The agreement is in effect through 2011.
Under the terms of the agreement, Fugro will gain full access to EMGS’s marine EM methods for hydrocarbon exploration and production, and EMGS will gain access to Fugro’s worldwide marketing network and marine operating expertise. The companies have also entered into a non-exclusive worldwide multi-client cooperation agreement, as well as a non-exclusive global technology licensing agreement.
As a part of the agreement, Fugro is providing a NOK 150 million secured convertible loan bearing interest at 7.00% p.a. to EMGS. The loan can at any time be converted into common shares in EMGS at the conversion price of NOK 5.75 per share until the maturity date on 2 January 2012.