News
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EMGS – Board of Directors proposes rights issue and amendments to bond terms
The Board of Directors of Electromagnetic Geoservices ASA (“EMGS” or the “Company”) has resolved to call for an extraordinary general meeting (the “EGM”) in order to propose to the shareholders of the Company to increase the share capital through the issuance of new shares with preferential and tradable subscription rights for the shareholders with minimum gross proceeds of NOK 214 million (equivalent to ~USD 25 million) and maximum gross proceeds of NOK 278 million (equivalent to ~USD 32.5 million) (the “Rights Issue”).
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EMGS – Letter of Award in India
Electromagnetic Geoservices ASA (EMGS) is pleased to announce that the Company has signed a letter of award with a repeat customer in India worth approximately USD 15.3 million.
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EMGS – Vessel update and activity for the third quarter 2015
Electromagnetic Geoservices ASA (EMGS) releases information on vessel activity and utilisation 4-5 working days after the close of each quarter. The Company defines "vessel utilisation" as the percentage of the vessel charter period spent on contracted or multi-client data acquisition.
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EMGS and BOA agree on new terms for the charter agreements for the BOA vessels
Electromagnetic Geoservices ASA (EMGS) has signed an extended charter agreement for the vessel BOA Thalassa with BOA SBL AS (owner of the vessel) at new and improved commercial terms. The new terms are valid as of 30 September 2015.
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EMGS announce additional cost reductions
Electromagnetic Geoservices ASA (EMGS) announces that the Company implements additional cost reduction measures reflecting the challenging market conditions in the oil service industry.
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EMGS signs agreement with Directorate General of Hydrocarbons in India
Electromagnetic Geoservices ASA (EMGS) is pleased to announce that the Company has signed a multi-client acquisition agreement with the Directorate General of Hydrocarbons (DGH) in India. The agreement grants EMGS a two year permit to acquire 3D EM multi-client data within a 325,000 square km area off West coast India, crossing eight different tectonic provinces from Kutch-Saurashtra in North to Ratnagiri in South.