Electromagnetic Geoservices ASA (EMGS), the market leader in
electromagnetic (EM) imaging, today reported that, following
proceedings launched by Schlumberger, three of its patents were not
upheld in a first instance decision at the High Court in London. EMGS
retains over 115 patents in 32 jurisdictions and in excess of 130
applications in 26 jurisdictions around the world.
In addition, EMGS and Warburg Pincus LLC today jointly announce the
appointment of Goldman Sachs to conduct a review of the strategic
options available to EMGS in the future commercialisation of its
business.
Bjarte Bruheim, Chairman of EMGS, commented:
"Following today's decision, which is open to appeal, our IP position
still remains strong. Although the decision is disappointing, these
patents apply only to certain activities in UK waters and we retain
full patent protection in more than 30 other jurisdictions. EMGS
remains the market leader in EM and the only company that can offer a
full suite of EM products globally.
"We have also announced today the decision of the Board to undertake
a strategic review. This step is part of our ongoing strategy to
exploit fully the commercial opportunities created by our EM
technology."
ends
Contacts
EMGS
Svein Knudsen
Chief Financial Officer
+47 22 01 14 00
Capital MS&L
Steffan Williams
+44 207 307 5332
+44 7767 345 563 (m)
Jennifer Martin
+44 207 307 5335
+44 7841 401 304 (m)
About EMGS
EMGS uses its proprietary electromagnetic (EM) technology to support
oil and gas companies in their search for offshore hydrocarbons. The
company is the EM market leader and provides Clearplay, the world's
first fully integrated EM system.
Three service offerings - Clearplay Find, Test and Evaluate - have
been designed to assist operators in the exploration and production
phase. Clearplay supports each stage in the workflow, from survey
design and data acquisition to processing and interpretation. The
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 risk and finding costs
per barrel.
EMGS operates the world's largest EM survey vessel fleet and has
conducted more than 400 surveys, improving drilling success rates
across the world's mature and frontier offshore basins. The company
operates on a worldwide basis with main offices in Trondheim and
Stavanger, Norway; Houston, USA; and Kuala Lumpur, Malaysia. Please
visit www.emgs.com for more information
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