fuel efficiency and station-keeping capabilities. It is projected that this work will be done during a five-week yard stay in the 1Q or 2Q of 2014. At the same time, modifications will be made to the vessel to accommodate EMGS's next-generation equipment.
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency, and reduces risks and the finding costs per barrel.
The company operates on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston, Tx; and Kuala Lumpur, Malaysia.
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