Electromagnetic Geoservices ASA (EMGS) has entered into a forward rate agreement to purchase NOK 350 million in exchange for USD 46.1 million, to secure the unrealized foreign exchange gain arising from the Company's existing NOK 350 million bond loan.
The bond loan was initially entered into when the exchange rate was NOK/ USD 6.07, resulting in a loan obligation at that time of USD 57.7 million.
Contacts
Svein Knudsen, Chief Financial officer +47 911 41 149
About EMGS
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 the 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.
EMGS operates on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia.
For more information, visit www.emgs.com