ElectroMagnetic GeoServices (EMGS) has launched an initial public offering of its shares following its recent application for admission for trading on the Oslo Stock Exchange. The offering will consist of 5.5 million new shares offered by EMGS and 13 million shares offered by current shareholders, and the company expects to raise between US $80 million and $100 million. The offering comprises a public offering to retail investors in
Since its inception in 2002, emgs has conducted more than 200 commercial surveys for many of the world's leading oil and gas companies and offshore operators, including BP, Chevron, Eni, Norsk Hydro, ONGC, Petrobras, Petronas, Statoil and Woodside. Of the surveys that have been performed to date for which drilling results are available, EMGS has accurately predicted the well results of those measured prospects and fields in excess of 90% of the time.
For the year ended 31 December 2006, the company recorded revenues of $117.7 million, an increase of 167% from 2005. Operating profit was $13.2 million and EBITDA was $20.7 million.
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